£170,000 Mortgages and what are the monthly payments? (2024)

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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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Wow what a great company and peopledidn’t expect getting a mortgage and buying a house would be so easy, Tracey and Richard are extremely professionalmade the entire process so easyDeserve more than 5 stars !!!!!!! Alison should be proud 🙏🏼

Can't thank Phil Greenwood and the Ascot Mortgage team enough. Im a returning customer who has used them for many commercial mortgages and ive also worked with Phil on both commercial and personal Bridging Finance. Everything is explained and if we hit a hurdle Ascot are looking for other options or alternatives. 5 star service in every manner. Fee's are discussed and always competitive so Ive never had to look elsewhere. Will continue to used Ascot for every aspect of lending I need.

Alison has been looking after my mortgage requirements over many years and is approachable knowlegable and professional. She has found me the right mortgage every time and I have recommended her to my friends and they too have only good things to say about their experience of what can be a very stressful time.If you want a clear, down to earth and friendly service, you should give Alison and her team the chance to help you. You won't be dissapointed.

Natalia and Matt at Ascot Mortgages are fantastic. 10/10 customer service. Natalia couldn’t do more to help us and Matt was fantastic at making sure the process was running smoothly. I will definitely be using them again.

Did a remortgage application with Phil and Matthew, got the best service, very friendly and efficient, very supportive and kept myself update with progress with the application. Highly recommend

Ascots mortgages really helped with my first house purchase and getting on the ladder. I had a complicated case but my case manager Phil greenwood handled it really well, answering all my questions and there were many. 100% I would recommend

Another great mortgage sourced for me by Ascot Mortgages. Definitely my "go to" mortgage broker. Phil Greenwood is knowledgeable, positive, friendly and efficient.

We received a first class service from Ascot. Phil Greenwood assisted us with a commercial mortgage. It is rare to find anyone as efficient and communicative, especially during a stressful transaction. We would highly recommend.

I recently had to renew my mortgage. I contacted Phil Greenwood who I had used last time as he was really good in the past. He was brilliant again and I can't thank him enough. He was great at explaining everything to me so I understood what was going on at every step and also kept me informed and upto date. If you're looking for someone to help with your remortgage or a new mortgage who knows his stuff and can get you the best deal for you then I can highly recommend Phil Greenwood at Ascot Mortgages, he's brilliant at what he does and I will 100% be using him when my renewal is due.

Many thanks to Ascot Mortgages for arranging the best deal for the remortgage on our flat. They kept us updated and Alison and the team, as always came through with our deal to help us avoid paying extortionate costs on what would have been our new standard variable rate deal going forward.Highly recommended!!

Phil Greenwood was fantastic in assisting us in getting our BTL mortgage when several other mortgage brokers were not able to, given our particular circ*mstances and self employed status. From starting with an initial call right through to the finish, communication was excellent and we're absolutely thrilled. Thank you, Ascot Mortgages for such a professional service.

We had great experience with Natalia. She provided prompt and excellent service throughout our house purchase process.We highly recommend Natalia for mortgage advise

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.

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.

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!

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.

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!

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.

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.

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.

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.

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.

Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!

Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍

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.

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.

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!

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.

Natalia made life very easy for us when remortgaging. Third time using ascot always a breeze

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.

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.

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!)

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 🙂

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.

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!

I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!

I would thoroughly recommend Phil Greenwood at Ascot Mortgages ltd to anyone looking to seek advice on purchasing a home.Phil was absolutely fantastic. He made the process very smooth and easy and was always there to answer any questions I had.

This company has been truly amazing in constantly giving me the support and help i need for my mortgage and for their continuous work ethic guiding customers like myself and educating them into making the best possible decisions. My special mention goes to Phil Greenwood who deserves every single credit for his brilliant work and communication skills. The more I got to work with Phil, the more he gained my respect as he is a hugely likeable man and possibly the best mortgage advisor yet. Even after I finished my time with Ascot Mortgages, I will never lose my trust in the company and I hope they exceed their business and gain even more success and popularity.Best wishes,Shahid Latif and family

Phil helped me renew my mortgage. He was great at keeping me updated with any rate changes and secured a lower rate than at the time my mortgage went through. Thank you Ascot for your support

Huge thanks to Richard Johnson for sorting out all of my insurance policies! I had accumulated a variety of life cover and various other policies over the years that all needed a good review and refresh. Richard was extremely patient and helped me to remove the duplication and choose the best cover to suit our current needs. I have used Ascot Mortgages for over 12 years and have met several members of the team, always finding the right help and support to work through what can be a complicated and stressful time. Thanks again, Richard!

