The answer to this question will depend on a number of factors. Firstly, you should consider the interest rates as they can differ from lender to lender as they are based on your credit rating, affordability, and overall eligibility. Also, an important factor to take into account is the term length on your mortgage, the longer the term length the less you’re likely to pay each month. For example, if your term is 25 years with a 3% interest rate your £100,000 mortgage repayments could typically be about £474.21 but this is just an estimate for illustrative purposes. You should consult a mortgage broker or lender for the most up to date information and interest rates.

The interest rate you will have if you borrow a £100,000 mortgage will be based on how much risk the lender is taking which they will determine by how much deposit you are able to put down and your ability to make repayments. If you need more information on mortgage repayments on £100,000 contact us now and our advisers will be able to give you an idea of the kind of rates you could get based on your personal circumstances, eligibility, and affordability.

Many people looking at mortgages and property raise this question frequently because everyone wants to know how long it’ll take to clear their mortgage and not have to make those payments anymore. It all comes down to the term length on your mortgage and how long you are able to take out your mortgage for will be based on how much you are able to pay each month.

A longer term will typically mean lower monthly payments but also more interest, meaning in the long run the overall cost will be higher. You can make significant savings if you take out your mortgage over a shorter term, but this can’t always be done as a lot of buyers wouldn’t be able to afford the higher monthly repayments.

If you’re not sure how to go about getting a £1,000,000 mortgage or have any further questions contact Finance Advice Centre today.