Wondering how much you’ll pay per month on a £330k 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 £330k 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 £330k mortgage will likely vary between £1,931 and £2,333 per month.
Interest Rate | Monthly Repayments |
5% | £1,931 |
5.5% | £2,026 |
6% | £2,125 |
6.5% | £2,228 |
7% | £2,333 |
How Much Do I Need To Earn For A £330k 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 £66,000 and £110,000 to afford a £330k mortgage.
Income Multiple | Required Salary |
3X | £110,000 |
3.5X | £94,286 |
4X | £82,500 |
4.5X | £73,333 |
5X | £66,000 |
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% | £66,189 |
5.5% | £69,470 |
6% | £72,864 |
6.5% | £76,371 |
7% | £79,992 |
How Much House Can I Afford With A £330k 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 £330k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £36,667 | £366,667 |
20% | £82,500 | £412,500 |
30% | £141,429 | £471,429 |
40% | £220,000 | £550,000 |
50% | £330,000 | £660,000 |
How Much Stamp Duty Will I Pay On A House With A £330k 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 |
£366,667 (10% Down) | £5,833 |
£412,500 (20% Down) | £8,125 |
£471,429 (30% Down) | £11,071 |
£550,000 (40% Down) | £15,000 |
£660,000 (50% Down) | £20,500 |
Other Mortgage Amounts:
£340k Mortgages
£350k Mortgages
£360k Mortgages
£370k Mortgages
£380k Mortgages