Working with Richard at Ascot has been a great experience. He listened to us and was very professional throughout. This was our first experience with Richard but we've been using Ascot now for 6-7 years. Thank you all at Ascot

Always give a great service and find you a mortgage in a timely fashion.Alison is awesome

We have used Ascot Mortgages for over 5 years now and have had excellent service throughout, primarily with Alison and Kevin. Our latest dealings have been with Richard Johnson who although new to us (and to Ascot I believe) has once again provided the 5 star level of service we have come to expect. His product knowledge is excellent offering a range of options supported with consistent communication and updates, always available on the phone or on email every step of the way.

Excellent service, a big thanks to Natalia Barry for her excellent support with my buy to let mortgage application, Natalia was professional, transparent, and kept me informed during all the process, and thanks to Jason jones for his assistance and support.

I have dealt with Ascot for many years now and will always go back, recently had all my insurances re done by Richard Johnston at the firm, excellent service, communication and swift actions by Richard. Great deals on all three insurances and would recommend anybody to go to Richard for help. Thanks Richard 👍

We used Ascot Mortgages to purchase a home as first time buyers, Ellie assisted us with this and went above and beyond to ensure everything went smoothly, all questions were answered, and any queries were solved.As first time buyers, myself and my partner were quite nervous and clueless as to what to expect when getting a mortgage and what not, and Ellie made this so simple and explained everything in a way that we thoroughly understood what was happening with our house buying journey, without it being pure jargon.I can't thank Ellie enough, she truly has been a star during the whole experience and is an asset to Ascot Mortgages.She is someone who I would definitely recommend to friends and family if the opportunity arises, and has made this whole experience a very stress free and exciting one!Thank you for everything Ellie!

Alison helped me to get the right mortgage for my current situation and was very supportive

Phil Greenwood dealt with my recent remortgage, he made sure I had the best product to fit our HMO criteria. Then chased solicitors for me and made sure I completed around the date I wanted to avoid my ridiculous rate I was about to be switched to. Thanks Phil, great job! Ready for my next mortgage now so I will be coming back 🙂

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

22.08.2024

Written by:Alison GibsonAscot Mortgage ExpertLast Updated:22.08.2024

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.

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£170,000 Mortgages and what are the monthly payments? (3)3.99%Fixed£1,192£1,29575%
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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.

Apply for a Mortgage

Get things moving, apply for a remortgage.

Call Now - 01925 711 558

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FAQ

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 circ*mstances.

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.

Meet Our Team

£170,000 Mortgages and what are the monthly payments? (8)

Alison GibsonPrincipal Director

£170,000 Mortgages and what are the monthly payments? (9)

Kevin GibsonDirector

£170,000 Mortgages and what are the monthly payments? (10)

Simon GlassSenior Mortgage Manager

£170,000 Mortgages and what are the monthly payments? (11)

Phil GreenwoodMortgage and Protection Advisor

£170,000 Mortgages and what are the monthly payments? (12)

Natalia BarryMortgage and Protection Advisor

£170,000 Mortgages and what are the monthly payments? (13)

Richard JohnsonProtection Advisor

£170,000 Mortgages and what are the monthly payments? (14)

Tracey Bass Mortgage Paraplanner

£170,000 Mortgages and what are the monthly payments? (15)

Jardelle Moran BakesMortgage and Protection Advisor

£170,000 Mortgages and what are the monthly payments? (16)

Matthew BradburnMortgage Paraplanner

£170,000 Mortgages and what are the monthly payments? (17)

Ella LazarDigital Marketeer

£170,000 Mortgages and what are the monthly payments? (18)

Jenny GloverOffice Manager

£170,000 Mortgages and what are the monthly payments? (19)

Caron EmeryAdministration Operative

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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 circ*mstances 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.

