If you need to borrow £50,000 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.
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.
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.
Read on to find out more about all the different factors that can determine your mortgage repayments and how speaking with an experienced mortgage broker is a smart way of accessing the best possible terms available across the market.
How much will your £50,000 mortgage cost per month?
As a broad example for this amount, based on a standard repayment mortgage with a typical interest rate currently (October 2023) of 5.5% and a term length of 25 years, you should expect to pay £307 per month.
Your mortgage repayments can, and will, vary depending on the following:
- Mortgage term: The longer the term, the lower the repayments would be, but a shorter term means you’ll pay less interest overall. The key is to find a loan term that best suits your monthly budget without over stretching yourself.
- Interest rate: Higher interest rates will naturally mean higher repayments. Typically, the best rates are reserved for mortgages with a lower loan-to-value (LTV). anything on or below 60% LTV should qualify for the most competitive mortgage rates.
- Mortgage type: Whether you opt for a fixed or tracker rate mortgage will also have a bearing on the amount leaving your account each month. Trackers can vary in line with the Bank Of England base rate, whereas a fixed-rate may be slightly higher but gives a guarantee that the payment remains the same.
- Repayment method: Traditionally, most residential mortgages are taken on a capital and repayment basis (where the capital is paid back throughout the term). Another option to consider, should you wish to keep repayments at a minimum, is an interest-only mortgage. This would mean only paying the interest each month and paying the loan back in full at the end of the term using an approved, separate repayment vehicle.
How a broker can help
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 £50,000 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 out how much you can borrow.
- 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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The below table gives an overview of the amount you can expect to pay on a £50,000 mortgage each month based on the interest rate and term length.
|Interest rate||10-year term||15-year term||20-year term||25-year term||30-year term||35-year term||Interest Only|
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).
For an interest-only mortgage the repayments will not change regardless of the term you choose as the capital amount remains the same throughout. So, using the 5% example above, for interest only the payment will be £208 per month whether you opt for a 25-year term or a 15-year term.
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
Of course, there’s more to think about with a mortgage than just repayments alone, as there are always other costs to factor in.
- Arrangement fee: Sometimes called a ‘product fee’, most mortgages include one. This is likely to be between £0 and £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: This is different from your survey. It is instructed by the lender as they need to confirm the property value before approving a deal. This is usually around £300.
- Survey: Depending on the type of survey you opt for, it can cost anywhere between around £400 and £1,500.
- 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 £50,000.
- Solicitors fee: Also known as the ‘conveyancing fee’, this is the amount you pay your solicitor for their work on the deal. These can vary considerably but as a general guide, expect to pay somewhere between £800 and £1,500.
- 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).
These shouldn’t have any impact on your monthly repayments – unless you add the mortgage fee to the loan itself, which can slightly increase the amount you’re borrowing and therefore have a small impact on your repayments – but it’s worth familiarising yourself with the fees involved as this will have an impact on the total cost of your mortgage.
You can find out more about these costs and fees, including how much they typically are, by reading our dedicated article on mortgage fees.
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Just make an enquiry to get started or call 0808 189 2301 for a free, no-obligation chat.
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This will largely depend on the income multiple the lender uses. An income multiple of 4x salary is typical, which means you may be able to secure a £50,000 mortgage with a salary of just £12,500. However, some lenders have minimum income requirements and all factor in a whole range of eligibility criteria before they’ll grant you a mortgage, so it rarely comes down to income alone. Speak to a broker to see if you’d likely be approved for a mortgage based on your income and circumstances.
The deposit requirements for a £50,000 mortgage will be broadly the same as for all other mortgage amounts – some lenders will accept a deposit of just 5% of the property’s value, though 10% and above is more common, with the best rates reserved for deposits of 40% and over. The higher the deposit, the lower your mortgage rate is likely to be, which could have a positive impact on your repayments too.