Repayments on a £30,000 Mortgage

Find out what the monthly repayments could be on a £30,000 mortgage and what factors can influence this amount.

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Pete Mugleston Nathan Porter

Author: Pete Mugleston - Mortgage Advisor, MD

Reviewed By: Nathan Porter - Independent Mortgage Advisor

Updated: November 30, 2023
October 3, 2022

If you need to borrow £30,000 for a mortgage, you’ll want to know how much that potentially costs you each month. You can find out right now by using our mortgage repayment calculator here.

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Mortgage Repayment Calculator

Our mortgage repayment calculator can tell you how much your mortgage will cost you each month and overall. Enter the amount you’re borrowing, the term length and interest rate, and our calculator will do the rest.

Enter the amount you're borrowing
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
Enter the mortgage term, 25 years is the average but lenders can offer shorter and longer terms

Monthly Repayments:

Total amount paid at end of term:

Get started with an expert broker to find out how much they could help you save on your mortgage repayments.

In this article you can also discover what factors affect your monthly mortgage repayments and how a broker can help you access the best mortgage interest rates currently available.

How much does a £30,000 mortgage cost per month?

As a general example, for a 25-year standard repayment mortgage, based on a typical interest rate currently (October 2023) of 5.5% your repayments would be £184 per month.

In reality there is no set monthly repayment for a mortgage due to the following varying factors:

The higher the interest rate, the more expensive your mortgage becomes. So, looking at the examples in the table further below, the difference between a 5% interest rate and 6% on a 25-year repayment mortgage for £30,000 is £18 per month.

The longer the length of your loan, the cheaper your monthly repayments will be. Some applicants choose a longer term to make their borrowing more affordable on a monthly basis. However, it can mean that you end up paying more over the entire life of the loan. Typically mortgages are around 25 years in length, but some providers will go to 30-35 years.

Again, using the examples below, for a £30,000 mortgage, you could pay £35 per month less if you opted for 30 years rather than 20 years (based on an interest rate of 6%).

The type of mortgage you secure will impact how you are charged interest and therefore how much your monthly repayments are.

  • Tracker: This type of mortgage follows a specific index or base rate (such as the base rate set by the Bank of England), plus a percentage set by your provider. The amount you pay each month can go up or down as and when the base rate changes.
  • Fixed-rate: As the name suggests, this type of mortgage means your interest rate is ‘fixed’ for a specific period, which means you also have a set monthly repayment throughout the term.
  • Interest only: Using this type of repayment method means you do not pay back the principal amount during the mortgage term – only the interest element. The monthly payments are therefore cheaper, but you do need a repayment vehicle or plan in place for when your mortgage term ends as this is when the capital has to be repaid (in full).

The following factors can indirectly impact your mortgage payments by altering the interest rates and term lengths that you qualify for.


The size of your deposit can indirectly affect your monthly repayments as you will find, with a larger down payment, you’ll have more choice of providers offering lower interest rates, making your repayments cheaper.

Your credit history

Having a good credit history can help you secure a better rate on your mortgage as you’ll have a wider set of lenders to choose from. Having a bad credit score won’t mean you can’t get a mortgage, but you may have to accept an agreement from a specialist lender with a higher interest rate.


This can affect the term length the lender is willing to offer as some mortgage providers are cautious about offering loans that stretch into your retirement years. This could mean that you won’t qualify for a longer-term agreement, unless you can prove beyond doubt that you will have enough income to make your repayments in later life.

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How to get a £30,000 mortgage

Once you’ve found a property and made some calculations, your next step should be to find an experienced mortgage broker as this will boost your chances of getting approved at the best terms available.

Using our free broker-matching service you can speak straight away to the right broker by simply making an enquiry online.

They’ll be able to help with:

  • Working out how much you can borrow. You may think £30,000 is the maximum you can borrow for a mortgage but that might not be the case. A mortgage broker, using typical lender salary multiplier calculations, will be able to quickly work this out for you.
  • Deposit requirements. Your broker will be able to outline what deposit most lenders would require for this size of mortgage.
  • Downloading and optimising your credit reports. It’s important to review your credit history before you apply for a mortgage, checking for any inaccuracies or outdated information that can be removed beforehand.
  • Finding the right lender and securing the best deal for you. Your mortgage broker will be able to identify those lenders offering the best interest rate terms available across the whole market. This will save you time and, potentially, some money too.
  • Gathering all the necessary paperwork required for your application. Your broker will be able to guide you through the application process and all the typical documents required – proof of income, recent bank statements, personal ID etc.

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Example repayment calculations

Below are the varying monthly repayments you can expect if you borrow £30,000 calculated using different interest rates and mortgage terms.

Rate 15 years 20 years 25 years 30 years
2% £193 £151 £127 £111
3% £207 £166 £142 £126
4% £221 £182 £158 £143
5% £237 £198 £175 £161
6% £253 £215 £193 £180

*For the purpose of this table we are assuming the interest rate stays the same for the full length of the mortgage. Interest rates can change, if you decide to remortgage on to a different rate or move from either a fixed or discounted deal on to the lender’s standard variable rate (SVR).

With the Bank of England base rate currently at 5.25% (October 2023) and the average mortgage rates between 5%-6% the repayment figures under these columns in the table above would be the most realistic at present. However, as the base rate comes back down in the future then mortgage lenders should follow suit and reduce their rates too.

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Other costs to consider

While your monthly repayment costs can help you budget for how much you can afford, don’t forget to factor in these other costs:

  • Arrangement fee: Sometimes known as the product fee, this fee can be added to your overall mortgage balance and is usually anywhere between £0 to £2,000.
  • Booking fee: This is typically between £100 and £200. Not all providers charge this and a broker will make sure it is a consideration when working out your best deal.
  • Valuation fee: Mortgage providers will likely want to value your property to ensure that it is worth the price you are willing to pay. These aren’t always charged, but can be anywhere between £250 and £500.
  • Solicitors fees: Instructing a solicitor (sometimes called a conveyancer) to help with your property purchase can seem like a large expense – particularly if you’re only borrowing £30,000 – but often mortgage lenders insist that you use one.
  • Stamp duty: This is a tax you pay to the government and is based on the price you pay for the property. Properties bought for less than £250,000 are not subject to stamp duty.
  • Land Registry fee: This is essentially an admin fee you pay to the Land Registry for them to change the register entry to your name. It only applies to properties valued at £100,001 and above so may not be relevant if you are only borrowing £30,000.
  • Broker fees: If you decide to use their services a broker will typically charge either a percentage of the amount borrowed (usually up to 1%) or a fixed-fee (between £500-£1,000 depending on the complexity of the application).
  • Early repayment charges: If you want to overpay or even pay off your mortgage before the end of your term, you may be charged a fee by your provider. These are typically between 1-5% of the repayment amount.

For a full list of the extra payments involved, see our page on mortgage fees.

Get matched with the right mortgage broker

If you are looking to borrow £30,000 to fund a property purchase, discussing your financial situation with a broker is one of the best ways you can secure such a mortgage. They will work through your needs and requirements with you as well as determine which provider is most suitable.

Our broker matching service can connect you with the right broker who can help in every aspect of your mortgage application. Call us today on 0808 189 2301 or make an enquiry so we can put you in touch with an expert.


The amount that £30,000 will add depends on the length and interest rate on the rest of your mortgage. Our example calculations above can help you figure out how much would be added to your repayments each month on a fixed rate product.

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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 Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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