Mortgage Applications at £600 Per Month
If you have a budget of £600 per month, you'll need to know what sort of mortgage that means you can get - and therefore, what property you can buy.
Here we'll work through how mortgage affordability works, and what sort of loan you can secure at a budget of £600 per month.
For more information about finding a loan within your budget, give us a call on 0330 304 3040, or email the Revolution team at [email protected].
How Much Can I Borrow for £600 a Month?
Affordability is key to a mortgage application, and your lender will need to know your employment status, and how stable your income is.
For example, if you are due to retire soon, or are self-employed with variable income, it will impact your application.
The property value is also critical since if you have a small deposit and need a mortgage for a large proportion of the home's cost, the risk to the lender is increased.
As an illustration, a property costing £300,000 with a mortgage application for £240,000 means a Loan to Value ratio of 80%. The higher the deposit, the lower the risk and the better the terms you will be offered.
You can use a mortgage calculator to get a rough idea as to what you could borrow - or give us a call on 0330 304 3040, and we'll crunch the numbers for you!
2023-05-09 
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