Wondering how much you’ll pay per month on a £250k 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 £250k 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 £250k mortgage will likely vary between £1,463 and £1,768 per month.
| Interest Rate | Monthly Repayments |
| 5% | £1,463 |
| 5.5% | £1,535 |
| 6% | £1,610 |
| 6.5% | £1,688 |
| 7% | £1,768 |
How Much Do I Need To Earn For A £250k 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 £50,000 and £83,333 to afford a £250k mortgage.
| Income Multiple | Required Salary |
| 3X | £83,333 |
| 3.5X | £71,429 |
| 4X | £62,500 |
| 4.5X | £55,556 |
| 5X | £50,000 |
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% | £50,143 |
| 5.5% | £52,629 |
| 6% | £55,200 |
| 6.5% | £57,857 |
| 7% | £60,600 |
How Much House Can I Afford With A £250k 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 £250k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £27,778 | £277,778 |
| 20% | £62,500 | £312,500 |
| 30% | £107,143 | £357,143 |
| 40% | £166,667 | £416,667 |
| 50% | £250,000 | £500,000 |
How Much Stamp Duty Will I Pay On A House With A £250k 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 |
| £277,778 (10% Down) | £1,389 |
| £312,500 (20% Down) | £3,125 |
| £357,143 (30% Down) | £5,357 |
| £416,667 (40% Down) | £8,333 |
| £500,000 (50% Down) | £12,500 |
Other Mortgage Amounts:
£260k Mortgages
£270k Mortgages
£280k Mortgages
£290k Mortgages
£300k Mortgages