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:
- 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%.
- 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%.
- 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.
