Wondering how much you’ll pay per month on a £220k 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 £220k 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 £220k mortgage will likely vary between £1,287 and £1,555 per month.
| Interest Rate | Monthly Repayments |
| 5% | £1,287 |
| 5.5% | £1,351 |
| 6% | £1,417 |
| 6.5% | £1,485 |
| 7% | £1,555 |
How Much Do I Need To Earn For A £220k 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 £44,000 and £73,333 to afford a £220k mortgage.
| Income Multiple | Required Salary |
| 3X | £73,333 |
| 3.5X | £62,857 |
| 4X | £55,000 |
| 4.5X | £48,889 |
| 5X | £44,000 |
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% | £44,126 |
| 5.5% | £46,313 |
| 6% | £48,576 |
| 6.5% | £50,914 |
| 7% | £53,328 |
How Much House Can I Afford With A £220k 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 £220k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £24,444 | £244,444 |
| 20% | £55,000 | £275,000 |
| 30% | £94,286 | £314,286 |
| 40% | £146,667 | £366,667 |
| 50% | £220,000 | £440,000 |
How Much Stamp Duty Will I Pay On A House With A £220k 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 |
| £244,444 (10% Down) | £0 |
| £275,000 (20% Down) | £1,250 |
| £314,286 (30% Down) | £3,214 |
| £366,667 (40% Down) | £5,833 |
| £440,000 (50% Down) | £9,500 |
Other Mortgage Amounts:
£230k Mortgages
£240k Mortgages
£250k Mortgages
£260k Mortgages
£270k Mortgages