500000 Mortgage

The Definitive guide to getting a £500000 Mortgage.

How Much Are £ 500000 Mortgage Repayments

£ 500000 mortgage repayments will vary depending on a few factors. If you have a larger deposit you will likely get a better rate of interest. £ 500000 mortgage repayments can also be affected by your credit history. If you have had bad credit in the past you may therefore need a lender that is okay with that. It’s impossible to say what the rates will be without more information. However we would be able to tell you if you can spare 15 minutes of your time over the phone.

What Are £ 500000 Mortgage Costs

There are various costs you need to take into account when getting a mortgage. £ 500000 mortgage costs will vary depending on a lot of factors. However you should account for solicitors fees, any stamp duty liabilities, potential mortgage broker fees, Lender fees, and moving costs. These will vary depending on the providers used, we can usually help with quotes for some if not all of these if you need an idea of costs.

£ 500000 Mortgage Calculator

Unfortunately a £ 500000 mortgage calculator would require too much information to have a simple one for you to fill in. So much goes in to working out how much you can afford to borrow that a mortgage calculator would need so much information in order to assess you. However, give us a call and we’ll be able to tell you usually in under 15 minutes. 

Can I Get A Mortgage On A £ 500000 House

Short answer is yes. If you have enough income and deposit you will be able to get a mortgage on a £ 500000 house. Usually you can borrow around four and a half times your household income. This may vary slightly depending on your outgoings and dependants. The best way to find out is to pick up the phone, we can usually tell you within 15 minutes how much you can borrow.

Price For A £ 500000 Mortgage For 30 Years

So many factors come in to finding out the price for a £ 500000 mortgage for 30 years that we can’t just tell you a price. It would largely depend on your credit history and how much deposit you have. If you’re considering a £ 500000 mortgage you should speak to your bank or a mortgage advisor to see what your options are and how much it will cost.

Mortgages Over £ 500000

When you get to needing a mortgage over £ 500000 your options become slightly more limited. Some lenders won’t lend at high values, and some may have different products for this level of mortgage.

£ 500000 Mortgage With Bad Credit

Bad credit can often affect your mortgage. If you have a default, CCJ or IVA you may struggle to get a mortgage. However there are always options available to you. When you have bad credit the main thing will be your deposit. The more deposit you have, the better. Having a larger deposit not only means that you usually will have a better interest rate. When you have bad credit you will more likely be accepted if you have a bigger deposit.

If you have bad credit our first recommendation would be to check your credit history. For this we recommend checkmyfile. They give you the information held by the three major credit referencing agencies.

Types Of £ 500000 Mortgage

If you are looking for a £ 500000 Mortgage you will generally have a few options available to you. We’ve detailed some of these below.

Fixed Rate Mortgages

A fixed rate mortgage on a £ 500000 mortgage is the most common answer to your problem. A fixed rate mortgage will be a set rate, and therefore a set monthly payment for a set amount of time. This is usually beneficial as you know your monthly outgoings. This type of mortgage usually has a fee for leaving it during the initial period called an early repayment charge.

Discount Rate Mortgages

A discount rate mortgage is usually a discount on the lenders variable rate. This therefore means that your monthly payments can go up or down depending on the lenders variable rate. The main advantage of this type of mortgage is that they often do not have an early redemption charge. This means they can be quite flexible. 

Tracker Rate Mortgages

Similar to discount rate mortgages, tracker rate mortgages are variable. They tend to track the Bank Of England base rate. This means that sa the Bank Of England base rate goes up or down, so will your monthly payments. Like discount mortgages they often do not have early repayment charges which makes them more flexible.

£ 500000 Mortgage Deposits

How much deposit will you need? Pre Coronavirus you would need at least a 5% deposit. Currently during the pandemic you would need a 10% deposit. If you’re considering a £ 500000 mortgage you should speak to a specialist mortgage advisor in this area that would be able to advise on your options.


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