Wondering how much you’ll pay per month on a £270k 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 £270k 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 £270k mortgage will likely vary between £1,580 and £1,909 per month.
Interest Rate | Monthly Repayments |
5% | £1,580 |
5.5% | £1,658 |
6% | £1,739 |
6.5% | £1,823 |
7% | £1,909 |
How Much Do I Need To Earn For A £270k 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 £54,000 and £90,000 to afford a £270k mortgage.
Income Multiple | Required Salary |
3X | £90,000 |
3.5X | £77,143 |
4X | £67,500 |
4.5X | £60,000 |
5X | £54,000 |
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% | £54,154 |
5.5% | £56,839 |
6% | £59,616 |
6.5% | £62,486 |
7% | £65,448 |
How Much House Can I Afford With A £270k 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 £270k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £30,000 | £300,000 |
20% | £67,500 | £337,500 |
30% | £115,714 | £385,714 |
40% | £180,000 | £450,000 |
50% | £270,000 | £540,000 |
How Much Stamp Duty Will I Pay On A House With A £270k 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 |
£300,000 (10% Down) | £2,500 |
£337,500 (20% Down) | £4,375 |
£385,714 (30% Down) | £6,786 |
£450,000 (40% Down) | £10,000 |
£540,000 (50% Down) | £14,500 |
Other Mortgage Amounts:
£280k Mortgages
£290k Mortgages
£300k Mortgages
£310k Mortgages
£320k Mortgages