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£900 a month mortgages

How much mortgage can I get for £900 a 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: 27th August 2019 *

If like many, you’re wondering “How much mortgage can I get for £900 a month?”, then this article is for you. 

With so many lenders and mortgage deals to compare, finding a mortgage for £900 per month can be time consuming to say the least.

There are numerous factors that can influence whether or not a lender will approve your loan, so to help you discover how much mortgage you could get for £900 per month, we have created an easy guide which includes:

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What mortgage can I get for £900 per month?

The amount you can borrow and the type of mortgage you may be more suited to, depends on an array of factors, which in turn, can affect the rates and conditions you may be offered. 

There are many mortgage products to choose from including repayment mortgages, interest only mortgages and fixed rate mortgages. With so many variations, it’s important to consider your options carefully. 

This can make the process of finding a mortgage seem tedious but remember, more options creates more competition. Shop around and work with a mortgage broker to make sure you get the best deal possible. 

With their knowledge of the market and experience in negotiating, they can help you source the lenders who may be able to offer a £900 per month mortgage. 

Speak to a professional broker here for more information or to discuss the lenders who are more likely to approve your £900 a month mortgage.

How much mortgage can I get for £900 per month?

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

The rate you are offered can vary depending on you own circumstances and sometimes the upfront interest offer can increase substantially after a set period. 

However, if we were to assume, for example purposes, that a lender provides a fixed interest rate of 3.48% and that you could afford to pay £900 a month for 25 years, it may be possible to apply for a mortgage of up to £180,000

The end figure that you would have paid off at the end of the term would equate to £269,869, which includes a mortgage debt of £180,000 plus the total interest, which would be £89,869.

For a more accurate figure of how much you can borrow based on your circumstances, make an enquiry

We’ll then put you in touch with one of the experts we work with who can help you explore your options.

Can I get a longer mortgage term for a £900 a month mortgage?

Although the standard mortgage term is 25 years, some borrowers prefer longer mortgage terms as this means that they may be able to apply for a larger loan.

For example, if you were to pay £896 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 £200,000.

The total interest over the course of the loan would be £122,661 meaning the overall figure that you would pay the lender would be £322,661.

By comparing these figures to those in the above section, we can see that by opting for a longer mortgage term, it could be possible to receive a higher loan.

That being said, the number of lenders that offer longer mortgage term agreements is limited but depending on your circumstances, it may still be possible.

Make an enquiry and we’ll put you in touch with one of the experts who can help you explore your options.

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 £900 per month mortgage?

Lots of people ask us whether they’ll be able to get a mortgage for £900 a month.  

When deciding whether or not to lend to you a mortgage provider will need to look at your:

Lots of borrowers worry about this, especially if they have or have had issues with any of the above factors. Click the links in the list above for more information about how these variables can affect a mortgage application.

However, it’s important to remember that each lender will have a different set of criteria that they will use to conclude whether or not they can loan you, so just because one may reject you, it doesn't necessarily mean they all will. 

Make an enquiry today to see what deals the experts could find for you.

Which lenders are more likely to approve my £900 per month mortgage?

The problem that many borrowers face is that it can be difficult to predict which lenders are more likely to approve an application. This is because each lender has varying criteria that they use to ascertain whether or not you are a risk.

This can make the application process frustrating for some, especially as each mortgage application can require upfront fees.

However, this is good news for borrowers too as it means that there could still be possible lenders who are happy to let them borrow, even if they have already been rejected by others for a mortgage. 

For example, one lender may reject an applicant who is self-employed with limited income whilst another lender who specialises in mortgages for low income borrowers, may approve the mortgage. 

Can a broker help me find a lender for my £900 a month mortgage?

Yes! Using their knowledge of your circumstances and the current market, they can highlight which lenders are more likely to accept your application, whilst filtering out those that aren’t worth your time. 

Contact an advisor to find the right lender for you. 

How much mortgage can I get for £900 per month on my salary?

Although there are exceptions to this rule, most lenders will loan 4.5 x a borrower’s salary. 

As an example, if you earned £45,000 a year, you could potentially borrow £202,500 for a mortgage. (Annual salary x 4.5 = loan amount)

If this were taken over a period of 25 years, with an interest rate of 2.43%, your monthly mortgage payments would equate to £900. 

Could I borrow more on my income?

It may be possible to borrow more than 4.5 x you salary as there are some mortgage lenders who will consider lending 5 x the amount of annual salary or even higher. 

You may find that higher lending is restricted to borrowers with higher salaries or impeccable credit history, so check with your mortgage broker before applying to avoid any wasted application fees.

For more information about how your income can affect your borrowing ability, see our guide. 

One of the expert mortgage advisors we work with can also calculate how much you may be able to borrow with various lenders. Contact us here for a quick quote. 

Can I afford a £900 a month mortgage?

Many borrowers come to us after receiving poor advice about how much they can afford to borrow. 

Misinformation and online mortgage calculators can lead many borrowers into thinking that they can afford to apply for a larger mortgage than they would be approved for.

To avoid mortgage rejections and for your own financial benefit, it is always important to calculate how much mortgage you can comfortably afford to borrow.

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 or credit cards you currently have
  • Moving fees
  • Solicitor fees

If you are unsure about whether a £900 per month mortgage is affordable for you, speak to a broker who can calculate your income versus your outgoings. 

Speak to an expert broker about £900 per month mortgages

If you’re still wondering, “What size mortgage can I get for £900 per month?” then talk to a mortgage broker today.

Not only can they assist you in finding a good deal for a £900 a month mortgage but they can also complete any paperwork on your behalf and negotiate any unfavourable terms too.
Call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

Updated: 27th August 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.

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Mortgage Affordability