You’ll also have the option to choose between a fixed rate vs a tracker mortgage. Usually, a fixed rate will be higher, increasing your monthly repayment. But, locking in a rate can allow you to plan your finances ahead of time. A tracker mortgage will match current interest rates, which could result in higher repayments if the rate is raised.

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In this article, we’ll look at the monthly repayments you can expect for a £60,000 mortgage, annual income, and the deposit amount you’ll need to apply for this mortgage. As well as how using a mortgage broker can help you obtain the lending you need at the most competitive interest rates.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

An experienced broker can offer concrete calculations alongside guidance on what mortgage rates and terms are best for your circumstances.

This product requires a £0.00 refundable deposit. This deposit is used to cover any excess that you might need to pay if the equipment is damaged during the hire period.If a charge for fuel is not included. We supply the machine with a full tank, and we will charge you for the amount you have used at the end of the hire, which will be deducted from your deposit. If you refuel the tank, there will be no additional costs.Deposits are refundable once the product is returned and checked by our partner. Any damages or cleaning charges will be deducted from the deposit.

This calculator will tell you what your loan-to-value (LTV) ratio is, based on the property's value, your deposit/equity and the amount you're borrowing.

However, the longer terms also mean you’ll pay more interest overall. The best way to approach this is to work out how much you can comfortably pay each month and fit the term to suit your budget.

We may receive a commission or fee from any third party partner firm we introduce you to. We may also receive commission that will vary depending on the lender, product or permissible factors if we provide the advice ourselves. The nature of any commission model will be confirmed with you before you proceed with a mortgage.

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All of our content is written or verified by qualified advisors from the front line. Our guiding purpose is to ensure borrowers can make the best possible decisions by offering helpful and objective information and guidance on all things mortgages. Please send us a quick email at hello@onlinemortgageadvisor.co.uk if you spot anything you think needs checking or could be better.

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At the time of writing (October 2024), the average monthly repayments on a £60,000 mortgage are £351. 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 £105,226 by the end of your mortgage term.

From 1st April 2022, our suppliers will only fuel machines with white diesel. This is due to new government guidelines. If you, as the hirer, refuel any equipment while it is in your possession, it must be with WHITE DIESEL. YOU MUST NOT USE RED DIESEL IN HIRED MACHINES OR EQUIPMENT. If you return a machine refuelled with rebated diesel, suppliers will have to remove and dispose of the fuel. They must also flush the tank and supply lines before they can refuel them. The process is chargeable, with no exceptions.

For the purpose of this table, we assume the interest rate stays the same for the full length of the mortgage. Interest rates can change if you decide to remortgage on to a different rate or move from a fixed or discounted deal on to the lender’s standard variable rate (SVR).

For buy-to-let mortgages, most lenders typically require a minimum deposit of 20%. However, an experienced mortgage broker in this field may be able to identify lenders who ask for less.

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Please note: This product description and specification is based on the model most widely stocked across our network of partner stores. Alternative brands of equivalent specification may be supplied based on location and availability.

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us as well as any of our own are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The overall cost for comparison is 4.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

Getting in touch via our online form or by calling 0808 189 2301 will see you swiftly matched to the right broker for your needs.

Once you’ve found a property and made some calculations, the next step in your mortgage application should be to find an experienced mortgage broker. This will boost your chances of getting approved at the best terms available.

While concentrating on securing the mortgage itself, it’s easy to forget that monthly repayments are among the multiple costs involved in a mortgage application process. You’ll need to put aside money for the fees outlined below too.

We can help! We know everyone's circumstances are different, that's why we work with expert brokers who specialise in finding the best deals. Ask us a question and we'll get the best expert to help.

Steve, the financial advisor, contacted me within the hour and was very friendly, knowledgeable and professional. He seemed to relish my non standard requirement, diligently kept me updated during the day and we struck up a great relationship. Very impressed.

As most house prices are above £100,000 in the UK, you’ll likely have a large deposit of 25% or above if you have a £60,000 mortgage on a property. A higher deposit allows you to qualify for more competitive interest rates, as lenders often reserve their best rates for mortgages with the lowest loan-to-value ratio. This will result in smaller monthly repayments compared to a low deposit.

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Pete, a CeMAP-qualified mortgage advisor and an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete successfully went the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained and his love of helping people reach their goals led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Repayments on a £60,000 mortgage vary depending on your mortgage type and personal circumstances. Your mortgage repayments will be determined by the length of your term, interest rate, and the type of mortgage you get.

With the Bank of England base rate currently at 5% (October 2024) and the average mortgage rate between 5% and 6%, the repayment figures for these columns in the table would be the most realistic at present. However, this can change once the base rate reduces in the future and mortgage lenders follow suit.

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Sidenote: Some lenders will cover some fees on your behalf. A broker can advise on what circumstances would allow for the waiving of the fees and which lenders do so.

