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£800 a Month Mortgage

Find out if you can afford to get a mortgage for £800 a month with our guide

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 19, 2021

We have helped lots of people who have come to us for help about how to get a mortgage for £800 a month.

Many of the people we help have previously received bad advice and because of this, they felt unsure about how much mortgage that specific amount of money could potentially help them secure.

To help you understand more about how lenders calculate your affordability and therefore the likelihood of them approving your £800 per month mortgage, we have created this handy guide.

What mortgage can I get for £800 per month?

The mortgage market is saturated with lenders and mortgage providers who may be able to offer you a loan with £800 a month repayments.

This is great news for borrowers as competition often results in better deals and rates.

However, as a borrower, your circumstances and financial situation can have an impact on the type of mortgage you may be able to apply for as well as the rates and conditions you are offered on a mortgage for £800 per month.

A mortgage is a huge financial decision and to find the most affordable deal for you, it can be beneficial to seek the help of a professional broker.

With their knowledge of the market and experience in negotiating, they can help you source the lenders who may be able to offer you a preferable deal.

Interest only mortgage vs repayment mortgage

There are two commonly purchased mortgage products which can both be beneficial for a borrower, depending on their situation.

Interest-only mortgage

An interest-only mortgage can be helpful for borrowers with viable repayment vehicles who want to make monthly mortgage payments of £800.

When taking out an interest only mortgage, the borrower is required to pay off the interest on a monthly basis and then pay off the total loan amount at the end of the mortgage term, unless they choose to chip away at the balance before then.

A downside of this is that if the borrower isn’t expecting a large sum of money which can be used to pay off the loan in full at the end of the mortgage term, they’ll need to start saving. Alternatively, the borrower could sell the property or refinance at the end of the interest-only term.

Without either of these options, the full loan amount can be a substantial cost to pay at the end of the term.

To learn more about interest-only mortgages speak to a mortgage advisor for guidance on which product would be most suited to your situation.

Repayment mortgage

A repayment mortgage can be a more predictable type of loan and you £800-a-month payments would go towards paying off both the interest and the capital.

Whilst ideal, this may be an unaffordable option for some people since the monthly payments can be higher. Because of this, a smaller loan may need to be taken out.

For example, if a borrower takes out a repayment mortgage for £160,000 with a 3.48% interest rate over 25 years, their monthly payments would equate to £799 a month.

For more information on the differences between a repayment mortgage and an interest-only mortgage, see our guide.

How much mortgage can I get for £800 per month in the UK?

When calculating how much mortgage you can afford to take out, you will also need to consider how long you want you mortgage agreement to last.

The amount that you can borrow on your mortgage can vary depending on many factors, one of which is the length of your mortgage agreement.

For example, if you were to pay 800 pounds a month for your mortgage, with a fixed interest rate of 3.48% over the course of 25 years, you would have paid a total of £239,883.

This end figure would include a mortgage debt of £160,000 plus the total interest, which would be £79,883.

For a more accurate figure of how much you can borrow based on your circumstances, Call 0808 189 2301 or make an enquiry. We’ll put you in touch with one of the experts we work with who can help you explore your options.

Can I get an £800 a month, 30 year mortgage?

Yes,  there are lenders who may be able to provide you with a larger mortgage with a longer mortgage term.

For example, if you were able to pay £807 a month with a fixed interest rate of 3.48% over the course of 30 years, you would be able to get a mortgage for £180,000.

The total interest over the course of the loan would be £110,396, meaning the overall figure that you would pay the lender would be £290,396.

Therefore, depending on the lender’s affordability checks and your own personal circumstances, you could borrow £20,000 more by increasing the length of your mortgage agreement.

Please note that the above data is for demonstrative purposes only. Consult your lender or broker for the most up-to-date information and rates.

What factors can affect my £800 per month mortgage?

To determine how much a lender is willing to offer you, they may ask you questions about your spending habits and even ask for proof of income, age and nationality.

Below are some factors that can affect a lender’s decision to loan to you:

Each lender will have a different set of criteria that has to be met before agreeing to lend funds, so it’s important to shop around. The experts we work with have whole-of-market access, meaning that they can often source the best deals that aren’t necessarily visible to the public. Make an enquiry today to see what deals the experts could find for you.

