Wondering how much you’ll pay per month on a £310k 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 £310k 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 £310k mortgage will likely vary between £1,814 and £2,192 per month.
Interest Rate | Monthly Repayments |
5% | £1,814 |
5.5% | £1,903 |
6% | £1,996 |
6.5% | £2,093 |
7% | £2,192 |
How Much Do I Need To Earn For A £310k 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 £62,000 and £103,333 to afford a £310k mortgage.
Income Multiple | Required Salary |
3X | £103,333 |
3.5X | £88,571 |
4X | £77,500 |
4.5X | £68,889 |
5X | £62,000 |
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% | £62,177 |
5.5% | £65,259 |
6% | £68,448 |
6.5% | £71,743 |
7% | £75,144 |
How Much House Can I Afford With A £310k 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 £310k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £34,444 | £344,444 |
20% | £77,500 | £387,500 |
30% | £132,857 | £442,857 |
40% | £206,667 | £516,667 |
50% | £310,000 | £620,000 |
How Much Stamp Duty Will I Pay On A House With A £310k 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 |
£344,444 (10% Down) | £4,722 |
£387,500 (20% Down) | £6,875 |
£442,857 (30% Down) | £9,643 |
£516,667 (40% Down) | £13,333 |
£620,000 (50% Down) | £18,500 |
Other Mortgage Amounts:
£320k Mortgages
£330k Mortgages
£340k Mortgages
£350k Mortgages
£360k Mortgages