66 . 7 %

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 October 2020*

We often get asked, “How big a mortgage can I get for 600 a month in the UK?”, though it depends on a number of factors, with how much you can afford to pay being one of the more prominent details you need to consider. 

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

Other variables include the criteria stipulated by your mortgage provider, your personal circumstances, and how much deposit you have. Keep reading to find out more about these variables.

In this article we will cover the following topics:

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 120,000 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

What mortgage can I get for 600 a month?

One of the most important things a mortgage lender wants to find out is how much you can afford to pay back each month, as this will impact on how much they’re willing to lend you. Two of the key considerations are whether you’re employed or self-employed and how many working years you’re likely to have left, based on your age. If you’re close to retirement age they will need to know how you can afford to pay back a mortgage that’s £600 per month, if the term of the loan runs into your retirement years.

Another consideration is the LTV or loan to value (LTV) ratio of the property. For example, if you have a mortgage for £240,000 and the property you are buying is £300,000, your LTV will be 80%. This means that 80% of your property is paid by the mortgage and 20% is from your own funds. The more deposit you have, the lower your LTV, which typically results in a better rate.

As a buyer, bear in mind that rates and loan agreements vary and fluctuate with the market. In order to get the best deal, it’s useful to speak with a mortgage broker who will compare deals helping you find the right one for you. Make an enquiry to get started.

How much mortgage can I get for £600 a month?

A mortgage calculator is an easy way to get an indication of how much loan you may be eligible to receive. 

Where can I find a calculator for £600 a month mortgages?

You can use our mortgage calculator to get a rough idea of how much you may be eligible for.

As an example, for a £600 a month mortgage paid back over 25 years with an interest rate of 2.5%, the approximate amount you’re likely to be able to borrow is around £135,000. Though remember this amount is subject to vary between providers according to their criteria.

With this in mind, the best way to get an accurate idea of the £600 a month mortgage deals you qualify for is by speaking to a whole-of-market broker. Make an enquiry here and the advisors we work with will crunch the numbers for you and introduce you to the right lender for your needs and circumstances.

What factors could affect me getting a £600 per month mortgage?

After taking into consideration your employment status, income and age, lenders will also look at your credit history to see if there may be any concerns. 

If you have a good credit score, then there shouldn’t be many issues. However, if you have a history of bad credit then you may have fewer options.

Not all lenders may grant you a mortgage and those that do may do so with higher repayment rates, though it all comes down to your overall circumstances. 

Make an enquiry today to discuss your options with an expert broker

To find out more about getting a mortgage with bad credit, read our article.

What length of mortgage can I get for £600 pound per month?

Most mortgages are based on paying back over 25 years, however, it is possible to ask for a shorter or longer length mortgage. You may end up paying more interest on a mortgage with a longer term.

For example, if you wanted to take out a mortgage for £130,000 over 30 years at an interest rate of 3.5%, you’ll pay £584 a month. However, you would pay back a total of £210,153, with a total interest of £80,153. 

What interest rates would I pay on a £600 pound per month mortgage?

For a mortgage of £600 per month, your rate will be decided on many factors, not just the amount you intend to pay back each month. 

Your deposit is a big factor as the more you can pay in advance, the lower the rates you’ll be paying back overall. Though bear in mind other considerations apply such as your own history and whether you have ever had or have bad credit, as explained above.

Speak to a mortgage expert today

For more advice regarding what mortgage you can get for £600 per month, speak to one of the experts that we work with. Give us a call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

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 October 2020
OnlineMortgageAdvisor 2020 ©

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 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.