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£800 a month mortgage

Author: Myles Robinson - Expert Finance Advisor

Posted: Jul 6, 2022

£800 a month mortgage

Many people have sought our help to obtain an £800 monthly mortgage. There are few mortgage providers lending 800 a month mortgage payments but as mortgage brokers, we can introduce you to a mortgage provider who will accept £800 monthly mortgage payments.

Many of our clients have received poor advice in the past and were unsure how much they could possibly get a mortgage.

This guide will help you to understand how lenders calculate your 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 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

Two types of mortgage products are commonly used. Depending on the borrower’s situation, they can each be very beneficial.

Interest-only mortgage

An interest-only mortgage is available for borrowers who have viable repayment options and want to make monthly mortgage payments in excess of £800.

Borrowers who take out interest-only mortgages must pay the interest monthly and then repay the entire loan amount at the end.

This has the downside that the borrower won’t be able to save a lot of money if they don’t expect a large amount of money to repay the loan. 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 learn about your specific situation.

Repayment mortgage

Repayment mortgages are a less predictable form of a loan. Your monthly payments of £800 would be used to pay off the capital and interest.

Although this is a great option, it may not be affordable for everyone. The monthly payments could be much higher. A smaller loan might be necessary.

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.

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?

You will need to think about how long you want your mortgage agreement to last when deciding how much mortgage you are able to afford.

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, the total amount would be £239,883.

This figure would include a £160,000 mortgage debt plus a 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 worth £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 the lender’s affordability.

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?

They may ask questions about your spending habits to determine the amount of loan they are willing to lend you.

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

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

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 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 loan money to borrowers. This risk is increased if the borrower has problems with their mortgage application. One of these could be their income.

Lenders may offer a lower loan amount if you have a lower annual income. You may also be able to borrow less depending on the type of work you do. Some lenders consider self-employed mortgages riskier due to the unpredictable nature of your 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 have a greater ability to repay their mortgage.

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 capable of finding you a mortgage.

Lenders will also consider lending 5x the annual salary. In certain cases, they may even consider loaning up 6x.

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. Although this can make finding a lender difficult, there are some advantages.

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 specialize 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.

Older borrowers over 70 might have difficulty getting a loan approved by lenders. Some mortgage providers are concerned about their ability to repay the loan.

This is not always true and lenders may consider other factors, such as:

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

A mortgage broker that specialises in loans for retirees or those who are soon to retire borrowers can be reached here. They will be happy to talk with you about 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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