It is extremely important when taking out a £70 000 mortgage to consider the different interest rates and term lengths. This is because they can all have a dramatic effect on the monthly costs you will have to pay in the future. By knowing all this information, deciding on which mortgage to take out is a much simple process.
As a result we have created tables showing the repayments on a £70,000 mortgage at interest rates from 1% to 5% and repayment lengths from 15 to 30 years. Knowing these costs will be essential to your financial planning.
In addition, we had felt it was most necessary to include values up to £80k to identify how the inital loan amount can too have an effect. The tables are shown below.
You can use an online calculator, though these will only provide you with a very rough idea of what your repayments could be.
Mortgage lenders calculate your affordability based on a number of factors including credit rating, employment type and income, and will offer interest rates based on your application as a whole. They will also be able to offer you introductory rates based on your lending requirements and circumstances, which online calculators wouldn’t offer.
Speak to an expert and we’ll match you with an expert who can provide you with a more accurate figure.
Which deal is the best for me?
So now we have gained an understanding of the sort of cost implications of taking out a £ 70 000 mortgage. We can now go on to search for the best package.
Obviously firms are competing to provide the best plans, therefore we must ensure that we have done sufficient research into the market to make sure the one you choose, is the right one -often a time consuming procedure. We have overcome this problem by designing a live souring system which enable you to tailor and personalize the search criteria to find exactly what you are after.
It is as easy as entering the amount of loan you are after (e.g £70 000), to then fill out the required information such as how long you want to have paid the mortgage back by and how you want to pay, etc.
Ready to go ahead now?
If you want to make an application today for a £70,000 mortgage then please visit fill out our online mortgage application form. Alternatively, call us now on 0808 189 2301.
*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.
Lucy has been an integral part of Online Mortgage Advisors' success. Having started out as a content writer, Lucy has worked her way to become Content Editor and is the crucial link between our customers and the right advice.
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