Repayments on a £30,000 Mortgage

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.

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:

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 It’s important to review your credit history before you apply for a mortgage, checking for any inaccuracies or outdated information that can be removed beforehand.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.

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.

*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.

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.