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A £70k mortgage is below the national average, but it pays to prepare when applying for finance. Here you will learn how to work out the repayments on a mortgage of this size, apply for one and save money in the process.
What are the average repayments on a £70k mortgage?
At the time of writing (December 2024), the average monthly repayments on a £70,000 mortgage are around £369. This is based on a capital repayment mortgage taken over 25 years, with an interest rate of 4%, which is representative of the UK market in recent months.
Paying this amount for the duration of the term would mean repaying a total of £110,846, but the exact cost of your mortgage may vary. There are a range of different rates, term lengths and mortgage types available, and the deals you qualify for may differ to this example.
Work out your mortgage repayments
You can work the potential repayments on a £70k mortgage yourself by using our calculator below. Simply fill out the fields for quick results.
This calculator can be used to compare how your payments might look across different interest rates and term lengths, as well as with an interest-only repayment type.
After you have done some calculations, you can take the first steps towards your application by comparing £70k mortgage rates for free on Teito - get started here.
Factors that will impact your repayments
The main factors that will determine what your repayments will be are the interest rate, the term length and the mortgage’s repayment type. We will now explore each of these variables in detail, complete with example calculations a mortgage amount of £70k to add context.
Interest rate
The interest rate you qualify for will be the main factor that shapes the repayments on your £70,000 mortgage. Lenders will decide this based on the amount of deposit you have, the overall strength of your application and the type of product you choose.
At the time of writing, longer fixed-rate mortgages tend to have lower rates than variable deals, and mortgages with product fees have lower ones than fee-free deals.
The table below shows how the rates on a £70k capital repayment mortgage can vary across different rates. A term length of 25 years was used for example purposes.
|
Mortgage Amount |
Interest Rate |
Monthly Repayments |
Overall Repayment |
|
£70k |
3.5% |
£350 |
£105,131 |
|
£70k |
4% |
£369 |
£110,846 |
|
£70k |
4.5% |
£389 |
£116,725 |
|
£70k |
5% |
£409 |
£122,764 |
|
£70k |
5.5% |
£430 |
£128,958 |
|
£70k |
6% |
£451 |
£135,303 |
Term lengths
Longer and shorter mortgage terms than the standard 25 years are available. Short terms mean higher monthly repayments but can be cost-effective in the long run, as you would have fewer interest instalments to pay and would settle your mortgage debt earlier.
Taking a £70k mortgage out over a longer term would mean lower monthly repayments but your mortgage would cost more overall due to the extra interest payments. The table below illustrates the impact of term length on a capital repayment mortgage with a 4% rate.
|
Mortgage Amount |
Term Length |
Monthly Repayments |
Overall Repayment |
| £70k | 10 years | £709 | £85,046 |
|
£70k |
15 years |
£518 |
£93,201 |
|
£70k |
20 years |
£424 |
£101,805 |
|
£70k |
25 years |
£369 |
£110,846 |
|
£70k |
30 years |
£334 |
£120,309 |
|
£70k |
35 years |
£310 |
£130,176 |
|
£70k |
40 years |
£293 |
£140,427 |
Repayment type
Most mortgages in the UK are taken out on a capital repayment basis. The main alternative to this is an interest-only mortgage, where only the interest has to be paid each month and the outstanding debt is typically taken care of at the end of the agreement.
The table below shows what the repayments on a £70k interest-only mortgage would look like across different rates, and a term length of the standard 25 years.
|
Mortgage Amount |
Interest Rate |
Interest-only Payments (Monthly) |
Overall Repayment |
|
£70k |
3.5% |
£305 |
£105,131 |
|
£70k |
4% |
£369 |
£110,846 |
|
£70k |
4.5% |
£389 |
£116,725 |
|
£70k |
5% |
£409 |
£122,764 |
|
£70k |
5.5% |
£430 |
£128,958 |
|
£70k |
6% |
£451 |
£135,303 |
Exact mortgage amount
For some borrowers, £70,000 is a ballpark figure they may need to borrow. The table below shows how repayments will compare if you were to borrow slightly more or less. These calculations are for a capital repayment mortgage with a 4% rate and 25-year term.
|
Mortgage Amount |
Monthly Repayments |
Overall Repayments |
|
£65k |
£343 |
£102,928 |
|
£70k |
£369 |
£110.846 |
|
£75k |
£396 |
£118,763 |
|
£422 |
£126,681 |
|
|
£85k |
£449 |
£134,598 |
|
£475 |
£142,516 |
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Other costs to include in your calculations
The repayments on your £70,000 mortgage are just one of the costs you should take note of when drawing up your plans. Other costs and fees will need to be factored in when you are totting up the overall costs of your home finance. The usual mortgage costs and fees are:
- Product fees: Can range between nothing and £2,000. Fee-free deals often come with higher rates, but the fee itself can sometimes be added to the mortgage.
- Booking fee: An admin cost as part of the mortgage application process. It can range between £99-250 and is sometimes rolled into the product fee.
- Valuation fee: Some lenders will expect you to foot the cost of having the property you’re buying valued, and this can set you back between £250-1,500.
- Telegraphic transfer fee: A small fee to cover the cost of transferring your mortgage funds to your solicitor so the deal can be closed, usually between £25 and £50.
- Account fee: Another admin cost, usually between £100 and £300, to cover the set up, maintenance and eventual closure of your mortgage account held by the lender.
- Stamp duty: See our stamp duty guide to find out how much your bill will be and whether you qualify for exemption.
Tips for reducing your mortgage payments
There are ways you can potentially save money on the repayments for your £70k mortgage. The following tips can help you do exactly that:
- Product fees: Can range between nothing and £2,000. Fee-free deals often come with higher rates, but the fee itself can sometimes be added to the mortgage.
- Booking fee: An admin cost as part of the mortgage application process. It can range between £99-250 and is sometimes rolled into the product fee.
- Valuation fee: Some lenders will expect you to foot the cost of having the property you’re buying valued, and this can set you back between £250-1,500.
- Telegraphic transfer fee: A small fee to cover the cost of transferring your mortgage funds to your solicitor so the deal can be closed, usually between £25 and £50.
- Account fee: Another admin cost, usually between £100 and £300, to cover the set up, maintenance and eventual closure of your mortgage account held by the lender.
Compare rates and deals for £70,000 mortgages
You can compare rates and deals on £70,000 mortgages for free on Teito and speak to one of our brokers for bespoke advice and guidance after you have made your selection.
Here are just some of the reasons why people choose to source their mortgage through us:
- It takes second to access rates from 90+ lenders across the market
- Our brokers can access exclusive deals for £70k mortgages
- We are 5-star rated on leading review websites
- You can secure an agreement in principle in minutes
Ready to compare rates on £70k mortgages for free and take advantage of a free, no-obligation chat with one of our mortgage brokers? Get started here.
FAQs
You would need to earn just over £15,550 per year to qualify for a mortgage of £70,000. This is because most UK mortgage providers cap your maximum borrowing at 4.5 times income. If your salary falls short of this amount, a broker could help you find a lender who stretches to 5-6 times salary and allows applicants to declare supplement income.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.