Wondering what mortgage you can get for £800 per month? Find out and get answers to all your questions with our comprehensive guide Show
Get Started Ask Us A Question Ask Us A Question We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. 
Ask us anything! * How quickly are you looking to proceed? * 1 of 3 Next Which of the below best applies to your situation? What is the approximate value of the property? * £ And how much are you looking to borrow in total? * £ What is the total, approximate annual income of all applicants before tax? * £ Back 2 of 3 Next First name * Last name * Email * Phone number * Back 3 of 3 Send! No impact on credit score 4.8 out of 5 stars across Trustpilot, Feefo and Google! Our customers love Online Mortgage Advisor Home Author: Pete Mugleston - Mortgage Advisor, MD Reviewed By: Nathan Porter - Independent Mortgage Advisor Updated: November 17, 2022 History Current Version September 14, 2022 Peer Reviewed By Nathan Porter, Independent Mortgage Advisor Edited By Mike Whitehead, Content Editor With the unpredictability of the mortgage market, we want you to have complete confidence in our service, and trust that you're getting the best available rate and the highest chance of mortgage approval. If you're concerned or confused about what to do next, Get In Touch and we'll match you with a Specialist who'll give you the right advice for you and your circumstance. Get Started If you’re worried about whether you can get a mortgage for £800 per month, the good news is it’s perfectly possible. How much you could borrow for that monthly payment, though, will be determined by several factors, all linked to affordability. In this article we’ll look at what those factors are, examples of how much you might be able to borrow, and why you should speak to a broker to make sure you get the best deal. What are you looking for?
What type of mortgage can you get for £800 per month?Based on the average term length of 25 years and an example interest rate of 2%, you could get a mortgage of just under £190,000 with £800 available for monthly repayments. However, the maximum amount you can borrow on a mortgage is not based on an amount you’ve budgeted. It’s actually based on a multiple of your annual salary, typically 4.5 times what you earn, although some lenders go higher than this. Try our mortgage affordability calculator below to work out how much you could borrow based on the standard income multiples UK lenders use. Mortgage Affordability CalculatorOur affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest. Your Income Input full salaries for all applicants £ Calculate You could borrow up toMost lenders would consider letting you borrow This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders. Some lenders would consider letting you borrow This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender. A minority of lenders would consider letting you borrow This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances. Get Started with an expert broker to find out exactly how much you could borrow. Get Started Example calculationsBelow are some examples of how much you could borrow for £800 per month, with varying deposits, according to the rate and term you are able to secure for a typical residential mortgage on repayment terms: Property ValueDeposit AmountMortgage AmountInterest RateTermMonthly RepaymentTotal Repaid£290,00040%£174,0002.75%25 years£802£240,676£250,00020%£200,0003.0%33 years£796£315,238£220,00010%£198,0004.0%40 years£827£396,969 For the purpose of this table we are assuming the interest rate stays the same for the full length of the mortgage. Interest rates can change, if you decide to remortgage on to a different rate or move from either a fixed or discounted deal on to the lender’s standard variable rate (SVR). As you can see, a large deposit and low rate can save you a significant amount of money in the long run while keeping your monthly repayments to around the £800 you have budgeted for. Speak to an expert about the mortgage you could afford for £800 a monthGet StartedAsk Us A Question Ask Us A Question We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.
