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300 a Month Mortgages

Can I get a mortgage for £300 per month? Find out here.

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 6th May 2020 *

“What mortgage can I get for £300 a month?”. If you’re willing to consider a longer-term length, or a smaller loan - you may have more choices than you think.

Jump to our calculator journey to establish what you can afford, the costs and which of the best deals you'll qualify for.

Whether you’re on a lower income, or are looking for a mortgage with lower monthly repayments - in this article you’ll find out about mortgages for around £300 a month, and what it might take to get one.

Need a little guidance, or some help refinancing? Get in touch. One of the expert advisors that we work with may be able to help you find just such a mortgage.

Here’s what you’ll learn in this article

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How much mortgage can I get for 300 a month?

Here are real-life examples from some of the experts we work with. 

At the time of writing, £300 a month could get you:

  • £100,000 - 60% loan to value, 2 year fixed, over a 35 year term at 1.39%
  • £45,000  - 90% loan to value, 2 year fixed, over a 15 year term at 2.64%
  • £140,000 - 75% loan to value, 2 year fixed, over a 38 year term at 1.47%

The above assumes that:

  • You don’t have bad credit 
  • You choose a longer mortgage term
  • You borrow less (a lower Loan to Value (LTV) ratio)
  • You pay your product fees up front (as opposed to having them added to your monthly costs)
  • You choose a shorter product term (as in a 2-year fixed-rate mortgage, as opposed to one that’s 5 years or longer)

What determines if I can get a £300 a month mortgage?

There are three main factors three affect your monthly mortgage repayments...

  • How much money you choose to borrow
  • The interest rate you pay on it
  • The term length

These are affected by…

The kind of mortgage you take out 

Broadly speaking, there are two main types of mortgage - ‘repayment’ and ‘interest only’.

Repayment mortgage

In a repayment mortgage, your monthly repayments pay down the interest and the principal loan. As a result, you tend to pay (a lot) more in the beginning, but less towards the end.

Interest only mortgage

As the name would suggest, on an interest-only mortgage, your monthly payments usually only cover the interest. As such, this lowers your monthly payment but necessitates the need for a large payment at the end of the mortgage (to pay off the principal).

The size of the mortgage itself 

The smaller your mortgage, the lower your monthly payments.

The term of the mortgage 

Longer term mortgages decrease your monthly payments but increase the amount you pay over time.

As such, to get a mortgage for £300 a month you’ll need...

To be on a lower interest rate or to borrow a smaller amount of money.

I’m on a low income - how much mortgage for £300 a month can I get?

It depends. It also depends on how you define ‘low income’.

A lot of people think that if they’re on a low income, they’ll never be able to get a mortgage.  

This isn't true - whilst some lenders have eligibility requirements tied to your income, some don’t, and some lenders will take alternative income sources into account  - such as your benefits or freelance income.

If you’d like to find out more about this, and if you may be eligible,  take a look at our guide to low income mortgages. Alternatively - get in touch and one of the experts we work with will find out for you.

Talk to an expert broker about mortgages for £300 per month today

If you have questions about £300 per month mortgages and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 6th May 2020
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of 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 info 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.

Find out more about mortgage affordability

Mortgage Affordability