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How much does a mortgage cost?
Monthly mortgage payment guides for adverse credit mortgage loans with
£160,000 | £170,000 | £180,000 | £190,000 | £200,000
10, 15, 20 and 25 years
Interest rates of 7%, 8% and 9% capital repayment.
We often get enquiries asking how much a mortgage would cost if the borrower new how much they wanted. In order to give some idea of what the monthly payments may be and to aid potential clients we thought it would be a good idea to put up a payment matrix based on a few interest rates available within the adverse credit mortgage market.
Our mortgage payment matrix includes details for mortgage borrowings of £160,000, £170,000, £180,000, £190,000 and £200,000 with terms from 10 to 25 years ranging from 7% to 9% interest rates (capital repayment) - Interest only mortgages would obviously be less per month.
The monthly mortgage payment matrix below will give you a guide as to what could be available for borrowers with poor credit. We steered away from mortgage calculators as the
y assume you know what interest rate is available to you, the matrix below gives exact monthly payments (fixed) based on the interest rate, mortgage amount and mortgage term shown. Obviously we can not cover every scenario but we will be adding more payment matrix soon. There are factors including how much people can borrow and what they can afford, two of the main factors affecting applications are mortgage loan to value and income and affordability.
Monthly mortgage payment matrix at 7%
| £160,000 | £170,000 | £180,000 | £190,000 | £200,000 | |
|---|---|---|---|---|---|
| 10 years | £1,898.37 | £2,017.01 | £2,135.66 | £2,254.31 | £2,372.96 |
| 15 years | £1,463.93 | £1,555.42 | £1,646.92 | £1,738.41 | £1,829.91 |
| 20 years | £1,258.57 | £1,337.23 | £1,415.89 | £1,494.55 | £1,573.22 |
| 25 years | £1,144.14 | £1,215.65 | £1,287.16 | £1,358.67 | £1,430.18 |
Monthly mortgage payment matrix at 8%
| £160,000 | £170,000 | £180,000 | £190,000 | £200,000 | |
|---|---|---|---|---|---|
| 10 years | £1,987.06 | £2,111.25 | £2,235.44 | £2,359.63 | £2,483.82 |
| 15 years | £1,557.73 | £1,655.09 | £1,752.44 | £1,849.80 | £1,947.16 |
| 20 years | £1,358.03 | £1,442.91 | £1,527.78 | £1,612.66 | £1,697.54 |
| 25 years | £1,249.05 | £1,327.12 | £1,405.18 | £1,483.25 | £1,561.31 |
Monthly mortgage payment matrix at 9%
| £160,000 | £170,000 | £180,000 | £190,000 | £200,000 | |
|---|---|---|---|---|---|
| 10 years | £2,077.60 | £2,207.45 | £2,337.30 | £2,467.15 | £2,597.00 |
| 15 years | £1,654.12 | £1,757.50 | £1,860.88 | £1,964.27 | £2,067.65 |
| 20 years | £1,460.62 | £1,551.91 | £1,643.20 | £1,734.49 | £1,825.77 |
| 25 years | £1,357.42 | £1,442.26 | £1,527.09 | £1,611.93 | £1,696.77 |
Mortgage products vary constantly and the interest rates available at the time you apply may be higher or lower than those listed above. We would strongly recommend speaking to a mortgage broker who specialises in bad credit mortgage applications in order to obtain a personalised mortgage illustration - contact us today.
