£1,000 to £1,200 Per Month Mortgages

How much mortgage can you get for £1,000 per month or more? Get the right advice here and how to get the best rate

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Home Mortgage Affordability £1,000 To £1,200 Per Month Mortgages
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Jon Nixon

Reviewer: Jon Nixon

Director of Distribution

Updated: November 30, 2023

How we reviewed this article:

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

November 30, 2023

What type of mortgage can you get for £1,000 per month?

The type of mortgage you can get is not determined by how much you want your monthly repayment to be, rather it is based on a lender’s affordability assessment. After affordability has been calculated, as long as you meet the additional eligibility criteria,  you could secure

Different types of mortgages attract different terms and conditions that vary from lender to lender. So how much you can borrow will differ according to your annual income and outgoings along with the income multiple a lender will apply to this.

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How much mortgage can you get for approximately £1,000 per month?

Below are some hypothetical examples, based on a 10% deposit and a 25-year term, using different interest rates, with slightly varying monthly repayments, including £1,000 to £1,200 per month. Remember, there are other factors which will affect how much you can borrow. These figures should be seen as a guide

£900 a month

At £900 per month and with an interest rate of between 4% and 6%, the potential loan amount could be from £139,700 to £170,500ㅤ

Monthly Repayment Interest rate Deposit Term Length Potential mortgage amount
£900 4% 10% 25 years £170,500
£900 4.5% 10% 25 years £162,000
£900 5% 10% 25 years £154,000
£900 5.5% 10% 25 years £146,500
£900 6.00% 10% 25 years £139,700

£1,000 a month

At £1,000 per month, the potential borrowing amount could range between £155,200 to £189,500.

Monthly Repayment Interest rate Deposit Term Length Potential
£1,000 4% 10% 25 years £189,500
£1,000 4.5% 10% 25 years £180,000
£1,000 5% 10% 25 years £171,000
£1,000 5.5% 10% 25 years £162,800
£1,000 6% 10% 25 years £155,200

£1,100 a month

For £1,100 per month, the potential borrowing range could be between £170,800 to £208,400

Monthly Repayment Interest rate Deposit Term Length Potential mortgage amount
£1,100 4% 10% 25 years £208,400
£1,100 4.5% 10% 25 years £197,950
£1,100 5% 10% 25 years £188,200
£1,100 5.5% 10% 25 years £179,100
£1,100 6.00% 10% 25 years £170,800

£1,200 per month

A mortgage payment of £1,200 per month could allow for a mortgage loan amount to range between £186,300 to £227,300

Monthly Repayment Interest rate Deposit Term Length Potential mortgage amount
£1,200 4.00% 10% 25 years £227,300
£1,200 4.50% 10% 25 years £215,900
£1,200 5% 10% 25 years £205,300
£1,200 5.50% 10% 25 years £195,400
£1,200 6.00% 10% 25 years £186,300

If you want to calculate yourself, you can also use the Mortgage Repayment calculator below which will tell you how much your monthly mortgage would be based upon the interest rate, loan amount and mortgage term

Mortgage Repayment Calculator

This calculator can tell you the monthly and overall cost of your mortgage, based on the loan amount, interest rate, and term length.

Enter the amount you're borrowing
£
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
%
Enter the mortgage term, 25 years is the average but lenders can offer shorter and longer terms
years

Your Results:

The monthly repayments on a mortgage would be

The total amount paid at the end of your mortgage term would be

Get started with an expert broker to find out how much they could help you save on your mortgage repayments.

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How affordability is calculated

Mortgage providers use income multiples, rather than a set monthly budget -whether for £1,000 or any other amount,  as part of their affordability calculations to determine the maximum amount they will extend to you.

Usually, lenders will lend between 4-4.5 times a household’s annual income. However, some lenders are happy to go up even to 6 times your annual income.

Strong applications, high deposit, good credit history and strong income levels – will find that applicants are more likely to be eligible with mortgage lenders who use higher income multiples.

That’s not to say that all lenders will always loan at least 4 times a household’s income. Lenders want to know that what they extend is affordable to you in terms of monthly repayments.

If you have large amounts of outgoings each month (school fees, car loan repayments etc), providers may calculate you can only afford an amount lower than a 4-time income multiple. Plus they will want to apply a stress test to ensure you can afford any increases in interest rates in the future.

To find out how much you could borrow based upon your income, use the calculator below:

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants
£

Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

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Other factors that could impact your maximum borrowing

Mortgage lenders will carry out checks across their criteria which could indirectly affect how much you’re monthly mortgage payment will be. Some of the criteria which they’ll check will be::

Deposit and LTV

The higher your deposit, the less you need to borrow making it more likely a larger group of lenders will consider your application. So you may be eligible for lower interest rates – making your £1,000 go even further.

Credit history

Lenders prefer applicants with good credit scores. While you can still get a mortgage with bad credit, the pool of lenders who will consider your application will be smaller and the interest rate will likely be higher so you may have to borrow less in order to keep to your monthly budget.

Mortgage type

The rates you are offered for your mortgage will increase according to how risky your required mortgage type is. Buy-to-let mortgage rates, for example, are usually higher than traditional ones. As a result, you might have to borrow less if you cannot increase your monthly repayment.

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Get matched with the right mortgage broker for your budget

Using a broker can prove invaluable as they will be able to suggest the most suited mortgage based upon the amount you want to pay per month,  as well as guide you through your entire application. As a result, they can save you time, stress and money by helping you qualify for a mortgage with the maximum amount you require, at the lowest interest rate possible.

We offer a free, no-obligation broker matching service which will connect you with a mortgage advisor who can advise you on your specific situation. Call us today on 0808 189 2301 or make an enquiry so we can put you in touch with an expert.

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FAQs

If you get a mortgage which is fixed, you’ll be committed to an interest rate for the agreed amount of time. However, if you are on a variable mortgage, you’re mortgage monthly payments will change regularly depending upon the changes to the base rate which are made by the Bank of England.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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