Wondering how much you’ll pay per month on a £110k 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 £110k 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 £110k mortgage will likely vary between £644 and £778 per month.
Interest Rate | Monthly Repayments |
5% | £644 |
5.5% | £675 |
6% | £708 |
6.5% | £743 |
7% | £778 |
How Much Do I Need To Earn For A £110k 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 £22,000 and £36,667 to afford a £110k mortgage.
Income Multiple | Required Salary |
3X | £36,667 |
3.5X | £31,429 |
4X | £27,500 |
4.5X | £24,444 |
5X | £22,000 |
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% | £22,063 |
5.5% | £23,157 |
6% | £24,288 |
6.5% | £25,457 |
7% | £26,664 |
How Much House Can I Afford With A £110k 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 £110k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £12,222 | £122,222 |
20% | £27,500 | £137,500 |
30% | £47,143 | £157,143 |
40% | £73,333 | £183,333 |
50% | £110,000 | £220,000 |
How Much Stamp Duty Will I Pay On A House With A £110k 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 |
£122,222 (10% Down) | £0 |
£137,500 (20% Down) | £0 |
£157,143 (30% Down) | £0 |
£183,333 (40% Down) | £0 |
£220,000 (50% Down) | £0 |
Other Mortgage Amounts:
£120k Mortgages
£130k Mortgages
£140k Mortgages
£150k Mortgages
£160k Mortgages