Wondering how much you’ll pay per month on a £170k 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 £170k 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 £170k mortgage will likely vary between £995 and £1,202 per month.
Interest Rate | Monthly Repayments |
5% | £995 |
5.5% | £1,044 |
6% | £1,095 |
6.5% | £1,148 |
7% | £1,202 |
How Much Do I Need To Earn For A £170k 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 £34,000 and £56,667 to afford a £170k mortgage.
Income Multiple | Required Salary |
3X | £56,667 |
3.5X | £48,571 |
4X | £42,500 |
4.5X | £37,778 |
5X | £34,000 |
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% | £34,097 |
5.5% | £35,787 |
6% | £37,536 |
6.5% | £39,343 |
7% | £41,208 |
How Much House Can I Afford With A £170k 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 £170k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £18,889 | £188,889 |
20% | £42,500 | £212,500 |
30% | £72,857 | £242,857 |
40% | £113,333 | £283,333 |
50% | £170,000 | £340,000 |
How Much Stamp Duty Will I Pay On A House With A £170k 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 |
£188,889 (10% Down) | £0 |
£212,500 (20% Down) | £0 |
£242,857 (30% Down) | £0 |
£283,333 (40% Down) | £1,667 |
£340,000 (50% Down) | £4,500 |
Other Mortgage Amounts:
£180k Mortgages
£190k Mortgages
£200k Mortgages
£210k Mortgages
£220k Mortgages