What are the Repayments on a 320k Mortgage?

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Why Choose Us

0 %
5-star reviews on Google
£ 0
total donated to various charities
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

Navigating the financial landscape of a £320,000 mortgage is essential. Key elements such as the term of the mortgage, interest rates, and your initial deposit play a significant role in determining your monthly repayments.

What Our Clients Say About Us

5.0 Based on 143 reviews from review us onFlora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Debbie P. ★★★★★ Cannot speak highly enough of Ascot Mortgages who have helped me on my journey over the last seven years. They have made the dream property possible twice. Thank you to Alison, Jardelle and all the team. I am very grateful.Areti D. ★★★★★ Absolutely thrilled with the exceptional service provided by Ascot Mortgages Ltd and especially by Natalia Barry! Even though our home purchase hasn't been completed yet, we couldn't wait to share our positive experience. From the moment we reached out, their professionalism and expertise shone through, making the daunting process of securing a mortgage a breeze.Not only did Natalia navigate the intricacies of the mortgage market with finesse, but they went above and beyond by suggesting other high-quality services, including solicitors and insurance providers. This comprehensive approach is making the entire home-buying journey seamless and stress-free.Natalia took the time to understand our unique needs and financial situation, ensuring that the options presented were tailored perfectly.Communication is prompt and clear throughout, leaving us feeling informed and confident at every stage. Natalia had our best interests at heart, going the extra mile to secure a fantastic mortgage deal.We cannot recommend Ascot Mortgages and Natalia highly enough. If you're in need of mortgage assistance, look no further. With their expertise and dedication to client satisfaction, you're in the best hands possible. A huge thank you to Natalia for making our home-buying experience a dream come true!Ashley Cox 1. ★★★★★ Would 100% recommend. Myself and my partner are currently going through the mortgage process as first time buyers. Natalia Barry has dealt with our application from day one. She has always been on hand to help, informative throughout and reliable when we have had questions. She has given us several options and broken them down into simple terms to help us. Natalia has truly been exceptional who deserves every bit of credit. We certainly got lucky having her as our first mortgage consultant.Dominik S. ★★★★★ Alison and the Ascot Team are excellent. I have used them for 5 years now and they deliver the most competitive mortgage deals fast. Just what I need. Thank you!Eric T. ★★★★★ We have dealt with Ascot Mortgages twice. Once for a mortgage about eleven years ago and recently for life insurance.In both cases we were treated with the utmost respect and professionalism.In the case of the life insurance application, we considered ourselves to be problem customers because of our age and numerous health issues.Richard Johnson, who managed this application couldn't have been more helpful.He worked in our best interest and was dedicated to providing an excellent service.We were kept up to date through all of the stages of the application and when our doctors were very slow in producing medical reports for the insurance company he persisted where others might have given up.The service we had from Richard was pleasant and professional throughout some difficult stages.My wife and I have no hesitation in recommending Ascot Mortgages.Zack R. ★★★★★ Having dealt with Ascot Mortgages and Alison for many years now I can say that you wont find a more professional, knowledgeable and efficient company to help with your mortgage. Alison is patient and makes the whole process seem easy. She has the answer to any question you have and seems to genuinely care. I can not recommend enough. I am sure I will be using Ascot Mortgages for years to come.Umair Z. ★★★★★ It has been a fantastic experience to work with both Phil and Jardelle at Ascot Mortgages to secure a mortgage product for my first home. Phil made the mortgage process smooth and easy. They are professionals and know what they are doing. Very pleased with the service and communication. would highly recommend them.Hello at NLP West M. ★★★★★ I needed a buy to let re-mortgage. Ascot were efficient from start to finish. I can recommend them completely especially because they can search the whole spectrum of mortgage lenders and meet the clients needs. never waiting for staff to get back and always kept me in the loop.Onohomen O. ★★★★★ ZHOU J. ★★★★★ It has been a brilliant experience to work with both Phil and Jardelle at Ascot Mortgages to secure a great mortgage product for our next home. Given how challenging the current market is, they have done a fantastic job to meet our needs with their expertise, professionalism and effectiveness. We would highly recommend their services to whom seeks help with their property purchase.Nicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!js_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

21.05.2024

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

21.05.2024

Securing a £320k Mortgage

To obtain a mortgage of £320k, it’s imperative to first evaluate your financial status. This includes an assessment of your borrowing capacity and your ability to manage monthly repayments. Factors like income, credit history, and current debts are crucial for lenders in this process.

