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£700 a month mortgage repayments

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 5, 2023

Fact Checked By:
David Nicholson - Finance Editor

£700 a month mortgage repayments and lenders – What types of mortgage can you get for £700 a month?

Many believe a £700 per month mortgage is out of reach. But do all mortgages require large monthly payments?

Many people believe that if they don’t have a substantial down payment, they will not be able to get a mortgage.

With few mortgage providers lending £700 mortgage monthly payments, we have helped hundreds of people achieve their mortgage goals; As mortgage brokers, we can introduce you to the best mortgage provider.

This guide and our online mortgage calculator will help you decide which lender can offer you a £700 mortgage.

We can get you approved for a mortgage in just 24 hours, start you application online below now:

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What mortgage is available for £700 per month?

Before applying for a mortgage, you should ask yourself which type of mortgage product best suits you and your needs. If you don’t know which is best for you, we are here as mortgage brokers to give you specialist advice.

Every mortgage product has its pros and cons. Some of these can be advantageous when you choose a mortgage that requires smaller monthly payments than £700.

However, always seek the guidance of a professional broker who can assess your finances and other circumstances to determine the best option.

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£700 a month mortgages with interest only

Interest-only mortgages can be taken out by homeowners who can pay the interest for a specified period before paying the principal. This option is preferred by those who wish to make smaller loan repayments.

A borrower might take out an interest-only mortgage of £200,000 at a 4% rate for 25 years. The monthly interest payments would be approximately £666.

However, they would only have to pay the interest on the loan so their mortgage debt would still be due.

An interest-only mortgage may make a mortgage less expensive at first, but it would also mean that the borrower would still owe £200,000 to the lender, which would usually be due at the end of the mortgage term (25 years in this instance).

For more information on interest-only mortgages, consult a mortgage advisor to find the best product for your situation.

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Repayment mortgage with payments of £700 a month

This mortgage product is the most sought-after. Repayment mortgages require the borrower to pay the interest and capital each month.

The monthly mortgage payments can be higher, so a smaller loan may be necessary to lower the cost.

A borrower might take out a repayment mortgage to pay £135,000 at a 4% rate for 25 years.

The monthly payments would amount to £712 and, unlike an interest-only mortgage loan, the loan would be paid off completely after 25 years.

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

A mortgage repayment calculator can be found at the top of this guide to estimate monthly payments.

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What is the monthly mortgage I can get for £700?

You will need to think about how long your mortgage agreement should last when calculating how much money you can borrow to get a mortgage.

Mortgage agreements typically last 25 years. If you pay £700 per month and have a fixed rate of 3.48% for 25 years, you’d have paid £209,837.

This figure would include a £140,000 mortgage debt plus the total interest of £69,837.

What is the best way to get a £700 per month mortgage based on my income?

A mortgage lender will assess your income to determine if you are able to afford your mortgage payments.

Different lenders use different approaches to calculate a borrower’s affordability, depending on their income. This is a great option for freelancers applying for mortgages that might not have a reliable or steady source of income.

However, most lenders will lend based on income multiples. Most limit the amount they lend to 4-4.5 x the borrower’s salary.

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What mortgage can I get for £700 per month on my salary?

For example, if your annual income is £35,000, you could borrow as much as £140,000 to get a mortgage.

Your monthly mortgage payments would be equivalent to £700 if this was taken over a period of 25 years at 3.48% interest rates.

Some lenders will lend up to 6x the annual salary.

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

£700 a month mortgage calculator

You can use the mortgage repayment calculator to get an idea of your mortgage repayments. However, it is best to talk to an expert to request customised calculations based on your borrower profile.

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Is it possible to get a £700 monthly mortgage for a 30-year term?

Yes, if you find a lender willing to extend your mortgage term, you might be eligible for a larger mortgage.

You could get a mortgage for £150,000 by paying £700 per month and a fixed interest rate of 3.48% for 30 years.

The total interest payable over the term of the loan would amount to £102,012, which would mean that the total amount you would have to pay the lender would be £252,012.

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What are the factors that could affect my £700 monthly mortgage?

Lenders may lend you an amount depending on many factors. Each lender will have a different view of what an ideal applicant is.

A lender might consider your ability to repay the loan before determining how much you can borrow.

These questions can include:

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

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Can I get a £700 per month mortgage with poor credit?

While credit problems on your credit report can impact your ability to obtain a mortgage, this doesn’t mean you won’t get one with £700 per month payments.

First, some lenders do not consider applicants with bad credit. There are bad-credit mortgage lenders that may be able to accept your application if you have credit problems.

Each one will have a unique approach and will be able to offer different rates, deposit amounts, and loan amounts.

Bad credit can be a range of risk levels for lenders. This is why some people may not have an issue with late payments on their reports while others could get rejected immediately.

Is the type of property affecting my ability to obtain a £700 per-month mortgage?

Potentially as certain types of buildings can be more difficult to maintain and more costly to repair if damaged. These repairs may impact borrowers’ ability or inability to pay their mortgage.

Lenders may be more cautious about lending money to borrowers building something other than standard construction. This is usually anything that isn’t made from bricks and mortar.

While some lenders might require higher deposits to finance these constructions, others may refuse to lend.

Send us an enquiry, and we’ll send you to a nonstandard property expert who can advise you.

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