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£1200 a month mortgage repayments

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 5, 2023

Fact Checked By:
David Nicholson - Finance Editor

£1200 a month mortgage repayment example, lenders to use and how to get the best rates

You might be looking to get a mortgage if you can afford around £1,200 on monthly mortgage repayments. Then you may have thought about how much money you could borrow from a mortgage lender and the terms of your mortgage.

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A good mortgage deal at a low-interest rate can save you thousands, so it’s essential to consult a qualified mortgage broker to get more clarity about your budget for monthly payments.

This article can help you get an idea of what you could afford with £1,200 per month to spend on your mortgage.

Quickly find out now with our online mortgage calculator below:


What is the maximum amount of mortgage I can afford to borrow if I pay £1,200 per month?

You should be able to budget based on your monthly mortgage payment of £1,200. This will put you in a good place. The maximum price you can afford to buy a home is not just dependent on your monthly payment and income.

It can also limit how much money you spend on a house.

  • The size of your deposit
  • Mortgage interest rates
  • The ratio of loan-to-value (LTV).
  • What length do you agree for your maximum mortgage term
  • Your credit history
  • Your earnings
  • Any existing debts that you may have

A mortgage can be secured if you deposit 5-10% of the property’s value. You will need to be able to repay £1,200 per month for the monthly payments and have good credit and a deposit of £10,000 to get a loan for £190,000. This would allow you to purchase a home valued at £200,000.

However, if your deposit is smaller than this and you have poor credit, you may not be eligible for a mortgage at higher interest payments. This could reduce your ability to borrow.

A wide range of mortgage products and various elements used by lenders in determining their lending limits are available. Talk to an expert mortgage advisor if you’d like a better idea of what you can borrow to purchase a home.

If you pay £1,200 per month, they can help you determine your maximum mortgage. They can also help you determine the best steps to take to get a larger mortgage.

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How much mortgage can I get for £1200 a month?

Depending on the location, the size of your home that you can afford to buy with monthly mortgage payments of only £1,200 is a factor.

A budget of between £175,000 and £200,000 can buy you a house with a garden in some areas. Whereas you might not be able to afford small apartments or flats in the more expensive areas.

Although a monthly mortgage payment of £1,200 may seem high, many variables can affect your options in the housing market.

Without specific financial information and regional preferences, it is difficult to determine what home your monthly mortgage payment will purchase. You would be best filling in your information below and we can get you some indicative rates quickly.

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How does a lender determine the amount of mortgage I can afford using £1,200 per month?

Most mortgage lenders use an affordability approach to lending after a thorough review of the market following the 2008 global credit crunch. This was to assess banks’ ability to continue normal operations during times of financial stress.

Instead of lending you 4 to 4.5 times your annual income, a lender will consider how much you can afford each month, as some push to 5.5 times your income.

This calculation takes into account your regular outgoings, such as gym memberships or utility bills and car finance, if any.

While debt servicing payments are taken into consideration, lenders may also wish to allow for some flexibility in the event that interest rates rise or the cost of repaying your mortgage in the future.

Your chosen lender might decide that you cannot afford to repay £1,200 monthly on a mortgage and offer you a lower amount, such as £1,000/month.

They could also tell you that they believe you can comfortably repay £1,500 per month on your mortgage. This would allow you to spend more money on house hunting.

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How long will my mortgage last if I pay £1,200 per month?

A larger mortgage can be secured if a mortgage lender is able to confirm that you can afford a mortgage with monthly payments of £1,200.

£1,200 mortgage for a term of 30 years

You could get an additional £20,000 in mortgage debt by increasing your term from 30 years to 35 years and paying £1,200 each month.

This could make the difference between a house and a flat, two or more bedrooms, or the place you can afford to live.

You may be eligible for a mortgage with a term of 35 years, depending on your financial history, age, and deposit.

A discussion with a mortgage advisor is an excellent way to understand the consequences of a longer-term mortgage and to make sure you are ready to repay £1,200 each month.

Talk to an expert advisor today about £1,200 mortgages

A qualified mortgage advisor can help you determine if you are financially able to afford a mortgage that has monthly repayments of £1,200.

They can answer any questions about your mortgage options and repayment capabilities.

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