This is only for clever people on this site - Now here goes

Somewhere about 145k I would guess

After the completion of 10 years you would owe £114,634 assuming the interest is added annually and it is a 25 year repayment mortgage.

You wold have paid £119,580 to your lender and you would have knocked £35,366 off the debt.

Note I used a real rate of 6.2% and repayments of £996.49 per month.

large mortgage = free ride to poorhouse

please dont have a large mortgage

or a leasehold flat.

Just do it in excel. In this scenario, are you buying it with a 100% mortgage, as this isn't mentioned?

Assuming you are:
Monthly interest is (1.062^(1/12)-1)*100=0.502541214%
Initially about £750 goes toward interest and the remaining £250 toward repayment.
It takes a little over 23 years to clear the mortgage.

Perhaps this is calculated differently than I did below?

After 10 years your debt would be £132,810.

Month Debt Payment Interest
0 150000 1000 753.81
1 149753.81 1000 752.57
2 149506.38 1000 751.33
3 149257.71 1000 750.08
4 149007.79 1000 748.83
5 148756.62 1000 747.56
6 148504.18 1000 746.29
7 148250.47 1000 745.02
8 147995.49 1000 743.74
9 147739.23 1000 742.45
10 147481.68 1000 741.16
11 147222.84 1000 739.86
12 146962.7 1000 738.55
13 146701.25 1000 737.23
14 146438.48 1000 735.91
15 146174.39 1000 734.59
16 145908.98 1000 733.25
17 145642.23 1000 731.91
18 145374.14 1000 730.56
19 145104.7 1000 729.21
20 144833.91 1000 727.85
21 144561.76 1000 726.48
22 144288.24 1000 725.11
23 144013.35 1000 723.73
24 143737.08 1000 722.34
25 143459.42 1000 720.94
26 143180.36 1000 719.54
27 142899.9 1000 718.13
28 142618.03 1000 716.71
29 142334.74 1000 715.29
30 142050.03 1000 713.86
31 141763.89 1000 712.42
32 141476.31 1000 710.98
33 141187.29 1000 709.52
34 140896.81 1000 708.06
35 140604.87 1000 706.6
36 140311.47 1000 705.12
37 140016.59 1000 703.64
38 139720.23 1000 702.15
39 139422.38 1000 700.65
40 139123.03 1000 699.15
41 138822.18 1000 697.64
42 138519.82 1000 696.12
43 138215.94 1000 694.59
44 137910.53 1000 693.06
45 137603.59 1000 691.51
46 137295.1 1000 689.96
47 136985.06 1000 688.41
48 136673.47 1000 686.84
49 136360.31 1000 685.27
50 136045.58 1000 683.69
51 135729.27 1000 682.1
52 135411.37 1000 680.5
53 135091.87 1000 678.89
54 134770.76 1000 677.28
55 134448.04 1000 675.66
56 134123.7 1000 674.03
57 133797.73 1000 672.39
58 133470.12 1000 670.74
59 133140.86 1000 669.09
60 132809.95

Should be £110,035, as above is for 5 years. pretty close to madasahatter.

Inspiron

I am confused as to your post. Are you borowing money from a source other than a mortgage lender? THere is not a mention of a how much flat is and what deposit you have. You woud not pay anywhere near 6.2% if you had a decent deposit.

As for the cry babies that constantly ramble on about property being a bad investment......IGnore them.. Just make sure you do your research well and buy a property at teh right price. If you buy a flat try and buy one whee you own a share of the freehold, or check the mangement company makes a fair charge to owners in the block. Good Luck!

For once chisel is right about something. Buying a house is the right way to proceed and getting it for the right price is essential.

Now all you need to do is get someone to sell you one at around 30% off its current value because barring high levels of inflation, which can't be ruled out, that is the kind of discount you would need not to be in huge negative equity in the next few years.