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Mortgage on 500k

We’re often asked about mortgage costs and what the full cost of a mortgage would be, especially for higher loan amounts.

If you’re looking to get a mortgage on 500k then there are a few things that you’ll need to think about first. Our experts regularly deal with high value loans and we can access specific lenders or deals for this type of borrowing.

Here we look at the facts about applying for a mortgage on 500k and how you can potentially save time and money.

Facts about £500,000 mortgages

You might want to borrow £500,000 to buy a property or you may be looking for a remortgage on your property for this amount.

There are many reasons why you might need a mortgage on £500,000 and we’re here to help you get it sorted. One of the main things to consider here is that with bigger loans the interest rate can have a significant impact on the monthly repayments.

Our team can advise you on the best lenders for your deal as well as ways in which you can increase chances of getting your application approved e.g. improving your credit score or saving a larger deposit.

How much is a mortgage payment on 500k?

If you’re looking to borrow a 500k mortgage and want to know how much your mortgage payment will be, there are a few things to think about first.

Your mortgage payments on 500k will be based on several factors, including:

  • Loan-to-Value (LTV)
  • Credit history
  • Income type (e.g. employed or self-employed)
  • Property type
  • Type of mortgage

Here are some examples of how much your mortgage payments on 500k might be based on some standard interest rates and mortgage terms.

 10 years15 years20 years25 years30 years

Note: examples shown above are based on a £500,000 repayment mortgage from 3.0% to 6.0% and between 10 to 30 years term.

If unsure how much you will pay for your mortgage repayments speak to our team for expert advice or you can find mortgage calculators online that are easy and simple to use.

What is the interest on 500k mortgages?

There is no right or wrong answer to this and it can be frustrating to find the best interest rates for your £500,000 mortgage.

Our team of fully qualified mortgage experts will search the market to find you the very best rates for your circumstances. Interest rates can vary dramatically based on your individual circumstances and how specialist your needs are.

Interest rates on 500k mortgages have risen in recent times which is the same for all types of mortgage borrowing.

There are several types of interest rates and deals available for 500k mortgages, including:

You should also be aware that most mortgages will tend to vary from between 1% and 4% below the lenders standard variable rates.

Can a broker help with a mortgage on 500k?

Many of our customers are confused about how to get the best rates on their mortgage and how to save time searching.

Looking for the lowest mortgage rates and searching through thousands of potential deals can be mind blowing. Even if you do manage to find a good rate, applying for it can be extremely complicated and time consuming.

A mortgage broker and a qualified mortgage advisor can make a huge difference with a mortgage of 500k. The difference between a mortgage rates can have a major impact on your repayments for this level of borrowing.

Getting the right advice from a mortgage broker can help you to save thousands every month and this can be dramatic when you consider the overall cost of the loan.

Our team of fully qualified mortgage experts will help you to find the very best mortgage on 500k, regardless of your circumstances. We will be able to assist you every step of the way through your mortgage application. Our experts can pair you with the mortgage lender and deal that is the best fit for your needs – without overly high monthly payments.

Other costs for a mortgage on 500k

There are always extra costs to think about when you take out a new mortgage or a remortgage, so make sure that you factor these in.

Some of the main costs include:

  • Broker fees are common for most mortgage advisors and some can be added to the loan
  • Product fees are sometimes charged by the lender and these can vary depending on the loan type and the special rate you’re getting
  • Admin charges can also be included as part of the application process and this is usually just a small charge
  • Stamp duty is charged on house purchases when the purchase price is over a certain amount or value (this can vary from time to time). This will almost always apply to a mortgage on 500k
  • Legal fees are also charged on sales and purchases of properties which is also known as conveyancing charges

You should check your loan and fees carefully to make sure that you have a good understanding of the fees that apply.

It is best to be certain of all potential additional costs before undertaking a mortgage application, to ensure you have budgeted for them.

About essential MORTGAGES

essential MORTGAGES is authorised and regulated by the financial conduct authority. We have years of expertise in all types of mortgage from buy to let mortgages, first time buyer, interest only mortgages and more.

We also have a great deal of knowledge when it comes to finding great mortgage deals with higher income multiples, meaning we are ideally placed to help you borrow more.

If you need help finding the perfect 500k mortgage, our team are readily available and eager to help.

Useful resources

Gov.uk – How to buy a home

Gov.uk – Stamp duty land tax

Citizen’s advice – Buying a home

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