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What Mortgage Can I Get for £1,500 a Month?

Want to know how much mortgage £1500 per month buys you? This article will tell you the key info you need to know.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: April 12, 2022

With so many different types of mortgages, terms and interest rates available from UK lenders it can be difficult to find a clear answer to how much you can borrow with £1500 a month.

How much mortgage can I get for £1500 a month?

The amount you can borrow with a budget of £1,500 a month will vary depending on the following factors:

  • Mortgage term
  • Interest rate
  • Repayment method
  • Your lender

Of the above, the length of the term you choose and the interest rate will likely have the largest influence over how much you can borrow with £1,500 per month to spend on monthly mortgage payments.

Using a traditional repayment method, the table below offers a few different examples of how much mortgage you can get for £1,500 a month.

Interest Rate Term – 20 Years Term – 25 Years Term – 30 Years
2% £294,000 £351,000 £403,000
2.5% £281,000 £332,000 £377,000
3% £268,000 £313,000 £353,000

(Amounts rounded to nearest thousand)

The interest rates and terms will vary from lender to lender, hence why the provider you choose may influence how much you can borrow.

In order to pass affordability checks with a mortgage lender, you would need to be earning far more than £1,500 after tax each month.

Most lenders will use your annual income to work out how much they will be willing to lend you. The majority of lenders are happy to offer between 4-4.5 times your annual salary, though some will consider 5 times in other circumstances, or possibly even six.

You can work out your maximum borrowing based on these income multiples by using our mortgage affordability calculator below…

Mortgage Affordability Calculator

Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.

i
Input full salaries for all applicants
£

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.

Get Started with an expert broker to find out exactly how much you could borrow.

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Example calculations

The amount you can borrow will depend upon the kind of mortgage you are looking for, over what length of time and the interest rate a provider is prepared to offer.

To give you a broad example, the table below provides an idea of how much you could borrow over 30 years based on a traditional repayment method using a range of different interest rates.

Interest Rate Term – 30 Years
2% £403,000
2.5% £377,000
3% £353,000
3.5% £331,000

What kind of mortgage can I get for £1,500 a month?

The type of mortgage you can get is less dependant on your budget and more upon your own specific requirements and circumstances.

For example, if you had a budget of £1,500 per month and wanted to buy a property for your business a commercial mortgage would most likely suit your needs. Alternatively, if you were looking to buy a property with the specific intention of renting it out then a buy to let mortgage would be your best option.

If you were looking for a mortgage to buy a house as your main residence and you have a budget of £1,500 a month then you have two repayment options:

Both repayment methods would be available, however, choosing which one is most suitable would depend upon your own personal needs. This is where we can help.

If you’d like to know more about the kind of mortgage you can get for £1,500 a month, make an enquiry with us. The advisors we work with deal with these types of enquiries all the time and can help you find the right type of mortgage that best suits your requirements.

(Amounts rounded to nearest thousand)

What other factors will influence how much I can borrow for a mortgage with £1500 a month?

Setting yourself a budget, regardless of the amount, is the first sensible step towards attaining the right mortgage you need to complete the property purchase you desire. However, there are a number of other factors that lenders will take into account before they agree to lend you the amount you need.

These factors include:

Every lender will adopt their own internal criteria when assessing your application against all of the above factors. For example, if you’re self-employed, one lender may assess your business’ track record differently to another.

The advisors we work with have a full understanding of how lenders view each of these points when considering your application. If you get in touch we can arrange for a specialist to contact you and discuss these points in more detail.

Speak to a mortgage expert

If you’d like to speak with someone who can help you find the right mortgage for your £1,500 per month budget call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

The advisors we work with have a wealth of experience in all areas of mortgage lending and deal with customers in your situation all the time.

Got a question?

We can help!

We know everyone's circumstances are different, that's why we work with expert brokers who specialise in finding the best deals.

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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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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