Can I get a £800 a month mortgage on my income?

Loaning money to a borrower brings a level of risk to a lender. That risk increases if the borrower has issues on their mortgage application, one of which could be their income.

You may find that if you have a smaller annual income, lenders may offer you a smaller loan. The type of employment you have can also affect how much you can borrow as some lenders view self-employed mortgages as more of a risk due to the nature of the unpredictable income.

However, the good news is that some lenders can take other factors into consideration when assessing a borrower’s income such as the ratio between their income versus their outgoings..

A borrower may have a smaller income but may have little outgoings, meaning their ability to repay their mortgage is deemed less risky in comparison to someone who has a higher income but more outgoings.

How much mortgage can I get for £800 per month on my salary?

Although there are exceptions to this rule, most lenders will loan roughly 4 x a borrower’s salary.

As an example, if you earned £40,000 a year, you could potentially borrow £160,000 for a mortgage. (Annual salary x 4 = loan amount)

If this were taken out over a period of 25 years with an interest rate of 3.48%, your monthly mortgage payments would equate to £800.

However, many borrowers earn less than this per year, so it’s important to know that even on a lower income, one of the expert advisors we work with may still be able to find you a mortgage.

There are also lenders who will consider lending 5 x the amount of annual salary and, in certain circumstances, there are those who will consider loaning up to 6 x.

For a quote based on your circumstances, talk to an advisor here. They can calculate how much you may be able to borrow with various lenders and advise you on which ones have better terms and conditions.

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Can I get an £800 a month mortgage with bad credit?

Every lender takes a different stance when it comes to how they consider ‘bad credit’ applicants. This can make the task of finding a lender laborious to say the least, but there are advantages.

For example, many people believe that because they have been rejected by a lender for a having a CCJ or a missed payment on their file, that they won’t be able to get a mortgage with a CCJ or missed payment at all. This is not always the case.

In fact, some lenders have more of an appetite to lend to borrowers with a poor credit history, and there are even those that specialise in ‘bad credit’ mortgages. It can sometimes just be a case of finding the right lender for you.

Working with a mortgage broker who has experience in ‘bad credit’ mortgages can help you find the lenders who are more likely to approve you.

Applying to multiple lenders isn’t recommended as this may impact your credit rating. That’s why the experts we work with perform a soft check on your behalf, which prevents any marks on your credit.

Talk to an advisor here to find and compare the lenders that may be able to offer you an £800 a month mortgage.

Alternatively, see our bad credit mortgage information section for more information.

Can my age affect my ability to get an £800 per month mortgage?

It’s true that with some lenders, age can impact your ability to take out a mortgage.

Usually, older borrowers above 70 may find it difficult to get a lender to approve their loan, as some mortgage providers have concerns about their ability to repay their loan (especially if they are retired and have a limited income).

However, this is not always the case and some lenders can take other factors into consideration, such as:

  • The age of the other applicant on the mortgage (if it is a joint mortgage).
  • Benefits and entitlements.
  • Pensions payments.
  • Income from employment (if the applicant is not retired).
  • How close to retirement age the applicant is.
  • The amount of mortgage that the borrower is applying for.

A mortgage broker who specialises in lending for retired or soon to be retired borrowers can also be contacted here. They’ll be more than happy to discuss your mortgage options and find you a lender with rates and conditions that suit you.

What mortgage can I afford for £800 a month?

Before applying for a mortgage, you should always consider whether the amount of mortgage you want to apply for is affordable.

It may be appealing to apply for a larger loan, but consider whether a smaller loan could be more affordable and therefore easier to pay.

As well as your mortgage, remember that you will also have other outgoings which may include:

  • Utility bills.
  • Food and living expenses.
  • Council tax.
  • Home and contents insurance.
  • Life insurance.
  • Any loans you currently have.
  • Moving fees.
  • Solicitor fees.

It is in your best interest to apply for a loan that is affordable for you. If you are unsure about whether an £800 a month mortgage is affordable for you, speak to a broker who can calculate your income versus your outgoings.

Talk to an expert about £800 a month mortgages

If you’re still wondering, “What size mortgage can I get for £800 per month?” then talk to a broker today.

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.

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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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