What Mortgage Value Can I Get for £500 a Month?
Trying to understand what sort of mortgage you can get for your budget is a tricky process. Without knowing what kind of interest rates you'd be offered, it's almost impossible to calculate what any mortgage size would cost per month - and often this depends on multiple criteria.
In this guide, the Revolution Brokers team has summarised what sort of factors will impact your monthly mortgage cost, and what you might be able to borrow for a budget of £500 per month.
For tailored advice or to start your mortgage application, get in touch with our friendly consultants at 0330 304 3040, or email us at [email protected].
What Mortgage Can I Borrow on a Budget of £500 Per Month?
The exact amount you can borrow will vary between lenders, and rely on lots of different assessments.
As an indication, if you had, say, a 20% deposit and have £500 a month to spend, you could borrow around £75,000 to £120,000 depending on what interest rates you are eligible for.
To illustrate this, if you borrow £112,000 over a standard 25-year term and are offered a rate of 2.5% interest, you'd be paying £502.45 per month on a repayment mortgage.
If that were an interest-only mortgage, the same borrowing would cost £233.33 in interest.
2023-05-09 
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