Wondering how much you’ll pay per month on a £370k 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 £370k 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 £370k mortgage will likely vary between £2,165 and £2,616 per month.
Interest Rate | Monthly Repayments |
5% | £2,165 |
5.5% | £2,272 |
6% | £2,383 |
6.5% | £2,498 |
7% | £2,616 |
How Much Do I Need To Earn For A £370k 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 £74,000 and £123,333 to afford a £370k mortgage.
Income Multiple | Required Salary |
3X | £123,333 |
3.5X | £105,714 |
4X | £92,500 |
4.5X | £82,222 |
5X | £74,000 |
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% | £74,211 |
5.5% | £77,890 |
6% | £81,696 |
6.5% | £85,629 |
7% | £89,688 |
How Much House Can I Afford With A £370k 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 £370k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £41,111 | £411,111 |
20% | £92,500 | £462,500 |
30% | £158,571 | £528,571 |
40% | £246,667 | £616,667 |
50% | £370,000 | £740,000 |
How Much Stamp Duty Will I Pay On A House With A £370k 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 |
£411,111 (10% Down) | £8,056 |
£462,500 (20% Down) | £10,625 |
£528,571 (30% Down) | £13,929 |
£616,667 (40% Down) | £18,333 |
£740,000 (50% Down) | £24,500 |
Other Mortgage Amounts:
£380k Mortgages
£390k Mortgages
£400k Mortgages
£410k Mortgages
£420k Mortgages