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The majority of banks, when making decisions on mortgageapplications, will look at two indicators: salary and borrowing as a percentageof purchase price. On the first indicator, banks are normally willing to lend2.5 times one’s salary or 3.25 times joint salary in a joint mortgageapplication, while currently most banks will lend up to 75% of the propertyprice on their best rate with penalties for higher percentages. John and Juliaare getting married and decided to buy a flat to move into once they do. Youhave been given the following data:

·     John’s current salary is￡39,000 p.a. and Julia’s is ￡37,500 p.a. plus a bonus likely to be around￡5,000 (based on previous 3 years experience);

·     Both have jobs where theypartly telecommute, so on average each works from home 2 days a week;

·     Their total savings at themoment are ￡25,000;

·     John owns a flat which he wouldsell, and has been advised that he should be able to sell it for ￡150,000. Themortgage outstanding on this flat is ￡112,000;

·     John and Julia are planning toapply for a 25 year mortgage;

·     The average price of flats inthe area they would like to move into is as follows: studios ￡150,000;  1-bedroom ￡220,000; 2-bedroom ￡325,000; 3-bedroom￡450,000; 4-bedroom ￡600,000

·     Having contacted a financialadviser, he has identified the following as the best available mortgage rates:

§  Repayment fixed rate for 2-years of 3.69%. After that period, therate reverts to the bank’s standard variable rate, which currently is 5.7%;

§  repayment fixed rate for 5-years of 4.29%. After that period, therate reverts to the bank’s standard variable rate, which currently is 5.7%;

§  interest only mortgage at 5% for the life of the loan. In thisinstance, you would be required to create an investment fund, which pays aninterest rate of 3.9% to cover the repayment of the mortgage.

§  All the rates above are for loans of up to 75% of the propertyvalue. There is an increase of 1.5%age points if borrowing is up to 90% of theproperty value.

Assess:

a)     What is the maximum John and Julia can borrow while taking advantageof the bank’s best mortgage rate;

b)    The amount you advise them to borrow, given their financial andprofessional situation;

c)     Which is the best mortgage that John and Julia can take out (assumethey take out the amount you recommended in b);

d)    Whether that advice would change if interest rates went up or downby up to three percentage points.

这题要用excel做数据，然后在写，可是我这题根本不会

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