What mortgage can I get for £500, £1,000 or £1,500 a month?
The short answer: at around 6% over 30 years, every £100 a month pays for about £16,679 of mortgage. So £500 a month gets you about £83,396, £1,000 about £166,792 and £1,500 about £250,187. Add your deposit to get the price you could pay. Two things move these figures a lot: the interest rate and the length of the mortgage.
Starting from a monthly budget is often more useful than starting from your salary. You know what you pay in rent now and what feels manageable, and it stops you borrowing the maximum just because a lender offers it.
What each monthly payment buys
The mortgage each payment pays for, at three interest rates and three terms. All figures are for a repayment mortgage, so you own the home outright at the end.
| Monthly payment | 5%, 30 years | 6%, 25 years | 6%, 30 years | 6%, 35 years | 7%, 30 years |
|---|---|---|---|---|---|
| £300 | £55,884 | £46,562 | £50,037 | £52,614 | £45,092 |
| £400 | £74,513 | £62,083 | £66,717 | £70,152 | £60,123 |
| £500 | £93,141 | £77,603 | £83,396 | £87,690 | £75,154 |
| £600 | £111,769 | £93,124 | £100,075 | £105,228 | £90,185 |
| £750 | £139,711 | £116,405 | £125,094 | £131,535 | £112,731 |
| £1,000 | £186,282 | £155,207 | £166,792 | £175,380 | £150,308 |
| £1,250 | £232,852 | £194,009 | £208,490 | £219,225 | £187,884 |
| £1,500 | £279,422 | £232,810 | £250,187 | £263,070 | £225,461 |
| £2,000 | £372,563 | £310,414 | £333,583 | £350,760 | £300,615 |
The pattern is easy to remember. Each percentage point on the rate cuts what you can borrow by roughly a tenth. Going from 30 to 35 years adds only about 5%, because at these rates most of the extra time goes on interest.
The budget has to pass the lender too
A lender won’t lend more than its income multiple, usually 4 to 4.5 times your salary, however much you’re happy to pay. For £1,000 a month you’d need an income of around £37,065 at 4.5 times, or a joint income of that between you. If your budget would pay for more than the lender allows, the lender’s figure wins. The calculator flags this for you.
It works the other way too. To keep a payment at 30% of take-home, which most people find comfortable, you need a take-home of about £3,333 a month for a £1,000 payment. See how much mortgage you can get on your salary for both sides by pay level.
Your payment after the fixed rate ends
Most mortgages start on a two or five-year fixed rate. When it ends you move to the lender’s standard variable rate unless you switch. The average SVR was about 7.13% in November 2026. If you borrow £166,792 at 6% for £1,000 a month and do nothing after two years, the payment jumps to about £1,119.
Most people avoid that by remortgaging or taking a new deal with the same lender, which many let you lock in up to six months ahead. But rates may be higher or lower by then, so leave some room in your budget rather than setting it at the absolute limit.
Repayment or interest-only?
On an interest-only mortgage you pay just the interest each month and still owe the whole loan at the end. At 6%, interest on £166,792 is about £834 a month, against £1,000 on repayment. It looks cheaper, but lenders only offer it with a credible plan to repay, and usually with a large deposit. For most home buyers, repayment is the norm.
The other monthly costs of owning
Your mortgage isn’t the only bill that comes with a home. When you set your budget, leave room for:
- Council Tax, which the council tax calculator works out by band and area;
- Buildings insurance, which your lender requires, plus contents insurance;
- Service charge and ground rent on most flats, which can run to hundreds a month;
- Repairs and maintenance, which many people budget at around 1% of the home’s value a year;
- Energy and water, which may cost more than in a rented flat if you move to a bigger home.
If your rent today covers some of these, compare like with like. A £1,000 mortgage can cost more each month than £1,000 rent once insurance, maintenance and service charges are added.
Paying more when you can
Most fixed deals let you overpay up to 10% of the balance a year without a charge. Setting a payment you can manage comfortably, then overpaying when you’re able, gives you flexibility in a lean month and still cuts years off the mortgage. The overpayment calculator shows how much a regular extra £50 or £100 saves.
Next step
Put your budget into the mortgage affordability calculator in budget mode. To check a specific loan, rate and term, use the mortgage repayment calculator, which shows every year’s interest and balance.
Sources
This is general information, not mortgage advice. Figures are examples; your rate depends on your deposit, credit record and the lender.
Common questions
What mortgage can I get for £1,000 a month?
About £166,792 at 6% over 30 years, or about £155,207 over 25 years. At 5% it is about £186,282, and at 7% about £150,308.
What mortgage can I get for £500 a month?
About £83,396 at 6% over 30 years. Over 35 years it is about £87,690, but you pay more interest overall.
What mortgage can I get for £300 a month?
About £50,037 at 6% over 30 years. That is often enough for a shared ownership share or a lower-priced home with a decent deposit.
How much of my income should go on a mortgage?
A common guide is no more than about 30% of your take-home pay. Up to 40% is possible but tight. Lenders also cap what they lend at around 4 to 4.5 times income, whatever your budget.
Will my mortgage payment stay the same?
Only while your fixed rate lasts. When it ends you move to the lender’s standard variable rate, averaging about 7.13% in November 2026, unless you switch. Most people remortgage before the fix ends.