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Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most 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 4.75 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 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 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.
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Securing a mortgage within a budget of £600 per month is a realistic goal for many prospective homeowners in the UK. Understanding the maximum you can borrow for £600 a month involves several factors, including interest rates, term lengths, and your financial situation. In this comprehensive guide, we’ll explore the possibilities of what mortgage you can get for £600 a month UK, breaking down the key factors and offering practical advice to help you navigate your options.
The size of the mortgage you can afford with a monthly payment of £600 depends on various factors, including the interest rate, term length, and your overall financial health. Let’s dive into the details to give you a clearer picture.
Using a mortgage affordability calculator can help you estimate how much you can borrow based on your combined income.
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most 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 4.75 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 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 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 StartedBy inputting these details, a mortgage affordability calculator can provide a tailored estimate of the maximum mortgage amount you might be able to secure.
The term length of your mortgage plays a crucial role in determining your monthly payments and the total amount you’ll repay over time. Here’s how different terms can affect your monthly payment for a £600 mortgage:
Term Length |
Interest Rate |
Mortgage Amount |
Monthly Payment |
10 years |
4% |
£59,262 |
£600 |
5% |
£56,569 |
£600 |
|
6% |
£54,044 |
£600 |
|
15 years |
4% |
£81,115 |
£600 |
5% |
£75,873 |
£600 |
|
6% |
£71,102 |
£600 |
|
20 years |
4% |
£99,013 |
£600 |
5% |
£90,915 |
£600 |
|
6% |
£83,748 |
£600 |
|
25 years |
4% |
£113,671 |
£600 |
5% |
£102,636 |
£600 |
|
6% |
£93,124 |
£600 |
|
30 years |
4% |
£125,677 |
£600 |
5% |
£111,769 |
£600 |
|
6% |
£100,075 |
£600 |
|
35 years |
4% |
£135,509 |
£600 |
5% |
£118,885 |
£600 |
|
6% |
£105,228 |
£600 |
As shown, longer mortgage terms allow you to borrow more, but you’ll pay more in interest over the life of the loan. These estimates can vary based on the specific terms offered by a lender, your financial circumstances, and other factors such as your credit score and the lender’s criteria.
Based on a mortgage of £300,000 at 75% LTV and 25 years Today’s best buy mortgages
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See all mortgage best buysSpeak with Us Interest Rate Mortgage Type Monthly Repayment Amount Total Fees Max LTV 3.79% Fixed £1,174 £30 75% 4.09% Fixed £1,198 £0 75% 4.12% Fixed £1,210 £1,499 75% 4.24% Fixed £1,224 £1,025 75%
Factors that have a direct impact on your mortgage borrowing include:
Indirect factors that can influence your borrowing capacity include:
Working with a mortgage broker can be incredibly beneficial when trying to secure a mortgage within your budget. Brokers have access to a wide range of mortgage products and can offer professional advice tailored to your financial situation. Here’s how they can assist:
The size of your deposit plays a significant role in the interest rates you are offered and the total loan amount you can secure. Generally, a larger deposit means:
Maximising your budget is crucial when considering what mortgage you can get for £600 a month UK. Here are some tips to help you make the most of your budget:
Finding the right mortgage broker can make a significant difference in securing the best mortgage deal within your budget. A good broker can:
By leveraging the expertise of a mortgage broker, you can confidently navigate the complexities of securing a mortgage within your budget of £600 per month.
Get things moving, apply for a remortgage.
Free unbiased mortgage advice is just a phone call away.
The mortgage amount will depend on your financial details and the lender’s criteria. Generally, with a good deposit and a favourable interest rate, you might be able to secure a mortgage amount ranging from £100,000 to £120,000.
A mortgage broker can help by providing expert advice, accessing exclusive deals, and simplifying the application process. Their guidance can be invaluable in finding the best mortgage within your budget.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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