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At Ascot Mortgages, our passion revolves around guiding home-buyers seamlessly through their property purchase journey. From those first-time buyer nerves to the excitement of receiving your mortgage approval, we’re here with you at every turn. Navigating the vast and sometimes confusing world of UK mortgages can be daunting. Fear not; our experienced mortgage experts will ensure your home-buying process is a breeze. So, whether you’re just starting out or ready to take that substantial step, remember, we’re just a message away.
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For a mortgage of £120,000, the monthly repayments depend on:
For example, if you’re looking at a £120000 mortgage over 25 years at a 5% interest rate, your estimated monthly repayments might be around £701.5. However, this is a general figure and can vary based on the factors mentioned above.
To give you a general idea, here’s a hypothetical representation of monthly repayments:
Over 10 years
Over 15 years
Over 20 years
Over 25 years
(Note: These are hypothetical numbers. Use our free online calculator for a tailored estimate.)
For a clear view of potential monthly repayments:
Taking the leap for a 120k mortgage? Here’s a step-by-step guide:
Typically, lenders offer mortgages around 4-4.5 times your annual income. So, for a £120k mortgage, an annual salary between £26,666 and £30,000 might be sufficient. However, other financial aspects play a role.
Remortgaging is applied when you keep
living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.
Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.
Interest rates can be the make or break factor. A lower rate means you pay less over the mortgage term. For instance, a difference of just 1% on a £120k mortgage can mean thousands saved over the course of the loan.
A shorter term, say over 10 years, means higher monthly payments but less interest paid overall. Conversely, a longer term like over 25 years results in lower monthly payments but more interest over time.
There are various mortgage types:
Each type affects your monthly repayment differently.
With a standard £120000 mortgage, you repay part of the loan amount (capital) plus interest each month. With interest-only, you’re only covering the interest, meaning lower monthly costs but the capital still remains at the end of the term.
Absolutely! Brokers have a wealth of experience and connections to various lenders, potentially fetching you better deals and easing the application process.
Ascot Mortgages is here to assist. Our expert team can guide you through the maze of products and offers, ensuring you secure the best deal possible for your £120k mortgage. Don’t navigate this journey alone; let us be your compass. Reach out today!
The monthly repayment for a £120k mortgage in the UK varies based on the term and the interest rate. As a rough guide, for a £120,000 mortgage at 5% interest over 25 years, you’d be looking at repayments of approximately £701 per month. However, it’s essential to use a mortgage calculator for precise figures and to consult with a broker or lender.
For a £120k mortgage over 15 years, the monthly repayments will be higher than a longer-term mortgage because you’re repaying the capital over a shorter period. At a hypothetical 5% interest rate, your monthly repayments would be about £949. But again, exact amounts depend on your specific interest rate and other terms.
For a £120,000 mortgage over 30 years, your monthly repayments will generally be lower than shorter terms because the repayments are spread over a more extended period. If we consider an interest rate of 5%, you’d be looking at approximate monthly repayments of £644. Still, it’s crucial to get a precise quote tailored to your circumstances.
In the UK, lenders typically offer mortgages that are around 4-4.5 times your annual salary. So if you earn £120,000 a year, you might be eligible for a mortgage between £480,000 and £540,000. However, this does depend on other financial commitments, credit history, and the deposit you have saved.
To purchase a house worth £120,000 in the UK, you typically need a salary that can comfortably cover the mortgage repayments. Lenders often offer around 4-4.5 times your annual income. Therefore, an annual salary of approximately £27,000 to £30,000 might be sufficient to secure a mortgage for a £120,000 property, assuming other financial criteria are met.