If you want to borrow £30,000 but you’re not sure how much it will cost you overall, then the mortgage repayment tables below should help answer your questions.
Jump over to our calculators to get accurate figures tailored to you.
We have devised these so that the monthly costs for different rates and terms on a £30,000 mortgage loan are displayed, with £1000 increments (for example if you wanted to look at 25k mortgages). The rates range from 1% to 5% and the terms range from 15 to 30 years to help you compare £30000 mortgage repayments.
Our tables are simply examples and not definite figures, therefore you may be able to find a more convenient rate or term on a mortgage for £30,000 to suit your needs.
Could I borrow £30k on a personal loan?
If you are looking to borrow £30,000 or an amount similar in the lower range of the 30’s, then a personal loan may be a better option.
A 10k loan could help if you can’t quite secure £30,000 mortgage payments through a bank for example. This would lower the amount you need to borrow from a lender, in this case a 10k personal loan would reduce the required mortgage amount to £20,000. The lender would see there to be less risk involved in providing a mortgage at a lower amount, therefore increasing your chances of getting a mortgage.
We do have some customers look on this page with the enquiry – ‘if I earn £30,000, what mortgage would I be able to afford’ – and if this is the case for you then please follow this link to our mortgage calculator.
How many times my salary can I borrow?
Depending on your circumstances, you could borrow between 4-4.5 times your salary or even higher, though this varies from lender-to-lender. While some mortgage lenders use income multiples to work out how much they could lend you, others prefer to make an assessment based on your application.
Your overall affordability could be affected by other factors, including the amount of deposit you have, your credit rating, your outgoings, age and employment type.
If you’re only after a smaller mortgage or loan, however, income multiples may not be a factor. Make an enquiry to speak with an expert advisor.
What’s the minimum loan amount I can borrow for a mortgage?
Many lenders set the bar at £25,000, though there are others who will lend smaller amounts. If you’re looking to raise funds for a renovation, purchase a house at auction or if you wish to move into a more expensive property and need a small mortgage to bridge the gap, there may be other lending options available for you. Speak with an advisor for more information.
Speak with an expert
If you’re ready to make an application or if you just have an enquiry, please fill out our quick form and an expert will be in touch ASAP. If you require help immediate assistance please call 0808 189 2301.
Updated: 9th September 2020
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