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By Pete Mugleston | Mortgage Advisor

Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 16th December 2020*

How much is a £60,000 Mortgage?

A number of factors are involved with taking out a mortgage, the length of repayment, the interest on the loan and most importantly how much to take out in the first place. For a mortgage of £60k the costs of repayment can vary dramatically when the different criteria is applied.

Play with our calculator here for an accurate measure of what a mortgage will cost, and you can also check how much you can borrow as well as get approved by the best lender, with our partners Mojo, for FREE!

 

 

As a result, we have created repayment tables showing the different costs involved when taking out a mortgage of £60,000. Each table represents the costs at a different interest rate, ranging from 1% to 5% each including lengths of repayment from 15 to 30 years. We also felt it was essential to provide a number of initial mortgage values to improve your insight of the options available.

Tables showing values of £60,000 up to £70,000 are all shown below.

1% Repayment Rate

1% 15yr 20yr 25yr 30yr
60000 £359.10 £275.94 £226.12 £192.98
61000 £365.08 £280.54 £229.89 £196.20
62000 £371.07 £285.13 £233.66 £199.42
63000 £377.05 £289.73 £237.43 £202.63
64000 £383.04 £294.33 £241.20 £205.85
65000 £389.02 £298.93 £244.97 £209.07
66000 £395.01 £303.53 £248.74 £212.28
67000 £400.99 £308.13 £252.50 £215.50
68000 £406.98 £312.73 £256.27 £218.71
69000 £412.96 £317.33 £260.04 £221.93
70000 £418.95 £321.93 £263.81 £225.15

2% Repayment Rate

2% 15yr 20yr 25yr 30yr
60000 £386.11 £303.53 £254.31 £221.77
61000 £392.54 £308.59 £258.55 £225.47
62000 £398.98 £313.65 £262.79 £229.16
63000 £405.41 £318.71 £267.03 £232.86
64000 £411.85 £323.77 £271.27 £236.56
65000 £418.28 £328.82 £275.51 £240.25
66000 £424.72 £333.88 £279.74 £243.95
67000 £431.15 £338.94 £283.98 £247.65
68000 £437.59 £344.00 £288.22 £251.34
69000 £444.02 £349.06 £292.46 £255.04
70000 £450.46 £354.12 £296.70 £258.73

3% Repayment Rate

3% 15yr 20yr 25yr 30yr
60000 £414.35 £332.76 £284.53 £252.96
61000 £421.25 £338.30 £289.27 £257.18
62000 £428.16 £343.85 £294.01 £261.39
63000 £435.07 £349.40 £298.75 £265.61
64000 £441.97 £354.94 £303.50 £269.83
65000 £448.88 £360.49 £308.24 £274.04
66000 £455.78 £366.03 £312.98 £278.26
67000 £462.69 £371.58 £317.72 £282.47
68000 £469.60 £377.13 £322.46 £286.69
69000 £476.50 £382.67 £327.21 £290.91
70000 £483.41 £388.22 £331.95 £295.12

4% Repayment Rate

4% 15yr 20yr 25yr 30yr
60000 £443.81 £363.59 £316.70 £286.45
61000 £451.21 £369.65 £321.98 £291.22
62000 £458.61 £375.71 £327.26 £296.00
63000 £466.00 £381.77 £332.54 £300.77
64000 £473.40 £387.83 £337.82 £305.55
65000 £480.80 £393.89 £343.09 £310.32
66000 £488.19 £399.95 £348.37 £315.09
67000 £495.59 £406.01 £353.65 £319.87
68000 £502.99 £412.07 £358.93 £324.64
69000 £510.38 £418.13 £364.21 £329.42
70000 £517.78 £424.19 £369.49 £334.19

5% Repayment Rate

5% 15yr 20yr 25yr 30yr
60000 £474.48 £395.97 £350.75 £322.09
61000 £482.38 £402.57 £356.60 £327.46
62000 £490.29 £409.17 £362.45 £332.83
63000 £498.20 £415.77 £368.29 £338.20
64000 £506.11 £422.37 £374.14 £343.57
65000 £514.02 £428.97 £379.98 £348.93
66000 £521.92 £435.57 £385.83 £354.30
67000 £529.83 £442.17 £391.68 £359.67
68000 £537.74 £448.77 £397.52 £365.04
69000 £545.65 £455.37 £403.37 £370.41
70000 £553.56 £461.97 £409.21 £375.78

Can I get a mortgage for £60,000?

Yes, it may be possible for you to get a £60,000 mortgage. If you’ve saved up a significant deposit and you’re looking for a smaller mortgage to purchase a property, lenders will look on you favourably and you may secure a better interest rate.

If you already have an existing mortgage and wish to take out another mortgage to purchase a more expensive home or a second property, mortgage lenders will tend to have stricter requirements.

For more information, speak to an expert for an initial free consultation.

Expert Advice on Your Next Steps

The endless choices accessible to you from firms can be quite daunting, making sure you are not being ripped off is at the top of your list. Borrowing £60,000 can be different from firm to firm and it is our job to make sure you decide on the right one.

To make sure we direct you in the right way, we have provided an online searching system to explore the market in detail to find the most appropriate plan possible.

As simple as it looks, all that is required of you is to enter the mortgage value you want, along with some other information and click search. All deals related to your search from the current market are shown right in front of you.

One-click of the ‘enquire’ button and it is all systems go from there onwards.

Updated: 16th December 2020
OnlineMortgageAdvisor 2021 ©

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 information 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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