In this article you can use our repayment calculator to see what the monthly repayments could work out at for a £60,000 mortgage, how to go about finding the right deal and what other costs to be aware of.
How much does a £60,000 mortgage cost per month?
The monthly repayments can vary. However, as a general example, to borrow £60,000 using a standard 25-year repayment mortgage, with a typical interest rate available at the time of writing (October 2023) of 5.5%, will cost £368 per month.
The reason why there’s no exact figure is down to the following key factors:
The lower the interest rate, the smaller your repayments will be.
Getting the most competitive interest rates will rely on a lender seeing you as a trustworthy borrower. A broker would be able to advise on how to put forward a strong mortgage application whilst sharing which mortgage providers are currently offering the best rates.
The longer the term, the lower your monthly repayments will be. Traditionally, mortgage terms are taken over 25 years but nowadays (depending on the age of the applicant and strength of their application) loan terms can even stretch as far as 40 years.
However, the longer terms also mean you’ll pay more interest overall. The best way to approach this is to work out exactly how much you can comfortably pay each month and fit the term to suit your budget.
A fixed or tracker interest rate? Interest-only or capital repayment? These are choices that will impact what you pay back each month. A fixed rate would usually be higher but more consistent whereas a tracker rate will change in line with market activity, and, as a result, so will your repayments.
An interest-only mortgage would significantly reduce repayments but you would need a viable repayment vehicle to cover the £60,000 loan at the end of the term. Alternatively, capital repayment allows you to pay off a portion of the loan alongside the interest each month so that it is fully repaid by the term. This does however mean more costly repayments throughout.
Speak to an expert broker
Maximise your chance of approval with a dedicated specialist broker
How to calculate your payments
You can get an idea of what your mortgage payments will look like by entering ‘60,000’ into the relevant box on our calculator below and then use a range of different interest rates and terms to see how this works out versus the monthly budget you have in mind.
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.
This table lays out a variety of monthly payments for a £60,000 mortgage based on interest rates between 3% and 6% across term lengths of 10 to 30 years.
With the Bank of England base rate currently at 5.25% (October 2023) and the average mortgage rates between 5%-6% the repayment figures for these columns in the table would be the most realistic at present. However, this can change once the base rate reduces in the future and mortgage lenders then follow suit.
Should you opt for an interest-only mortgage, repayments could look like those outlined below. Note that the monthly amount will stay consistent throughout the term. You will then need to pay off the £60,000 as a lump sum at the end of the agreed upon term using an approved repayment vehicle.
For the purpose of these tables 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).
Absolute Fab: I got a mortgage as an ex-bankrupt !!!
As an ex-bankrupt with a qualified Annulment I had to take several bridging loans to cover my debt. I found Online Mortgage Advisor who offered fantastic but specific insight to my issues. Within 6 weeks we exchanged contracts and I am now debt-free, and my house is safe.
They pulled out all the stops
Great staff and good communication. Helped us understand the process and gone over and above to help in a difficult situation. Other companies couldn't even be bothered but Thank you so much!
Anneke Woolley, 12 days ago
Our advisor was amazing from the start!
Aaron went above and beyond. He worked late and kept in contact with me and worked tirelessly to find me the best mortgage he could
James, 10 days ago
Rated 4.8 out of 5 stars across Trustpilot, Feefo and Google
How a broker can help secure the mortgage you need
The ideal scenario would be one in which your £60,000 mortgage costs you the minimum amount over a term that best suits your budget. This is where a broker specialising in mortgages of this size can make all the difference.
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 £60,000 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.
Other costs to consider
Whilst concentrating on securing the mortgage itself, it’s easy to forget that monthly repayments are among multiple costs involved in a mortgage application process. You’ll need to put aside money for the fees outlined below too.
|Fee||Cost||How to pay|
|Arrangement fee||£0 to £2,000+||Paid upfront or monthly addition to mortgage repayment|
|Booking fee||£100 to £250||Paid upfront|
|Valuation survey fee||£0 to £500||Paid upfront|
|Home buyers report||£400 to £2000+ depending on level of survey||Paid upfront|
|Stamp duty||0 to 15% of a property’s value depending on what you’re using the property for||Paid upfront|
|Conveyancing fee||£850 to £1500||Partial payment upfront|
|Broker fee||Depends on mortgage size (usually either a percentage of the amount borrowed or a fixed-fee)||Can discuss with broker|
|Deposit||Typically 10% of property’s value||Paid upfront|
Sidenote: Some lenders will cover some fees on your behalf. A broker can advise on what circumstances would allow for the waiving of the fees and which lenders do so.
Get matched with the right mortgage broker
An experienced broker is able to offer concrete calculations alongside guidance on what mortgage rates and terms are best for your circumstances.
The ones we work with have specific knowledge around mortgages of all sizes. They’ll be able to ascertain whether £60,000 is indeed the mortgage size you need, advise on the ideal repayment amount and then share which lender is likely to offer a loan that matches that figure.
Getting in touch via our online form or by calling 0808 189 2301 will see you swiftly matched to the right broker for your needs.
Ask Us A Question
We can help!
We know everyone's circumstances are different, that's why we work with expert brokers who specialise in finding the best deals.
Ask us a question and we'll get the best expert to help.
Get in touch today
Make an enquiry and we'll arrange for an experienced mortgage broker we work with to contact you straight away.