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How Much Would A 500000 Mortgage Cost

Best 500K Mortgage rates

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How Much Would A 500000 Mortgage Cost

Deals from leading UK lenders including mortgages for over 65s. Use our enquiry form below if you require advice on your options on 5x salary mortgage products. Some lenders allow you to borrow up to 5.5x income but criteria will apply.

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.09% Initial
    • 5 year fixed
    • 6.2% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.10% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 2 year fixed
    • 6.6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 2 year fixed
    • 7.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.20% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Cost of a £500K Mortgage

The cost of a £500,000 mortgage in the UK can vary depending on several factors, including the mortgage interest rate, the length of the mortgage term, and any fees associated with the mortgage.

For a repayment mortgage, where you pay off the interest and the capital over the mortgage, the monthly payments would be calculated based on the interest rate and the mortgage term.

As an example:

  • At an interest rate of 3% on a 25-year mortgage, the monthly payments would be around £2,219.
  • At an interest rate of 3% on a 30-year mortgage, the monthly payments would be around £1,966.

It's important to note that these figures are estimates only, and actual payments could be different based on the lender and individual's personal information.

Also, the mortgage interest rate on a £500k mortgage would be different from a low-value mortgage, so it's essential to check with a lender or use a mortgage calculator, which would be more accurate.

It's also worth mentioning that this is the cost of the mortgage repayment; it does not include the costs of insurance, legal fee, valuations and other charges that come with getting a mortgage.

If you want to explore your mortgage options, speaking to an independent mortgage broker who can offer impartial advice is a good idea.

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