How much mortgage can you get for £900 a month?
Finding a mortgage for a £900 a month mortgage can be difficult because there are so many mortgage companies and lenders to choose from. This is where we are here to help, as a mortgage broker we can introduce you to mortgage providers who will offer you a mortgage at £900 a month.
There are many factors that could influence the approval of your mortgage by a lender. We have created an easy guide to help you find out how much you can get for £900 monthly payments.
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Get your QuoteWhat mortgage is available for £900 monthly payments?
There are many factors that can influence the amount of money you can borrow and what type of mortgage you might be better suited for. A number of factors could affect your monthly payments.
There are many options for mortgage products, including repayment mortgages and interest-only mortgages.
To get the best deal, shop around and consult a mortgage broker. We will introduce you to a lender who will ensure you are given the best monthly payment mortgage to suit you.
They can help you find the right lenders to give you a £900 monthly mortgage.
Get started onlineWhat amount can you borrow for £900 monthly mortgage payments?
There are many factors that can affect the amount you can borrow for your mortgage.
Rates offered to you can vary depending upon your individual circumstances. Sometimes, the upfront interest rate can go up significantly after a certain period.
If we assume that a lender charges a fixed interest rate of 3.48% and that you can afford to pay £900 per month for 25 years, then it might be possible to get a mortgage of up to £180,000.
By the end of 25 years, you’d have paid £269,869 (capital of £180,000 and the total interest of £89,869).
Use an online mortgage calculator to find out if this is feasible for you.
Is it possible to get a longer-term mortgage for a £900 per month?
While the standard term for a mortgage is 25 years, some borrowers prefer a longer term. The longer the term, the cheaper your monthly mortgage payments will be. This could enable you to take out a larger loan.
If you paid £896 per month and had a fixed interest rate of 3.48% for 30 years, you could get a mortgage worth £200,000.
The total interest payable over the term of the loan would amount to £122,661 so the total amount you would have to pay the lender would be £322,661.
Comparing these numbers to the ones in the previous section shows that a longer-term mortgage could mean you could borrow more.
Despite this, there are not many lenders who offer longer-term mortgages. However, depending on your situation, it might still be possible.
Get started onlineWhat are the factors that could affect my £900 monthly mortgage?
Many people want to know if they can get a mortgage for £900 per month.
A mortgage provider will look at the following factors when deciding whether to lend you money:
- Income
- Credit history
- Age
- Property type
- Employment type
- Number of dependents
Many borrowers are concerned about this, particularly if they have ever had problems with any of these factors. For more information on how these variables could affect a mortgage request, contact us today.
It is important to keep in mind that every lender will use different set criteria to determine whether they are able to lend you money. Just because one mortgage was declined by another, doesn’t mean that all lenders will.
Get started onlineWhich lenders are more likely to approve you?
Many borrowers find it difficult to predict which lenders will approve their applications. Each lender uses different criteria to determine if you are a risk.
This can lead to frustration for many, especially since each mortgage application may require upfront fees.
One lender might reject a self-employed applicant with low income, while another lender specialising in mortgages for low-income borrowers may approve the mortgage.
Is it possible to find a lender for my £900 per month mortgage through a broker?
Yes absolutely! We are here to help and find the best lender suited to you. Contact us today for a free specialist mortgage chat.
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What mortgage amount can I get for £900 per month on my salary?
While there are exceptions, most lenders will lend 4.5x a borrower’s salary.
For example, if your annual salary is £45,000, you could borrow £202,500 to get a mortgage. Loan amount = Annual salary x 4.5
Your monthly mortgage payments would be equivalent to £900 if this was taken over a 25-year period with an interest rate of 2.43%.
Can I borrow more from my income?
You may be able to borrow more than 4.5x your salary. There are mortgage lenders that will lend 5x the annual salary or higher.
Higher lending may be restricted to borrowers with a higher salary or a better credit history. To avoid unnecessary application fees, check with your mortgage broker.
Our guide provides more information on how your income may affect your borrowing ability.
We can help you determine how much you might be able to borrow from different lenders.
Get started onlineCan I afford a £900 monthly mortgage?
Many borrowers contact us after being given poor advice on how much they can borrow.
Many borrowers mistakenly believe they can afford a bigger mortgage than they actually can.
It is important to determine how much mortgage you can afford in order to avoid being rejected by mortgage lenders.
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
- Credit cards or loans you have currently
- Moving fees
- Solicitor fees
Talk to a broker if you have any doubts about whether a £900 monthly mortgage is feasible for you. We can help you calculate your income and outgoings.
Talk to an expert broker regarding £900 monthly mortgages
Talk to a mortgage broker today if you are still unsure about “What size mortgage is available for £900 per monthly.”
We can help you find a great deal on a £900 per month mortgage, and can also handle any paperwork for you and negotiate any unfavourable terms.
Contact us today to speak with a specialist mortgage advisor, or submit an enquiry.