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200K Mortgage

Best £200k Mortgage Rates

I Want To Remortgage I Want To Buy

Compare Rates For 200K Mortgages

    • 4.20% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.21% Initial
    • 5 year fixed
    • 7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.26% Initial
    • 5 year fixed
    • 7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.30% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.32% Initial
    • 5 year fixed
    • 7% APRC
    • Cashback Max £250
      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.

How To Get A 200K Mortgage

In recent years the options open to you if you are looking for a £200,000 mortgage have increased.

While many lenders will offer a mortgage with a 5% deposit some now provide options where you can use equity in a close family members house to help you get on the property ladder.

Things to be mindful of include:

  • Lenders are keen understandably to ensure at the end of the mortgage term the loan will be repaid. Criteria for lenders will vary but all will want to understand how you intend to pay off the mortgage at the end of the term. If you opt for a repayment mortgage, your monthly repayment will include a portion of capital repayment. With an interest only mortgage you will need to have an alternative repayment strategy.
  • A repayment vehicle strategy will be required. Some lenders will accept sale of property as a way of paying off the debt. Some will want to see a saving plan such as regular investment into ISAs or investment vehicle. Where sale of property is not acceptable to lenders, they will often want to see statements of your investments as evidence that a repayment vehicle is in place.
  • Lenders will want to ensure your income supports the mortgage repayments. Most lenders work on an income multiple basis (typically up to 4.5 times annual salary)
  • Previous credit history - If you have had credit blips in the past this may effect the rate of interest offered to you.

Affordability

A key consideration for lenders is affordability when they lend. In assessing whether an interest only mortgage is right for you income criteria will come into play.

For example for a £200k mortgage, a lender typically would need to see a minimum income between £40,000 to £50,000. Some lenders offer higher income multiple mortgages for professionals e.g. doctors or lawyers.

This criteria will vary so if you are unsure speak to a specialist mortgage broker such as ourselves will help you get the right deal for your circumstances.

Independent Advice

If you are not sure about your mortgage options speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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