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£2,000 a Month Mortgage

Find out what size mortgage £2,000 per month will get you.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: May 27, 2022

Customers often ask us what mortgage they could potentially get for £2,000 a month.

Lenders, actually, look into far more variables than the amount of money you have to spend each month. Being on high income helps, but there are many other conditions that determine whether you’ll even get a loan. Each provider, too, has his or her own terms.

How much mortgage can I get for £2,000 a month?

Most mortgage providers cap their lending at 4.5x your income (although a growing number are now offering higher than this). If, for instance, you earn £60,000 a year, these lenders may loan you at least £240,000, providing you meet their criteria.

If you can safely set aside £2,000 just for the mortgage, the typical UK lender may offer you a mortgage of between £100,800 and £151,200 – although this will fluctuate depending on the term length and the interest rate you end up on.

If you’re the only applicant, with a good credit rating, some lenders might stretch to between £117,000 and £180,000. Your money could go further if you’re offered favourable rates.

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

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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.

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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How does the term length affect things?

To put it simply, the longer the term length, the less you will pay out each month – but keep in mind that you will be paying more across the duration of the term thanks to the interest payments. This could make your £2K per month mortgage more affordable, but the term length you should choose will come down to your needs and circumstances.

If I make £2,000 a month, how much mortgage can I afford?

In the UK, £2,000 per month after tax comes to around £31,000 per year.

If you are on this amount, the mortgages on offer to you would likely range between £139,500 and £186,000. This is because UK providers usually cap their lending between 4.5 and 6 times the borrower’s salary, but keep in mind that your choice of approachable lenders, and therefore the best rates, will be more difficult to come by if you need to borrow 6 times your income.

How do I qualify for a mortgage for £2,000 a month?

We’ve already discussed how much you would likely need to be earning to qualify for a £2,000 a month mortgage, but here are some additional factors the lender could take into account when assessing your eligibility for a home loan with these specific monthly payments…

  • Your outgoings: Some lenders might be reluctant to offer you a £2,000 a month mortgage if you have significant outgoings, such as outstanding loans or dependent children.
  • Whether another person will be named on the mortgage: You could potentially borrow more on a joint mortgage.
  • Your credit report:  You can access your credit reports and free trials below.

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How do I prove my income for a £2,000 a month mortgage?

So, you earn enough to be in a position to pay £2,000 towards your mortgage each month. How do you prove this to the lender?

Well, most mortgage providers will require the following…

  • A letter of verification from your employer – preferably a P60
  • Your last three months’ payslips.
  • Your passport or driving license
  • Bank statements of the last three to six months.

What loan to value (LTV) ratio can I expect on a £2,000 per month mortgage?

This will depend entirely on the amount of deposit you put down and the lender’s minimum requirements for this. It is possible to secure a mortgage on a residential property in the UK with 10% deposit and even 5%, in some cases.

If the lender believes the level of risk to be heightened by factors such as your age or credit report, they may insist that you put down more than the minimum deposit amount, even if your income is high enough to cover your £2,000 per month mortgage payments comfortably.

Speak to an expert broker about £2,000 a month mortgages

Unsure and looking for more information on how much mortgage you get for 2000 a month? Call us today on 0808 189 2301 or make an enquiry.

Then sit back and allow us to do the hard work in finding the right mortgage advisor for your situation. We don’t charge a fee and there are no obligations.

Ask a quick question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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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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