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£800 a month mortgage

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 8, 2023

Emma Lunn

Fact Checked By:
Emma Lunn - Finance Editor

£800 a month mortgage

Many people have sought our help to obtain an £800 monthly mortgage. As mortgage brokers, we can introduce you to a mortgage provider who will accept £800 monthly mortgage payments.

If you can afford to pay £800 a month as a mortgage, we can find the right lender for you.

This guide will help you understand how lenders calculate mortgage affordability and the likelihood that they approve your £800 monthly mortgage.

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What mortgage can I get for £800 per month?

There are many lenders and mortgage providers in the mortgage market who might be able to offer you a loan repayable at £800 per month.

This is good news for borrowers, as it often leads to better rates and deals.

Your financial and personal situation may impact the type of mortgage that you can apply for, as well as the rate and conditions on an £800 monthly mortgage.

A mortgage is a major financial decision. To find the best deal, you should seek the guidance of a professional broker.

We can help you find the right lenders for you, based on our market knowledge and negotiation experience.

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£800 repayment mortgage vs. interest-only mortgages

There are two main ways to repay a mortgage loan: interest-only and repayment.

Interest-only mortgage

If you take out an interest-only mortgage, your payments will be calculated so that you only pay interest on the loan each month.

This means that your payments will be lower than on a repayment mortgage.

But at the end of the loan term you will still owe the original amount of capital borrowed. You will need to have a plan in place to pay this month, such as an investment vehicle. This will normally mean that as well as paying £800 on your mortgage each month, you’ll need to save or invest money elsewhere.

Alternatively, the borrower can sell their property or refinance the loan at the end.

The full amount of the loan can be very expensive and you will have to repay it in the end.

For more information on interest-only mortgages, contact a mortgage advisor to discuss your specific situation.

Repayment mortgage

If you take out a repayment mortgage, your payments will be calculated so that you pay interest on the loan each month, plus some of the capital.

This means that your payments will be higher than on an interest-only mortgage.

But at the end of the loan term, you’ll have paid off the mortgage and own the property outright.

If a borrower took out a repayment mortgage of £160,000 at a 3.48% rate for 25 years, their monthly payment would be £799 per month.

You could take out a bigger mortgage for an £800 a month interest-only mortgage than for a £800 a month repayment mortgage.

Our guide provides more information about the differences between a repayment mortgage and an interest-only mortgage.

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What is the maximum mortgage I can get for £800 per month?

There are many factors that can affect the amount you can borrow for your mortgage. One of these is the length of your mortgage agreement.

If you paid 800 pounds per month for your mortgage with a fixed rate of 3.48% over 25 years, you could get a mortgage for £160,000.

You’d repay a total amount of £239,883, including total interest of £79,883.

To get a better idea of the amount you can borrow, contact us today to make an enquiry. We will connect you with an expert who can help with your options.

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Can I get £800 per month over 30-year mortgage?

Yes, some lenders may be able to offer you a bigger mortgage with a longer term.

If you could pay £807 per month and have a fixed interest rate of 3.48% for 30 years, you might be eligible to obtain a mortgage for £180,000.

The total interest payable over the term of the loan would amount to £110,396, which would mean that the total amount you would have to pay the lender would be £290,396.

You could therefore borrow £20,000 more depending on your personal situation and affordability, and the lender’s lending criteria.

The above data is only for demonstration purposes. For the most current information and rates, contact us today.

What are the factors that could affect my £800 monthly mortgage?

Lenders may ask questions about your spending habits to determine the amount of loan they are willing to lend you. This is called an ‘affordability assessment’.

Here are some factors that could influence a lender’s decision whether or not to lend to you.

  • Income
  • Credit history
  • Age
  • Property type
  • Types of employment
  • Number of dependents
  • Financial commitments

Every lender has a different set of criteria to meet before they will lend funds. It is important to shop around. Our experts have access to all of the market, which means they are often able to find the best deals that aren’t visible to the general public. Contact us to find out what deals our experts can offer you.

