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By Lucy James  | Content Editor

Updated: 26th June 2019 *

How do I take on a £40000 Mortgage?

Understanding the different rates of interest and lengths of repayment are all crucial at the time of taking out your £40k mortgage. This is due to the fact that these can all have a significant impact on the costs you will be required to pay. You would not be expected to take on such a loan without knowing how it will affect you for the future.

For a mortgage of £40 000, there can be a number of different routes to take, mostly dependent on the costs involved. Therefore we have provided repayment tables below, each displaying some of the vital data necessary, including lengths of repayment, interest rates and a number of mortgage values. It will then become clear to you, which value is most appropriate.

Each table gives the future costs at interest rates of 1% to 5% and repayment terms of 15 to 30 years. In addition, to improve the scope of our research we have included mortgage values from £40, 000 up to £50, 000.

The tables are shown below.

1% Repayment Rate

1% 15yr 20yr 25yr 30yr
40000 £239.40 £183.96 £150.75 £128.66
41000 £245.38 £188.56 £154.52 £131.87
42000 £251.37 £193.16 £158.29 £135.09
43000 £257.35 £197.75 £162.06 £138.30
44000 £263.34 £202.35 £165.82 £141.52
45000 £269.32 £206.95 £169.59 £144.74
46000 £275.31 £211.55 £173.36 £147.95
47000 £281.29 £216.15 £177.13 £151.17
48000 £287.28 £220.75 £180.90 £154.39
49000 £293.26 £225.35 £184.67 £157.60
50000 £299.25 £229.95 £188.44 £160.82

2% Repayment Rate

2% 15yr 20yr 25yr 30yr
40000 £257.40 £202.35 £169.54 £147.85
41000 £263.84 £207.41 £173.78 £151.54
42000 £270.27 £212.47 £178.02 £155.24
43000 £276.71 £217.53 £182.26 £158.94
44000 £283.14 £222.59 £186.50 £162.63
45000 £289.58 £227.65 £190.73 £166.33
46000 £296.01 £232.71 £194.97 £170.02
47000 £302.45 £237.77 £199.21 £173.72
48000 £308.88 £242.82 £203.45 £177.42
49000 £315.32 £247.88 £207.69 £181.11
50000 £321.75 £252.94 £211.93 £184.81

3% Repayment Rate

3% 15yr 20yr 25yr 30yr
40000 £276.23 £221.84 £189.68 £168.64
41000 £283.14 £227.39 £194.43 £172.86
42000 £290.04 £232.93 £199.17 £177.07
43000 £296.95 £238.48 £203.91 £181.29
44000 £303.86 £244.02 £208.65 £185.51
45000 £310.76 £249.57 £213.40 £189.72
46000 £317.67 £255.11 £218.14 £193.94
47000 £324.57 £260.66 £222.88 £198.15
48000 £331.48 £266.21 £227.62 £202.37
49000 £338.39 £271.75 £232.36 £206.59
50000 £345.29 £277.30 £237.11 £210.80

4% Repayment Rate

4% 15yr 20yr 25yr 30yr
40000 £295.88 £242.39 £211.13 £190.97
41000 £303.27 £248.45 £216.41 £195.74
42000 £310.67 £254.51 £221.69 £200.51
43000 £318.07 £260.57 £226.97 £205.29
44000 £325.46 £266.63 £232.25 £210.06
45000 £332.86 £272.69 £237.53 £214.84
46000 £340.26 £278.75 £242.80 £219.61
47000 £347.65 £284.81 £248.08 £224.39
48000 £355.05 £290.87 £253.36 £229.16
49000 £362.45 £296.93 £258.64 £233.93
50000 £369.84 £302.99 £263.92 £238.71

5% Repayment Rate

5% 15yr 20yr 25yr 30yr
40000 £316.32 £263.98 £233.84 £214.73
41000 £324.23 £270.58 £239.68 £220.10
42000 £332.13 £277.18 £245.53 £225.47
43000 £340.04 £283.78 £251.37 £230.83
44000 £347.95 £290.38 £257.22 £236.20
45000 £355.86 £296.98 £263.07 £241.57
46000 £363.77 £303.58 £268.91 £246.94
47000 £371.67 £310.18 £274.76 £252.31
48000 £379.58 £316.78 £280.60 £257.67
49000 £387.49 £323.38 £286.45 £263.04
50000 £395.40 £329.98 £292.30 £268.41

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So what is the 'Best Deal' for me?

Now that we have a rough idea of how much you are wanting to borrow and how much it will ultimately cost you, we can then go on to make some of the final decisions. Many firms are able to offer mortgages of £40k. However, each one has a different rate of repayment and interest rates can fluctuate from provider to provider.

To make sure we find you the right plan, we must look into the packages firms can provide. This can be a long and tedious process, we have taken the stress off of you and designed a live online search application. This enables you to input the specific criteria you are after to give you the best deals on the market.

All that is required of you is to enter the mortgage value you are after and some other basic information such as the deposit on the mortgage, the repayment method and how long you intend to have repaid by. Once alll this has been filled out you are one step closer to taking out your £40 000 loan.

One click of the 'search now' button will give you all the results you need. From there on its just a case of finding which plan is best for you and clicking 'enquire'.

Updated: 26th June 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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