What are the Repayments on a 170k Mortgage?
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We know your journey to securing a mortgage can be filled with numerous questions. With the expertise of Ascot Mortgages by your side, you’re sure to have a smooth experience. Let’s delve deep into understanding the repayments on a £170k mortgage.
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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
16.01.2024
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
16.01.2024
Mortgage repayment on 170k
When you’re looking at a mortgage for 170k, there are numerous factors that can influence your monthly repayments:
- The interest rate
- The term of the loan (e.g., over 10 years, over 15 years, over 20 years, over 25 years)
- Type of mortgage
- Your credit history
- The amount of your deposit
- Any fees attached to the loan
UK Mortgage Calculator 170k
To give you a general idea, here’s a hypothetical representation of monthly repayments:
|
Mortgage Term |
Interest Rate |
Monthly Repayment |
|
Over 10 years |
5% |
£1803 |
|
Over 15 years |
5% |
£1344 |
|
Over 20 years |
5% |
£1121 |
|
Over 25 years |
5% |
£993 |
(Note: These are hypothetical numbers. Use our free online calculator for a tailored estimate.)
To best understand the monthly repayments for a mortgage on £170,000:
- Use our calculator.
- Input the amount you want to borrow – in this case, mortgage on 170k.
- Adjust the term – over 10 years, over 15 years, over 20 years, or over 25 years.
- You will receive an estimated monthly payment amount.
Mortgage Repayment Calculator
How can I get a mortgage for £170k?
Securing a mortgage for a 170k mortgage involves:
- Checking your credit history.
- Approaching an Ascot Mortgages broker.
- Calculating how much you can afford to borrow.
- Shopping around for the best mortgage deal.
- Awaiting approval.
Find out the eligibility requirements and the process of applying for a mortgage loan of 170k
- Income Verification: Ensuring you can manage the 170 000 mortgage repayments.
- Credit Rating: A healthier score can often lead to favourable terms.
- Existing Debts: These influence your borrowing capacity.
- Size of Deposit: Typically, anywhere from 5-20% of the property’s value.
- Employment Status: Stable, long-term roles are generally more attractive to lenders.
How much do I need to earn a year to get a £170,000 mortgage on my own?
Lenders typically extend mortgages up to 4-4.5 times one’s annual income. To qualify for a 170k mortgage, an annual income between £37,777 to £42,500 is generally needed. However, other financial aspects and lender criteria can affect this.
Alison Gibson
Ascot Mortgage Expert
Remortgage
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.
How does interest rate affect repayments on a £170k mortgage?
Interest rates are pivotal. A slight fluctuation can substantially alter your repayments over the years.
Example: For a 170k mortgage:
- At 4.5% over 25 years = £945 per month.
- At 5.5% over 25 years = £1044 per month.
How does the mortgage term affect £170k mortgage repayments?
The term significantly impacts how much you pay:
- Shorter terms (e.g., over 10 years) mean higher monthly repayments but less interest over time.
- Longer terms (e.g., over 25 years) mean lower monthly repayments but more interest over the term.
How does the mortgage type affect £170k mortgage monthly repayments?
There are various mortgage types:
- Fixed-rate: Steady interest rate for a set period.
- Variable-rate: Fluctuating interest rates.
- Tracker: Follows an external rate, like the Bank of England’s base rate.
Each type affects your monthly repayment differently.
£170,000 mortgage repayments vs interest only
With repayment mortgages, you pay off some of the capital and interest each month. With interest-only, you only pay the interest:
- Repayment: Higher monthly costs, but the mortgage balance decreases.
- Interest-only: Lower monthly costs, but the balance remains the same.
Can a broker help me get approved for a £170k mortgage?
Absolutely! Brokers, like our seasoned professionals at Ascot Mortgages, possess vast market insights and can guide you to optimal deals aligned with your scenario.
Contact Ascot Mortgages about a £170k mortgage
Ready to explore your options for a £170,000 mortgage? Contact our experienced mortgage experts at Ascot Mortgages today. We’re here to provide personalised guidance and help you find the best mortgage solution tailored to your needs.
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Get things moving, apply for a remortgage.
Free unbiased mortgage advice is just a phone call away.
FAQ
01/ How much is a 170k mortgage per month in the UK?
The monthly repayment for a £170k mortgage in the UK varies based on the term and the interest rate. As a rough guide, for a £170,000 mortgage at 5% interest over 25 years, you’d be looking at repayments of approximately £994 per month. However, it’s essential to use a mortgage calculator for precise figures and to consult with a broker or lender.
02/ How much is a 170k mortgage payment in 15 years?
For a £170k 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 £1344. But again, exact amounts depend on your specific interest rate and other terms.
03/ How much is a £170k mortgage payment for 30 years?
For a £170,000 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 £912. Still, it’s crucial to get a precise quote tailored to your circumstances.
04/ What salary do you need for a 170k house?
As a general guideline, lenders may offer mortgages up to 4-4.5 times your salary. For a £170,000 house (assuming you have no deposit), you’d need a yearly income of approximately £37,777 to £42,500. However, the actual amount could vary based on your credit score, other financial commitments, and the deposit size you can provide.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £399 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £879 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
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