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        Updated: May 25, 2023

        £2,000-Per-Month Mortgages

        Wondering what kind of mortgage you can get for £2,000 per month? Find out how to get the best deal based on this amount in our guide.

        Ask A Quick Question

        We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.

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        Author: Pete Mugleston - Mortgage Expert, MD

        Updated: May 10, 2022

        If you’ve worked out what you can afford to spend on a mortgage every month then you may think it’s a simple case of calculating what size mortgage that equates to. Unfortunately it’s not quite as straightforward as that, as so many other factors will come into play.

        If you’re wondering what size mortgage you can get for £2,000 per month then you’ve come to the right place. In this article we’ll take you through all the variables you’ll need to consider and look at how working with a specialist broker could save you both time and money.

        What size mortgage can you get for £2,000 per month?

        Based on the income multiples that lenders typically use, you could potentially borrow between £420,000 and £500,000, although the exact amount will depend on many factors.

        When it comes to mortgages there isn’t a one size fits all calculation. Lenders will definitely look at how much they think you can afford to pay every month, and having £2,000 that you can commit to mortgage repayments is a great start, but it’s a lot more complex than that.

        Gone are the days of self-certification mortgages – lenders now have to be much more cautious about eligibility criteria and will look at a whole range of factors before deciding how much to loan.

        The exact amount you can borrow will be based on a multiple of your annual salary, at least as a starting point. Try our mortgage affordability calculator below to get an idea of how much you could borrow based on the standard salary multiples mortgage lenders use.

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        Mortgage Affordability Calculator

        Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.

        Input full salaries for all applicants
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        You could borrow up to 

        Most lenders would consider letting you borrow

        This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

        Some lenders would consider letting you borrow

        This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

        A minority of lenders would consider letting you borrow

        This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

        Get Started with an expert broker to find out exactly how much you could borrow.

        Get Started with a Broker

        Maximise your chance of approval with specialist advice from a mortgage expert.

        Factors affecting borrowing amount

        There are several key criteria that lenders will assess alongside the amount of spare income you have per month and your credit history. Let’s take a look at them now and how they might affect how much you’re able to borrow:

        Income

        For larger mortgages one of the main limiting factors will be your annual earnings, as most lenders will cap the amount you can borrow based on a multiple of your income. Most lenders use a multiple of 4.5, so if for example you have an annual income of £50,000, the amount you can borrow will be up to £225,000.

        Some lenders will accept higher income multiples – sometimes up to 6 times income – but these tend to be the more specialist lenders rather than the high street banks and building societies. If you feel that having £2,000 a month to spend on your mortgage means you can take on a higher income multiple you’ll get the best deal by going through a broker with knowledge of these lenders.

        Outgoings

        This includes any fixed outgoings and existing credit commitments. There’s no set amount of outgoings that all lenders consider too high, but your lender will take yours into account and offset them against your income when working out your total borrowing.

        Other eligibility factors

        These eligibility factors are not part of the affordability checks, but can have an indirect impact on your maximum borrowing by increasing or decreasing the number of deals and mortgage lenders that you qualify for.

        Deposit size

        The amount of deposit you’re able to put down will have a big impact on the mortgages on offer to you. The lower the LTV, the more attractive you become to lenders and the lower interest rates you’ll be able to secure. This in turn reduces your monthly repayments and opens up a wider range of products to you.

        Employment type

        Whether you’re employed or work for yourself shouldn’t have too much effect on how much you can borrow as long as you have the paperwork and track record to back it up. If you’re self-employed only recently and don’t have three years of accounts, this could make you a higher risk applicant and mean you’re offered less competitive rates and might not qualify for certain deals.

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        How a broker can help

        Using a mortgage broker is always an easy way to save time and money, whatever type of mortgage you’re looking for, but for larger mortgages where you’re paying out £2,000 per month then they really prove their worth.

        At this level of borrowing even tiny variations in interest rates can have a big impact on the amount you repay, so having an expert advisor with an in depth knowledge of specialist lenders, who can shop around and negotiate on your behalf, can potentially save you thousands.

        Rates on a £2,000 per month mortgage

        Mortgage rates aren’t calculated based purely on income and affordability, so you will likely get the same interest rate on a mortgage costing £2,000 per month as you would for one costing significantly more or less than this.

        Take a look at our rates table below to get an idea of the current deals available.

        Get matched with a specialist broker

        Finding the right mortgage isn’t always easy, but when you’ve got £2,000 to spend per month you want to make sure you’re getting the best possible deal and not paying out more than you need. This is where a specialist broker comes in.

        All of the brokers we work with have access to the whole of the market, but our broker matching service connects you with the broker that has the expertise and experience that best matches your circumstances. They’ll have existing lender contacts and knowledge that they can use on your behalf to get you the best rates and terms on your mortgage.

        Call us on 0808 189 0463 or make an enquiry and we’ll quickly assess your needs and match you with the right broker for you.

        Ask A Quick Question

        We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.

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        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.