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Are you looking for a £20,000 mortgage?

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 10, 2021

£20k + mortgage cost tables

We receive a lot of questions from customers asking ‘how much to borrow £20 000’ or ‘I want to borrow £20000 on a mortgage, what will it cost?’ and they regularly like to know the differences over varying rates and terms. So I decided as a guide, to create the following mortgage payment tables.

Scroll down to see the monthly cost of a £20000+ mortgages, across a range of terms and rates from 3% to 5%. These are helpful for our customers looking to get an idea of what they can afford in terms of monthly outgoing, when term increases or decreases, to help with budgeting etc.

Mortgage repayment calculator

There are mortgage calculators available, however its sometimes useful to view the values from the whole range side by side for comparison.

These show payments on £20000 mortgages and upwards all the way to 30 000 over different terms, for the following rates:

3% 15yr 20yr 25yr 30yr
20000 £138.12 £110.92 £94.84 £84.32
21000 £145.02 £116.47 £99.58 £88.54
22000 £151.93 £122.01 £104.33 £92.75
23000 £158.83 £127.56 £109.07 £96.97
24000 £165.74 £133.10 £113.81 £101.18
25000 £172.65 £138.65 £118.55 £105.40
26000 £179.55 £144.20 £123.29 £109.62
27000 £186.46 £149.74 £128.04 £113.83
28000 £193.36 £155.29 £132.78 £118.05
29000 £200.27 £160.83 £137.52 £122.27
4% 15yr 20yr 25yr 30yr
20000 £147.94 £121.20 £105.57 £95.48
21000 £155.33 £127.26 £110.85 £100.26
22000 £162.73 £133.32 £116.12 £105.03
23000 £170.13 £139.38 £121.40 £109.81
24000 £177.53 £145.44 £126.68 £114.58
25000 £184.92 £151.50 £131.96 £119.35
26000 £192.32 £157.55 £137.24 £124.13
27000 £199.72 £163.61 £142.52 £128.90
28000 £207.11 £169.67 £147.79 £133.68
29000 £214.51 £175.73 £153.07 £138.45
5% 15yr 20yr 25yr 30yr
20000 £158.16 £131.99 £116.92 £107.36
21000 £166.07 £138.59 £122.76 £112.73
22000 £173.97 £145.19 £128.61 £118.10
23000 £181.88 £151.79 £134.46 £123.47
24000 £189.79 £158.39 £140.30 £128.84
25000 £197.70 £164.99 £146.15 £134.21
26000 £205.61 £171.59 £151.99 £139.57
27000 £213.51 £178.19 £157.84 £144.94
28000 £221.42 £184.79 £163.69 £150.31
29000 £229.33 £191.39 £169.53 £155.68

Bare in mind that the terms and rates in the above table are just examples and you may well be able to find a better rate or a different repayment term to suit your circumstances.

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How many times my salary can I borrow?

It’s possible to borrow between 4-4.5 times your salary, though this varies from lender-to-lender. Some mortgage lenders use income multiples to work out the maximum amount they could lend you, while others prefer to make an assessment based on your application.

Your overall affordability could be affected by other factors, including the amount of deposit you have, your credit rating, your outgoings, age and employment type.

If you’re only after a smaller mortgage or loan, however, income multiples may not be a factor. Make an enquiry to speak with an expert advisor.

What’s the minimum loan amount I can borrow for a mortgage?

Many lenders set the bar at £25,000, though there are others who will lend smaller amounts.

If you’re looking to raise funds for a renovation, purchase a house at auction or if you wish to move into a more expensive property and need a small mortgage to bridge the gap, there may be other lending options available for you. Speak with an advisor for more information.

What deposit do I need for a £20,000 mortgage?

For a mortgage or loan this small, you may not be required to put down a deposit at all. Some lenders may class anything below £25,000 as a ‘personal loan’, so you wouldn’t be required to put down a deposit.

If you’re after a small loan to raise funds in order to buy a more expensive house, lenders would take your property value into consideration.

How much will a £20,000 personal loan cost?

Personal loans are usually available up to £25,000 with a maximum 7 year term, on varying rates from as low as 5% up to 50% depending on your credit score.

How much will a £20,000 secured loan cost?

Secured loans tend to have higher repayment rates than mortgages, but still competitive when compared to some of the higher rate personal loans. A personal loan may be favourable for those who have lower credit scores and equity in their homes, because the risk to a lender is lower so the rates tend to be much more affordable.

If you’re undecided, or if you would like some no-obligation, free advice regarding the ins and outs of getting a loan instead of a mortgage then please do get in touch with us. We can help you out either way.

Best mortgages for £20,000

View our sourcing table here for the latest rates and deals. It’s professional, live, and contains every mortgage available in the UK from the whole of the market. Just be sure to change the mortgage value at the top from the default value to the actual required mortgage amount e.g. £25000. You can then go as deep and as specific as you like with the rest of the criteria. If you have landed on this page looking for £20000 deposit mortgages, the mortgage sourcing engine below will also be helpful and you can specify the deposit amount.

If you struggle to understand any of the information contained within the table don’t worry, just fill out an enquiry form (enquiry form here) and I will do my best to explain it in plain English. Also, if you aren’t happy with the rates that are showing within these tables, or if you’re struggling to find a mortgage full-stop, it may we worth getting in touch with us as an experienced broker will understand the nuances of individual lenders and may be able to find you something better.

Once you’ve found a mortgage you would like to find out more about just click the “enquire” button and submit.

If you’re ready to make an application or if you just have an enquiry, please fill out our quick form below and an expert will be in touch ASAP. If you require help immediate assistance please Get in touch

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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