Wondering how much you’ll pay per month on a £10 Million Mortgage? Then keep reading to find out how much you’ll pay and what you need to earn.
How Much Will I Pay Per Month On A £10 Million Mortgage?
The main factor determining how much you’ll pay is your interest rate. Current interest rates for a standard 25 year repayment mortgage are between 5% and 7% in the UK.
This means you’re monthly repayments on a £10 Million mortgage will likely vary between £58,500 and £70,700 per month.
Interest Rate | Monthly Repayments |
5% | £58,500 |
5.5% | £61,400 |
6% | £64,400 |
6.5% | £67,500 |
7% | £70,700 |
How Much Do I Need To Earn For A £10 Million Mortgage?
In general most banks and mortgage lenders will let you borrow between 3X and 5X your income with 4X-4.5X being the norm.
This means you’d need to earn between £2,000,000 and £3,333,333 to afford a £10 Million mortgage.
Income Multiple | Required Salary |
3X | £3,333,333 |
3.5X | £2,857,143 |
4X | £2,500,000 |
4.5X | £2,222,222 |
5X | £2,000,000 |
Another way to look at how much you’d need to earn is to keep total debt repayments (including mortgage repayments) below 35% of gross (pre-tax) income.
On that basis here is the absolute minimum salary you could earn based on various interest rate scenarios.
Interest Rate | Minimum Safe Salary |
5% | £2,005,714 |
5.5% | £2,105,143 |
6% | £2,208,000 |
6.5% | £2,314,286 |
7% | £2,424,000 |
How Much House Can I Afford With A £10 Million Mortgage?
In most cases it’s no longer possible to get 100% or no deposit mortgages in the UK. Therefore you’ll have to put at least 10% down.
Below we’ve calculated how much house you could afford based on your deposit amount and a £10 Million mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £1,111,111 | £11,111,111 |
20% | £2,500,000 | £12,500,000 |
30% | £4,285,714 | £14,285,714 |
40% | £6,666,667 | £16,666,667 |
50% | £10,000,000 | £20,000,000 |
How Much Stamp Duty Will I Pay On A House With A £10 Million Mortgage?
Finally, when you buy a house you may have to pay stamp duty. Below we’ve made the calculations on how much you’d pay based on the house prices above.
House Purchase Price | Stamp Duty Owed |
£11,111,111 (10% Down) | £1,244,583 |
£12,500,000 (20% Down) | £1,411,750 |
£14,285,714 (30% Down) | £1,626,036 |
£16,666,667 (40% Down) | £1,911,750 |
£20,000,000 (50% Down) | £2,311,750 |
Other Mortgage Amounts:
£4 Million Mortgages
£4.5 Million Mortgages
£10 Million Mortgages
£20 Million Mortgages