Wondering how much you’ll pay per month on a £100k 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 £100k 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 £100k mortgage will likely vary between £585 and £707 per month.
| Interest Rate | Monthly Repayments |
| 5% | £585 |
| 5.5% | £614 |
| 6% | £644 |
| 6.5% | £675 |
| 7% | £707 |
How Much Do I Need To Earn For A £100k 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 £20,000 and £33,333 to afford a £100k mortgage.
| Income Multiple | Required Salary |
| 3X | £33,333 |
| 3.5X | £28,571 |
| 4X | £25,000 |
| 4.5X | £22,222 |
| 5X | £20,000 |
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% | £20,057 |
| 5.5% | £21,051 |
| 6% | £22,080 |
| 6.5% | £23,143 |
| 7% | £24,240 |
How Much House Can I Afford With A £100k 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 £100k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £11,111 | £111,111 |
| 20% | £25,000 | £125,000 |
| 30% | £42,857 | £142,857 |
| 40% | £66,667 | £166,667 |
| 50% | £100,000 | £200,000 |
How Much Stamp Duty Will I Pay On A House With A £100k 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 |
| £111,111 (10% Down) | £0 |
| £125,000 (20% Down) | £0 |
| £142,857 (30% Down) | £0 |
| £166,667 (40% Down) | £0 |
| £200,000 (50% Down) | £0 |
Other Mortgage Amounts:
£110k Mortgages
£120k Mortgages
£130k Mortgages
£140k Mortgages
£150k Mortgages