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Finding a UK Mortgage at £300 Per Month

Looking to apply for a mortgage with a monthly £300 payment value? Let's look at the various options and the eligibility policies you'll need to meet.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-06-15
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Mortgage options for a £300 monthly payment

Looking for a mortgage on a budget can be daunting. There are millions of lenders to choose from, countless products - and understanding a direct comparison of terms and rates is all but impossible without expert help.

Here's where Revolution Brokers steps in, as an independent, whole-of-market broker who can analyse your circumstances and recommend the best lenders and the most competitive mortgages on the market.

In this guide, we'll summarise what sort of mortgage you can get for a £300 per month budget. For more help or to start your enquiry, give us a call on 0330 304 3040, or email the team at [email protected].

What Sort of Mortgage Value Can I Get for £300 Per Month?

The exact mortgage you'll get very much depends on how much you need to borrow, what sort of property you're buying, and your circumstances.

Here are some indicative examples of mortgages recently arranged with a monthly repayment of approximately £300:

  1. Property purchase of £166,000 with a deposit of 40% and a mortgage value of £100,000: 2-year fixed-interest and a 35-year mortgage at 1.39%.
  2. Property purchase of £50,000 with a deposit of 10% and a mortgage of £45,000: 2-year fixed-interest and a 15-year mortgage at 2.64%.
  3. Property purchase of £186,000 with a 25% deposit and a mortgage of £140,000: 2-year fixed-interest and a 38-year mortgage at 1.47%.

The rates and loan on offer will depend on whether you have a clear credit rating, how long a mortgage term you are happy to accept, whether your Loan to Value ratio meets the lender's policies, and what sort of fixed-rate interest term you would like.

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What Factors Will Impact My Eligibility for a £300 a Month Mortgage?

Lenders will assess your application on multiple factors, including:

  • Your income.
  • Interest rates available.
  • Length of the mortgage.

Looking more in-depth at the factors that dictate whether you will achieve a mortgage for £300 per month, multiple choices and circumstances have an impact:

  • The type of mortgage - whether repayment or interest-only. Repayment mortgages are the norm, with an element of interest and capital paid every month. Interest-only mortgages are cheaper per month since you only pay the interest, but need to have a plan for how you'll pay back the original loan value at the end of the term.
  • How much you need to borrow - if you borrow a lower value, your monthly repayments will be smaller and be more affordable.
  • The length of the mortgage term - stretching the mortgage term for a more extended period than the typical 25 years can reduce the monthly payment value.

Can I Get a £300 a Month Mortgage on Low Income?

Potentially yes - and being on a low income does not mean that you won't be able to get a mortgage.

Suppose you already pay rent of £300 (or more) per month and have a deposit available. In that case, there is every likelihood that you will pass affordability assessments for a mortgage of a similar value.

Some lenders do have minimum income requirements, but Revolution Brokers works with many specialist lenders who aim at helping low-income applicants, or people who have experienced credit issues in the past, to get a foot onto the property ladder.

Professional Help with Finding a £300 a Month Mortgage

If you are keen to buy a property but struggling to find an affordable mortgage, or haven't had the budget to afford products available from your bank, get in touch.

Revolution Finance Broker has years of experience negotiating competitive mortgage rates and tailoring your borrowing to your circumstances. Call the team on 0330 304 3040, or drop us an email at [email protected] to arrange a convenient time to chat.

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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