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What is the best way to get £800 monthly mortgage payments based on my income?

Lenders are exposed to risk when they lend money to borrowers.  Generally speaking, the lower your income the bigger the risk they are taking on.

Lenders may offer a lower loan amount if you have a lower annual income. You might also be offered a lower loan amount depending on the type of work you do. Some lenders consider self-employed workers riskier due to the unpredictable nature of their income.

The good news is that lenders may also consider other factors when assessing the income of borrowers, such as the ratio between their income and their outgoings.

Borrowers with a lower income and fewer outgoings may be considered less risky than those with a higher income, but more financial commitments such as child maintenance, car loans and credit card debt.

What mortgage amount can I get for £800 per month on my salary?

Although there are exceptions, most lenders will lend 4x the borrower’s salary.

For example, if your annual salary was £40,000, you could borrow £160,000 to get a mortgage. Loan amount = Annual salary multiplied by 4.

Your monthly mortgage payments would be equivalent to £800 if this was taken out over 25 years at a rate of 3.48%.

But, many borrowers make less than that per year. It’s important to understand that even if you have a lower income, an expert advisor may still be able to find you a mortgage.

Lenders will also consider lending 5x your annual salary and, in certain cases, they may even consider loaning up 6x your income.

Use an online mortgage calculator to find out how much you can borrow based on these income multiples.

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Can I get an £800 per month mortgage with poor credit?

Each lender has a different approach to assessing applicants with bad credit.

Many people think that if they are rejected by a lender because of a CCJ or missing payment, they will not be eligible for a mortgage. However, this is not always true.

Some lenders are more open to lending to borrowers with poor credit histories than others, while some specialise in ‘bad credit’ mortgages. Sometimes it is just a matter of finding the right lender.

A mortgage broker with experience in ‘bad credit’ mortgages will help you to find lenders that are more likely than others to approve you.

It is not a good idea to apply to multiple lenders as it could negatively impact your credit rating. The experts that we work with will perform a soft credit check on your behalf to prevent any negative marks from being placed on your credit.

To compare and find the best lenders for you, talk to an advisor by contacting us today.

 

Is my age a factor in my ability to obtain an £800 per-month mortgage?

You may be unable to get a mortgage from some lenders due to your age.

Most mortgage lenders have a maximum age a lender can be at the end of the mortgage term. This is normally 65, 70, 75 or 80. Some lenders don’t have an age limit.

Age limits can affect borrowers from their 40s or 50s onwards. For example, if you are aged 55 and the lender had a maximum age at the end of the term of 70, you could only take out a mortgage with a term of 15 years, not any longer.

However, lenders may consider other factors, such as:

  • If it is a joint mortgage, the age of the other applicant
  • Benefits and entitlements
  • Pensions payments and investment income
  • If the applicant isn’t retired, income from employment
  • The applicant’s retirement age
  • The amount of mortgage the borrower is applying for

A mortgage broker will be happy to talk to you about age limits and your options and help you find a lender with the right rates and terms.

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How much mortgage can I afford for £800 per month?

You should consider the cost of the mortgage you are applying for before you apply.

Although it may seem appealing to get a bigger loan, consider whether a smaller loan might be more affordable and easier to pay.

Remember that your mortgage is only one outgoing. Other expenses may include:

  • Utility bills.
  • Food and living expenses
  • Council tax
  • Insurance for your home and contents.
  • Life insurance
  • All loans that you have currently.
  • Moving fees
  • Solicitor fees

You should only apply for a loan that you can afford. Talk to a broker if you have any questions about whether an £800 per month mortgage is feasible for you. We can help you calculate your income and your outgoings.

 

Ask a specialist about £800 per month mortgages

Talk to a broker today if you have any questions about How big a mortgage I can get for £800 per monthly

Call today to speak with our specialist advisors, or submit an enquiry.

Relax and contact us to find the broker who is best suited for your situation. There is no charge and absolutely no obligation to improve your credit rating.

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