We agree with the contractor that the damages resulting from increased interest rates are consequential damages. Increases in interest rates are not caused by delays in completion of construction contracts.
So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment. Hereâs an example: If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
And the longer age limits massively improve the affordability of loans for older borrowers too. A Â£100,000 mortgage at age 65, which has to be repaid by the age of 75, costs Â£966 a month if looking at a 3% interest rate. But if the borrower can extend it to the age of 85, as would be the case with Nationwide, the cost comes down to just Â£555 a month.