Wondering how much you’ll pay per month on a £180k 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 £180k 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 £180k mortgage will likely vary between £1,053 and £1,273 per month.
| Interest Rate | Monthly Repayments |
| 5% | £1,053 |
| 5.5% | £1,105 |
| 6% | £1,159 |
| 6.5% | £1,215 |
| 7% | £1,273 |
How Much Do I Need To Earn For A £180k 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 £36,000 and £60,000 to afford a £180k mortgage.
| Income Multiple | Required Salary |
| 3X | £60,000 |
| 3.5X | £51,429 |
| 4X | £45,000 |
| 4.5X | £40,000 |
| 5X | £36,000 |
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% | £36,103 |
| 5.5% | £37,893 |
| 6% | £39,744 |
| 6.5% | £41,657 |
| 7% | £43,632 |
How Much House Can I Afford With A £180k 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 £180k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £20,000 | £200,000 |
| 20% | £45,000 | £225,000 |
| 30% | £77,143 | £257,143 |
| 40% | £120,000 | £300,000 |
| 50% | £180,000 | £360,000 |
How Much Stamp Duty Will I Pay On A House With A £180k 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 |
| £200,000 (10% Down) | £0 |
| £225,000 (20% Down) | £0 |
| £257,143 (30% Down) | £357 |
| £300,000 (40% Down) | £2,500 |
| £360,000 (50% Down) | £5,500 |
Other Mortgage Amounts:
£190k Mortgages
£200k Mortgages
£210k Mortgages
£220k Mortgages
£230k Mortgages