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Online Mortgage Advisor and OMA are trading names of Find A Mortgage Online Ltd  who is Appointed Representative of TMG Direct Limited, which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 786245. Find A Mortgage Online Ltd  is registered in England under number 08662127. OMA is a registered trade mark of Find A Mortgage Online Ltd (08662127) (TM Reg No UK00003421542).

This calculator can tell you the monthly and overall cost of your mortgage, based on the loan amount, interest rate, and term length.

This means that most mortgage providers will consider your deposit amount to be more than satisfactory, but speaking to a broker is still recommended to ensure you get the best deal.

Reviewer: Jon Nixon

However, if you secure a mortgage with a longer term, 30 years, for example, the total amount you pay back will be higher but your monthly repayments will be smaller.

The longer the term, the lower your monthly repayments will be. Traditionally, mortgage terms are taken over 25 years but nowadays (depending on the applicant’s age and the strength of their application) loan terms can stretch as far as 40 years.

In these circumstances, it’s best to consult with a broker who can indicate which lenders can offer this and whether you’d meet the lender’s affordability criteria.

Speak to one of the advisors we work with to get a rough idea of what you might repay. They can help you secure favourable terms and lower repayments than if you try to secure a mortgage yourself.

If you have blots on your credit history, this might result in your lender charging you a higher interest rate to mitigate the risk of lending to you. A broker specialising in mortgages with bad credit can help you find the best rates given your circumstances.

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Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

LTVs have a direct impact on the rates available to you - speak to a mortgage broker and find out how to get the best deal based on your ratio.

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As well as those mentioned above – interest rate, loan term, deposit, mortgage type and repayment method – your repayments can also be affected by several other factors, such as your age and credit history. These could limit the number of lenders willing to consider your application.

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

This table outlines various monthly payments for a £60,000 mortgage based on interest rates between 3% and 6% over term lengths of 10 to 30 years.

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For example, you might want to consider getting a joint mortgage with a partner if you’re unsure whether you’ll meet the lender’s eligibility criteria. This will allow you to use your combined earnings to reach the minimum income requirements set by lenders.

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

The ones we work with have specific knowledge of mortgages of all sizes. They’ll be able to ascertain whether £60,000 is the mortgage size you need, advise on the ideal repayment amount and then share which lender is likely to offer a loan that matches that figure.

For interest-only mortgages, the repayment remains as is regardless of the term. So, for example, the repayment shown for 6% – £300 per month – would be the same if you opted for a 15-year- or 30-year term as the capital owed doesn’t reduce and is paid off in full at the end using a separate repayment vehicle.

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Getting the most competitive interest rates will rely on a lender seeing you as a trustworthy borrower. A broker would be able to advise on how to put forward a strong mortgage application whilst sharing which mortgage providers are currently offering the best rates.

In general, the amount you can borrow is based on your salary. Most lenders will loan around 4 or 4.5 times your annual income. Based on these figures, you’d need an annual income of at least £15,000 to be approved for a £60,000 mortgage. This is below the average UK annual salary, currently £34,900 (October 2024).

Many mainstream mortgage providers would consider this high and be reluctant to lend. Applying through a mortgage broker may be necessary to find a specialist low deposit mortgage lender.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Some lenders may also be willing to offer 5 times or possibly even 6 times your annual salary. However, the circumstances in which this would be likely are if you already have a large deposit and/or the house you’re looking to purchase is valued at £100,000 or less.

Although it’s possible to get a mortgage at almost any age, time on your side can lead to better deals from lenders. This could mean lower rates and monthly repayments for your £60,000 mortgage.

Use our one-of-a-kind mortgage comparison tool to compare live rates from 90+ lenders and find out the cheapest monthly repayments available to you.

Use our one-of-a-kind mortgage comparison tool to compare live rates from 90+ lenders and find out the cheapest monthly repayments available to you.

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Author: Pete Mugleston

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If you’d like to see how this works out for yourself based on your annual income, take a look at our mortgage affordability calculator below:

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Most residential mortgage lenders require a minimum deposit of around 5% to 10%. This percentage is based on the property value, not the mortgage amount.

You’ll also need a higher deposit of around 25% if you have issues with bad credit or you’re looking to get a mortgage for a non-standard construction property. Bear in mind, this will limit the choice of lenders available to you.

A broker will consider these and match you with the right lender. They also get access to exclusive deals and can negotiate with lenders on your behalf, saving you both time and money.

A longer term results in smaller monthly repayments but you’ll pay more overall. The higher the interest rate, the more you’ll pay and if you get an interest-only mortgage, for example, you’ll only cover the interest charges, not the principal amount borrowed.

As £60,000 is a relatively small sum for a mortgage, you’ll likely need a large deposit to be approved or have specific circumstances, such as being a retiree looking to downsize to a smaller property.

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

This means you’re likely to meet the deposit requirements at most lenders, but since many reserve their best rates for those with higher deposits, speaking to a broker is recommended.