Repayments on a £70,000 Mortgage

Find out how much a £70,000 Mortgage costs by using our monthly repayments calculator to work out your repayments.

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Pete Mugleston Nathan Porter

Author: Pete Mugleston - Mortgage Advisor, MD

Reviewed By: Nathan Porter - Independent Mortgage Advisor

Updated: November 30, 2023
September 29, 2022

Here, we look in detail at what a £70,000 mortgage could cost on a monthly basis, and what factors could affect those repayments.

Before you read any further, simply enter ‘70000’ into our calculator below along with an interest rate and term length to get a rough idea of what your repayments could be.

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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.

Enter the amount you're borrowing
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
Enter the mortgage term, 25 years is the average but lenders can offer shorter and longer terms

Monthly Repayments:

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.

How much will your £70,000 mortgage cost per month?

As a general example, a £70,000 mortgage using a standard 25-year repayment term, with a typical interest rate currently (November 2023) of 5.5% would cost £430 per month.

However, it should be noted that the monthly repayments on this level of borrowing (or any for that matter) are not set in stone. Instead, they can change according to the interest rate and length of the loan term.

Here’s why:

  • Interest rate – The higher the rate set by your provider, the more expensive your mortgage repayments will be.
  • Term length – The longer the length of your mortgage, the cheaper your monthly repayments will be as you’re spreading the cost of your loan. Lengthening your term is one way to make your monthly repayments more affordable. Over the entire term, though, you will end up paying more interest.

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Example calculations

The below calculations demonstrate how differing interest rates and term lengths affect monthly repayments on a standard £70,000 mortgage.

15 years 20 years 25 years 30 years
1% £419 £322 £264 £225
2% £450 £354 £297 £259
3% £483 £388 £332 £295
4% £518 £424 £369 £334
5% £554 £462 £409 £376
6% £591 £502 £451 £420

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% (November 2023) and the average mortgage rates between 5%-6% the repayment figures under these columns 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 factors that impact the repayments

There are other factors that may affect – both directly and indirectly – what your £70,000 mortgage could cost you per month.

They are:

The mortgage type you choose will have a direct impact on your monthly repayments.

Common types include:

  • Fixed-rate mortgage: With this option your interest rate is ‘fixed’ for a set period of time. Sp, you’ll know exactly how much your mortgage repayments will be each month. When the fixed rate period has ended, you can remortgage to another fixed rate term should you wish or revert to the Standard Variable Rate (SVR).
  • Tracker mortgage: Tracks the movement of the Bank of England base rate, so your payments will fall or rise in line with it. So, if the base rate rises by 0.25% your repayments will increase by the equivalent amount.
  • Interest-only: One way to minimise your monthly repayments is to choose an interest-only mortgage where you only have to repay the interest each month – not the principal. You will, however, need a repayment plan in place for the end of the term to pay off the loan.

You should still be able to get a mortgage even if you have had bad credit issues in the past.

However, depending on the severity of the issue, the number of lenders who will consider your mortgage application will be reduced. As a result, you may be forced to choose a product with a higher interest rate making the loan more expensive.

The majority of lenders require at least a 10% deposit for a mortgage, some will accept 5%. Having a higher deposit (25% or more) will give you a wider range of lenders offering the most competitive rates to choose from.

If you have a smaller deposit, therefore, the interest rates will be higher – making your repayments higher too.

How a broker can help secure the mortgage you need

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 have set your sights on a £70,000 mortgage, but do you definitely know you can borrow that amount? 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 factor in

While minimising your monthly repayments is a helpful way to budget for a £70,000 mortgage, it’s crucial to factor in these other costs involved in setting up a mortgage 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 (typically either a percentage of the mortgage or a fixed-fee) Can discuss with a broker
Deposit Typically at least 5%-10% of property’s value Paid upfront

Get matched with the right broker

Finding a provider who will not only accept your application, but offer you the best rate and terms for your £70,000 mortgage is tough to do on your own. That’s why speaking with one of the brokers we work with is a smart move.

We offer a free, no-obligation broker matching service which can connect you with the best broker for your needs. Contact us today on 0808 189 2301 or make an enquiry so we can arrange for a broker to speak with you to optimise your chances of securing your mortgage – with the lowest rate possible.

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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