Wondering how much you’ll pay per month on a £280k 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 £280k 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 £280k mortgage will likely vary between £1,638 and £1,980 per month.
| Interest Rate | Monthly Repayments |
| 5% | £1,638 |
| 5.5% | £1,719 |
| 6% | £1,803 |
| 6.5% | £1,890 |
| 7% | £1,980 |
How Much Do I Need To Earn For A £280k 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 £56,000 and £93,333 to afford a £280k mortgage.
| Income Multiple | Required Salary |
| 3X | £93,333 |
| 3.5X | £80,000 |
| 4X | £70,000 |
| 4.5X | £62,222 |
| 5X | £56,000 |
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% | £56,160 |
| 5.5% | £58,944 |
| 6% | £61,824 |
| 6.5% | £64,800 |
| 7% | £67,872 |
How Much House Can I Afford With A £280k 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 £280k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £31,111 | £311,111 |
| 20% | £70,000 | £350,000 |
| 30% | £120,000 | £400,000 |
| 40% | £186,667 | £466,667 |
| 50% | £280,000 | £560,000 |
How Much Stamp Duty Will I Pay On A House With A £280k 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 |
| £311,111 (10% Down) | £3,056 |
| £350,000 (20% Down) | £5,000 |
| £400,000 (30% Down) | £7,500 |
| £466,667 (40% Down) | £10,833 |
| £560,000 (50% Down) | £15,500 |
Other Mortgage Amounts:
£290k Mortgages
£300k Mortgages
£310k Mortgages
£320k Mortgages
£330k Mortgages