Wondering how much you’ll pay per month on a £300k 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 £300k 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 £300k mortgage will likely vary between £1,755 and £2,121 per month.
| Interest Rate | Monthly Repayments |
| 5% | £1,755 |
| 5.5% | £1,842 |
| 6% | £1,932 |
| 6.5% | £2,025 |
| 7% | £2,121 |
How Much Do I Need To Earn For A £300k 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 £60,000 and £100,000 to afford a £300k mortgage.
| Income Multiple | Required Salary |
| 3X | £100,000 |
| 3.5X | £85,714 |
| 4X | £75,000 |
| 4.5X | £66,667 |
| 5X | £60,000 |
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% | £60,171 |
| 5.5% | £63,154 |
| 6% | £66,240 |
| 6.5% | £69,429 |
| 7% | £72,720 |
How Much House Can I Afford With A £300k 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 £300k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £33,333 | £333,333 |
| 20% | £75,000 | £375,000 |
| 30% | £128,571 | £428,571 |
| 40% | £200,000 | £500,000 |
| 50% | £300,000 | £600,000 |
How Much Stamp Duty Will I Pay On A House With A £300k 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 |
| £333,333 (10% Down) | £4,167 |
| £375,000 (20% Down) | £6,250 |
| £428,571 (30% Down) | £8,929 |
| £500,000 (40% Down) | £12,500 |
| £600,000 (50% Down) | £17,500 |
Other Mortgage Amounts:
£310k Mortgages
£320k Mortgages
£330k Mortgages
£340k Mortgages
£350k Mortgages