arrowright roundtick plus plus house 66 . 7 % cornercurve

£3,000 A Month Mortgages

Can I get a £3,000 per month mortgage? Get the right advice here.

Get Started

No impact to credit score

Feefo logo

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: 16th September 2019 *

Customers often ask us what mortgage they could get for £3,000 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, will have their own terms.

The following article breaks down this topic across the following sections:

If you’d like to find out how much you could borrow on a £3,000 a month mortgage, save time and hassle by talking to one of the experts we work with. All the brokers we work with are whole-of-market experts with access to every mortgage lender in the UK.

Call 0808 189 2301 for a free, no obligation chat.

We’ll find the perfect mortgage broker for you - for free

Save time and money with an expert mortgage broker who specialises in cases like yours

  • We've helped over 100,000 get the right advice
  • Our form only takes a minute, then let us do the hard work
  • Save up to £400 per year with the right advice (source: FCA)
  • All the brokers we work with have whole of market access

How much mortgage can I afford for £3,000 a month?

We hear questions like “how much mortgage can I get for 3,000 a month? all the time.

Most mortgage providers cap their lending at 4.5x your income. If, for instance, you earn £60,000 a year, these lenders may loan you £270,000, providing you meet their criteria.

If lenders concur that you can safely set aside a monthly £3,000 just for the mortgage, the typical lender may offer you between £100,800 and £151,200. 

If you have excellent credit rating and no debt, your lender may easily give you £117,000 and at a stretch £180,000. 

Your rates and mortgage terms depend on factors that include term length, mortgage product type and the type of property you buy (whether residential, buy to let or whether this is your first or an additional home.) 

These calculations are for guidance only. Make an enquiry so we can connect you with an informed expert to find out exactly how much you could borrow.

How does term length affect my mortgage payments?

To put it simply, the longer your loan term, the less money you pay each month to cover it. (So instead of £3,000, you may end up repaying just around £2,000.) On the other hand, you have a larger interest accrual during the term and could, as a result,  end up paying more overall.

Can I get a 30-year mortgage for £3,000 per month?

This may be possible. Although 25-year terms are more typical for residential mortgages, some lenders would be happy for you to spread your payments out over a longer period. Just keep in mind that you’ll be paying out more in interest on a 30-year term.

How do I qualify for a mortgage for £3,000 a month?

The main thing the lender will look into is the following:

  • Your income: As well as other sources of income like pensions, tax credits,  or bonuses.
  • Your outgoings: This includes your debts and discretionary spending.
  • Whether another person will be named on the mortgage: You could potentially borrow more on a joint mortgage depending on whether your partner has a good credit rating.
  • Your credit report: You can read more about getting a mortgage with bad credit here.  

Will a mortgage calculator tell me whether I can afford a £3,000 per month mortgage?

Lenders use their own in-house calculators to determine this, and every one of them is different.

Online mortgage calculators are also available to give you a rough idea of how much you can borrow and what the repayments will likely be, but keep in mind that the figures they return are not tailored to your personal profile and may differ to the numbers a mortgage lender quotes you.

To get a clear idea about the amount of mortgage you can get for £3,000 per month, make an enquiry here. The advisors we work with can provide you with bespoke quotes and introduce you to the lender whose calculator is most likely to return favourable results for you.

How do I prove my income for a £3,000 a month mortgage?

So, you earn enough to be in a position to pay £3,000 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 driver's license. 
  • Bank statements for the last three to six months.

What loan to value (LTV) ratio can I expect on a £3,000 per month mortgage?

This will depend entirely on your deposit and on the lender’s terms. It will also come down to whether this is your first home, in which case you’re likely to get an LTV as high as 95%. 

The larger your deposit, the lower your LTV. 

Most lenders will also assess your property for themselves to confirm the accuracy of your LTV and to determine whether they should risk lending you the loan. 

If the lender believes the level of risk to be heightened by factors such as your future expenses or your 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 £3,000 per month mortgage payments comfortably.

Speak to an expert broker about £3,000 a month mortgage payments

Unsure and looking for more information on how much mortgage you get for 3000 a month? Call us today on 0808 189 2301 or make an enquiry.

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

Updated: 16th September 2019
OnlineMortgageAdvisor 2019 ©

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 Mortgages and Affordability

Mortgage Affordability