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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.
When you’re looking at a mortgage for 170k, there are numerous factors that can influence your monthly repayments:
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:
Based on a mortgage of £300,000 at 75% LTV and 25 years Today’s best buy mortgages
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Securing a mortgage for a 170k mortgage involves:
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.
Interest rates are pivotal. A slight fluctuation can substantially alter your repayments over the years.
Example: For a 170k mortgage:
The term significantly impacts how much you pay:
There are various mortgage types:
Each type affects your monthly repayment differently.
With repayment mortgages, you pay off some of the capital and interest each month. With interest-only, you only pay the interest:
Absolutely! Brokers, like our seasoned professionals at Ascot Mortgages, possess vast market insights and can guide you to optimal deals aligned with your scenario.
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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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.
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.
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.
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 £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 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.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
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