Ask us anything! * How quickly are you looking to proceed? * 1 of 3 Next Which of the below best applies to your situation? What is the approximate value of the property? * £ And how much are you looking to borrow in total? * £ What is the total, approximate annual income of all applicants before tax? * £ Back 2 of 3 Next First name * Last name * Email * Phone number * Back 3 of 3 Send! How a broker can make sure your £800 budget goes furtherTo make sure you get the best possible deal, you should speak to a broker we work with who can assess the entire UK mortgage market and find the deal that best suits your circumstances. By helping tailor your application to a provider’s eligibility criteria, they can get you the cheapest rate available and ensure you get the biggest possible mortgage for £800 per month. What factors affect the outcome of the application?Several factors affect whether your application will be approved, what rate you are offered and how much you can borrow. Some of these are well within your control, while others are less so. These include: Deposit amount:Employment status:Term length:A bigger deposit will often allow you to access better rates. Lenders tend to create ‘bands’ for different deposit amounts so their highest rates will be offered to borrowers with 5% deposit with rates getting incrementally better at 10%, 20% and 40%. So, if buying a cheaper property or saving for a few more months will move you into the next band, your £800 might go further. Mainstream lenders prefer the stability of full-time work with a regular income. If you are self-employed, have multiple earnings streams or have complex income, you may find that, while affordability is not an issue, your employment status is. Fortunately, there are plenty of specialist lenders who can provide mortgages for people who don’t match mainstream lending criteria but can prove they can afford the loan. Borrowing over a longer term will reduce your monthly payments. If you can’t get your payments down to £800 over the standard 25 years, extending the term to 30, 35 or 40 years may be the solution. Bear in mind, though, that you will pay more interest overall. Age:Credit file:Property type:Some lenders have a maximum age cap of 70. This means that once you go over 30, a 40-year mortgage is no longer an option. Adverse on your credit file will usually mean you pay higher rates so the maximum amount you can borrow for £800 per month will be lower. In these circumstances it’s often best to find a specialist bad credit mortgage provider. Non-standard constructions come with more risk so, again, rates will be higher. Rated excellent by our customersAbsolute Fab: I got a mortgage as an ex-bankrupt !!! As an ex-bankrupt with a qualified Annulment I had to take several bridging loans to cover my debt. I found Online Mortgage Advisor who offered fantastic but specific insight to my issues. Within 6 weeks we exchanged contracts and I am now debt-free, and my house is safe. S Bakht They pulled out all the stops Great staff and good communication. Helped us understand the process and gone over and above to help in a difficult situation. Other companies couldn't even be bothered but Thank you so much! Anneke Woolley, 12 days ago Our advisor was amazing from the start! Aaron went above and beyond. He worked late and kept in contact with me and worked tirelessly to find me the best mortgage he could James, 10 days ago Get matched with the right mortgage broker for your budgetAn £800 per month mortgage could easily be enough to help you get on the property ladder or buy your next home. Nonetheless, maximising your borrowing capacity involves identifying the right lender and tailoring your application to their affordability criteria. The first step to getting the right mortgage is finding the right broker. Our unique broker matching service will quickly assess your circumstances and then pair you with a whole of market broker we work with who has a track record of finding the best deals on the market for borrowers just like you. Call today on 0808 189 2301 or enquire online to arrange a free, no-obligation chat. We're so confident in our service, we guarantee it.We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. We guarantee to get your mortgage approved where others can't - or we'll give you £100* Get Started Find Out More
Ask a quick question We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.
Ask us anything! * How quickly are you looking to proceed? * 1 of 3 Next Which of the below best applies to your situation? What is the approximate value of the property? * £ And how much are you looking to borrow in total? * £ What is the total, approximate annual income of all applicants before tax? * £ Back 2 of 3 Next First name * Last name * Email * Phone number * Back 3 of 3 Send! Article RevisionsCurrent Version September 14, 2022 Peer Reviewed By Nathan Porter, Independent Mortgage Advisor Edited By Mike Whitehead, Content Editor Related ArticlesMortgage Affordability & the Rule of thumb for Mortgage AmountsRead more What Mortgage Can You Get on Your Salary?Read more Getting a Mortgage for 5x Your SalaryRead more About the author Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background. Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course! Read more about PetePete Mugleston Mortgage Advisor, MD Continue Reading
FCA disclaimer*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it. What is the monthly payment on a $500000 mortgage?The average mortgage rate for a $500,000, 30-year fixed-rate loan is around 5.4% for those with good credit. So, your monthly payment would be around $2250 without taxes and fees.
What is the monthly payment on a $600000 mortgage?Monthly Payment For a $600,000 Mortgage
With a 5% down payment ($30,000) and an interest rate of 6%, you would pay $3417 monthly for a 30-year fixed-rate loan, not including taxes and insurance. For a 15-year fixed-rate loan, it would be $4809.
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How much house can i afford for $800 a month
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