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£170,000 Mortgages and what are the monthly payments? (2024)

FAQs

What are the monthly repayments on a 170k mortgage? ›

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.

What mortgage can I afford on 170k? ›

Following the calculations above, your monthly housing costs should stay below $3,966. So, assuming a 30-year loan at 7.3 percent interest, with a traditional 20 percent down payment, that means you can likely afford a home of about $600,000.

How much is the monthly payment on a 150k mortgage? ›

A $150,000 30-year mortgage with a 6% interest rate comes with about an $899 monthly payment. The exact costs will depend on your loan's term and other details.

How much are repayments on a 160k mortgage? ›

How Much Will I Pay Per Month On A £160k Mortgage?
Interest RateMonthly Repayments
5%£936
5.5%£982
6%£1,030
6.5%£1,080
1 more row

What is the payment on a $200000 mortgage at 7%? ›

For example, if you take out a $200,000 30-year mortgage with a 7% fixed interest rate, your monthly mortgage payment toward principal and interest would be around $1,331. But, if you shorten your loan term to 15 years, your monthly costs would jump to $1,798.

How much mortgage can I afford with 175000 income? ›

A $175,000 salary is equal to $14,583 per month in gross income; 28 percent of that comes to $4,083. So, according to the 28/36 rule, the maximum amount you should spend on housing is $4,083 per month.

What is the minimum income for a 150k mortgage? ›

If you earn around $50,000 to $60,000 a year or more, you may be in a good position to afford a $150,000 mortgage. But the exact amount you'll be able to borrow — even if you are in that salary range — will likely depend on several other variables as well, including how much debt you have and your credit score.

Why does it take 30 years to pay off $150,000 loan even though you pay $1000 a month? ›

The interest rate on a loan directly affects the duration of a loan. Note: The interest rate is calculated using the hit and trial method. Therefore, it takes 30 years to complete the loan of $150,000 with $1,000 per monthly installment at a 0.585% monthly interest rate.

How long does it take to pay off a $150,000 mortgage? ›

A 30-year, $150,000 mortgage at a 7% fixed interest rate will be about $998 per month (not including property taxes or mortgage interest), while a 15-year mortgage at the same rate would cost about $1,348 monthly.

How much can I spend on a house if I make 160k? ›

Some homebuyers may prefer the flexibility of the 35/45 rule, which would recommend a maximum of $4,667 towards housing costs and $6,000 to pay for all monthly debt. If a lender is flexible as well, the home budget on a $160,000 salary in this scenario (assuming debt and down payment remain constant) would be $589,000.

How much would a $70,000 mortgage cost per month? ›

At the time of writing (September 2024), the average monthly repayments on a £70,000 mortgage are £409. This is based on current interest rates being around 5%, a typical mortgage term of 25 years, and opting for a capital repayment mortgage. Based on this, you would repay £122,764 by the end of your mortgage term.

What is mortgage repayment on 150000? ›

How to calculate the monthly payment on a £150,000 mortgage
Term2.5% rate4.5% rate
10 years£1,414£1,555
15 years£1,000£1,147
20 years£795£949
25 years£673£834
2 more rows
6 days ago

How much is the monthly payment on a 170k student loan? ›

Example Monthly Payments on a $170,000 Student Loan
Payoff periodAPRMonthly payment
1 year6%$14,631
3 years6%$5,172
5 years6%$3,287
7 years6%$2,483
2 more rows
Sep 24, 2021

How much is a 200K mortgage per month? ›

For a $200,000, 30-year mortgage with a 6% interest rate, you'd pay around $1,199 per month. But the exact cost of your mortgage will depend on its length and the rate you get.

How much mortgage for $4000 per month? ›

With 20% down, homes valued from $685,314 to $1,027,969.00 fall into this loan category. The final sales price of a home would need to be no greater than $905,750.00 to achieve that $4,000 a month mortgage.

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