Calculating Repayments on a 320k Mortgage

To comprehend the repayment structure for a 320000 mortgage, using a mortgage calculator is an efficient means. This tool allows you to input various factors like interest rate, term, and loan amount (such as 320 000 mortgage) to see what you’d pay per month.

Case Example: 

  • Mortgage Rate: 4.32%
  • Loan-to-Value (LTV): 75%
  • Fixed Rate Term: 5 years

Mortgage Term

Interest Rate

Monthly Repayment

Over 10 years

4,32%

£3289

Over 15 years

4,32%

£2418

Over 20 years

4,32%

£1994

Over 25 years

4,32%

£1746

Please note, these figures are indicative and may vary according to the prevailing rates and personal circumstances. Utilise our online calculator for a bespoke estimate.

Mortgage Repayment Calculator

Income Requirements for a £320,000 Mortgage

To acquire a £320,000 mortgage individually, a substantial income is necessary. Lenders generally provide mortgages up to 4 to 4.5 times the annual income, which translates to approximately £71,000 to £80,000. This criterion varies across lenders and is influenced by various factors. A consultation with a mortgage broker is recommended for precise eligibility assessment.

Impact of Loan Term on Repayments

For a £320,000 mortgage, the choice of term significantly affects the repayments:

  • 10 years: Higher monthly payments, lower total interest.
  • 15 years: Balanced monthly affordability and total interest.
  • 20 years: Lower monthly payments, higher total interest.
  • 25 years: Lowest monthly payments, highest total interest.

Influence of Interest Rate Changes

Minor shifts in interest rates can significantly affect your long-term repayments.

For a 320k mortgage:

  • At 4.32% over 25 years = £1746 per month.
  • At 5.32% over 25 years = £1931 per month.

Opting for longer terms, such as 25 or 30 years, reduces monthly payments but increases total interest. Conversely, shorter terms like 10 or 15 years result in higher monthly payments but lower overall interest.

For a 320k mortgage:

  • At 4.32% over 10 years = £3289 per month.
  • At 4.32% over 15 years = £2418 per month.
  • At 4.32% over 25 years = £1746 per month.

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.

Comparing Repayment and Interest-Only Mortgages

It’s essential to understand the difference between making repayments on a £320,000 mortgage and opting for an interest-only mortgage. With repayments, you’re gradually paying off both the principal and interest, whereas with an interest-only mortgage, you’re only covering the interest costs initially. This means lower monthly payments but a larger final repayment.

How does the mortgage deposit affect £320k mortgage repayments?

The deposit size has a profound impact on your monthly mortgage repayments. A larger deposit decreases the loan amount, hence lowering monthly expenses. Lenders usually require a deposit ranging from 5-20% of the property value. The higher your deposit, the more favourable your monthly repayment terms will be.

Can a broker help me get approved for a £320k mortgage?

Working with a mortgage broker can be highly beneficial when seeking approval for a £320,000 mortgage. Brokers have access to a wide range of lenders and can help you find the best deal based on your financial situation. They can also guide you through the application process, increasing your chances of approval.

Contact Ascot Mortgages about a £320k mortgage

If you’re considering a £320,000 mortgage, consulting with Ascot Mortgages can provide valuable insights. Our team of experts offers personalised advice, assisting you in finding the most appropriate mortgage solution.

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FAQ

The monthly repayment for a £320k mortgage in the UK varies based on the term and interest rate. For example, at a 4.32% interest rate over 25 years, the monthly payment is approximately £1746. However, for precise figures, it’s advisable to use a mortgage calculator and consult a mortgage broker or lender.

For a £320k mortgage over 15 years, the monthly payments are generally higher due to the quicker principal repayment. With a 4.32% interest rate, the payments are around £2418 monthly, though this can vary based on specific rates and terms.

Enhancing your credit score involves paying bills on time, reducing overall debt, and avoiding new credit applications. These practices can gradually uplift your credit rating, improving your prospects for a favourable mortgage.

Lenders typically offer mortgages between 4 to 4.5 times your yearly income. For a £320,000 property, without considering a down payment, you should ideally earn between £71,000 and £80,000 annually. However, this requirement can vary depending on factors like your credit score, existing financial commitments, and the size of the deposit you’re able to provide.

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