£400,000 Mortgage

tailored to you. 

suitable for you

Let us put you in touch with expert mortgage advisors who will give you impartial advice and help you find low % £400,000 mortgage products.

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Our Office is open 9am-5pm from Monday to Friday. Please contact us by either phone or email, using the contacts below.

Phone number 01332 821340
Office Address 4 Chatsworth House, Prime Business Centre, Raynesway, Derby, DE21 7SR
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£400,000 mORTGAGES 

A £400,000 loan for a home is a huge financial commitment that will take a lot of planning and consideration. If you are thinking about applying for a mortgage this size, you will probably have a lot of questions, but don’t worry because at Finance Advice Centre we believe we have the answers to most key questions. As well as our overview below that will cover many of the basics about getting a £400,000 mortgage, you can get specialised, personal advice to suit your circumstances from a member of our team. Our expert advisers are on hand to help you find the most suitable mortgage products for you as well as guiding you through the application process itself.

Do I qualify for a £400,000 mortgage?

When you apply for any size loan, your lender will need to take the following factors into consideration before approving your application. These are typically referred to as the lender’s eligibility criteria.

Do you have a suitable size mortgage deposit?

You are more likely to be accepted for a £400,000 mortgage if you have saved a substantial deposit to put towards the cost of your new home. The majority of lenders will ask for at least 10% of the purchase price, but usually the more you can put down as your deposit, the better your mortgage terms will be. This is because the Loan to Value (LTV) ratio will be lower, so there is considered less risk to the lender.

What are your current financial commitments?

It is important to think about all of your monthly outgoings, and whether or not you can afford a £400,000 mortgage repayment on top of your existing living costs. Your provider will likely ask to see copies of your bank statements to determine whether or not you are in a reasonably comfortable financial position.

Also, you will need to consider the costs when you move into your new home. For example, how much you will pay on utilities, broadband, council tax, etc will be taken into consideration to establish how affordable your mortgage repayments will be on top of that.

What is your personal situation?

Your marital status will impact your eligibility for a £400,000 home loan. If you are married, both of your incomes will be taken into account to work out the amount you can borrow, as it will likely be a larger amount with you both being named on the contract. However, you should keep in mind that if your partner has a low credit score, or is in a significant amount of debt, this could negatively affect your chances of getting a mortgage in the first place.

You’re not less likely to be accepted for a mortgage if you’re single, the lender will just want to ensure that you are generating enough income to meet the affordability criteria and qualify for the loan.

What are the repayments on a £400,000 mortgage?

What are the repayments on a £400,000 mortgage?

The amount you will pay back towards your mortgage on a monthly basis will depend on three factors:

The type of mortgage you have applied for – whether you have chosen a repayment or interest-only mortgage
The interest rate being applied to your repayments
The length of your mortgage term – typically 30 years on average


If you’re not sure how to go about getting a £400,000 mortgage or have any further questions contact Finance Advice Centre today. 

As a mortgage is secured against your home it could be repossessed if you do not keep up the mortgage repayments.

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Whole of Market Mortgage Advice

Being able to give ‘Whole of Market’ Mortgage Advice means that we have access to the widest range of lenders. These lenders include “High Street Banks, “Challenger Banks and Building Societies . However, just because a mortgage advisor has access to the Whole of the Market, doesn’t mean that they necessarily have the right knowledge or expertise to be able to give you the right Mortgage Advice and therefore the best products. We believe that Finance Advice Centre is very different. Our Advisers are all trained with specialist complex cases in mind. No matter how challenging your situation, if there’s a solution for you, we’ll do everything we possibly can to find it!

We especially enjoy working on complex mortgage cases. One example is if you’re trying to get a mortgage but have only just started a new job. Many lenders will require you to have been working in that role for a set amount of time. Having access to the Whole of Market wouldn’t necessarily mean that all advisors giving Mortgage Advice know which lenders to place your case with even though they are able to use all of them. Clients who are recently self employed or contractors often cause other advisors problems. However, our advisors specialise in these types of cases and deal with them every day.

Finance Advice Centre Ltd is an appointed representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority in respect of mortgage and insurance mediation activities only. Finance Advice Group Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 624517.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.

As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.