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Mortgages Costing £2,000 Per Month

How much could you borrow on a mortgage with a £2,000 monthly repayment? This guide considers some crucial eligibility rules and how income multiples come into play.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-06-15
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Mortgages Costing £2,000 Per Month

If you have a £2,000 budget to spend on a mortgage each month, you'll want to know what value property you can start searching for!

The complication is that a lender will need to know more than merely what budget you have - and while a high income makes it much easier to find competitive rates, there are other conditions to consider.

Let's look at what sort of mortgage you can get for £2,000 per month, and how eligibility works. For more information about finding your ideal mortgage, give us a call on 0330 304 3040, or email the team at [email protected].

What Property Value Can I Buy for a £2,000 a Month Mortgage?

Generally, mortgage lenders will offer up to 4.5 times your annual income. For example, if you earn £60,000 a year, you can usually get a mortgage of £240,000.

If you have a £2,000 budget per month, solely for the mortgage, you can therefore usually get between £100,800 and £151,200 in mortgage lending depending on the terms and rates.

For a sole applicant, if you have a clean credit history, you might be able to borrow more, up to around £180,000.

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How Does the Mortgage Term Impact How Much I Can Borrow?

The longer the mortgage term, the more time you have to pay back the loan and the lower the monthly repayments.

That does mean that over the lifetime of the mortgage, you will pay more in interest.

Choosing a longer term can make a mortgage more affordable, but will cost more overall.

What Mortgage Can I Afford if I Earn £2,000 a Month?

If you earn around £31,000 per year, you'll have somewhere around £2,000 net income each month.

On that salary, you can usually get a mortgage of between £139,500 and £186,000 depending on the lender you choose, and what multiplier they use to come to a maximum loan value.

What are the Eligibility Criteria for a Mortgage ay £2,000 a Month?

Lenders will assess several criteria aside from your income:

  • Employment - you'll need to show how you earn your money through PAYE employment or self-employment.
  • Outgoings - lenders need to know what other debts or dependents you have and see your regular outgoings to determine affordability.
  • Application basis - if you're applying for a joint mortgage, the lender will also incorporate your partner's salary into their calculations.
  • Credit rating - the better your credit score and clearer your credit file, the better mortgage rates you are likely to be offered.

What Proof Does a Mortgage Lender Need of £2,000 a Month Income?

You can prove your income in several ways, and will usually need to provide, as a minimum:

  • A P60 or contract of employment.
  • Three months of payslips.
  • A form of official photo ID.
  • Three to six months of bank statements.

For a £2,000 a Month Mortgage, what Loan to Value Ratio Can I Get?

The loan to value ratio (i.e. what you're borrowing against the property's value) is about the deposit you have available, and what the property is valued at - not your income.

Most lenders will need at least a 5% or 10% deposit.

Where there are other factors such as being nearer to retirement age or having bad credit, you might need a higher deposit and be offered a lower LTV cap.

Expert Support with UK £2,000 a Month Mortgages?

Do you want to know what mortgage you can get for your net income, or what house you can afford on your budget?

Give the business loan broker team a call on 0330 304 3040, or email us on [email protected] for independent, confidential advice from a whole-of-market broker.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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