Wondering how much you’ll pay per month on a £380k 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 £380k 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 £380k mortgage will likely vary between £2,223 and £2,687 per month.
| Interest Rate | Monthly Repayments |
| 5% | £2,223 |
| 5.5% | £2,333 |
| 6% | £2,447 |
| 6.5% | £2,565 |
| 7% | £2,687 |
How Much Do I Need To Earn For A £380k 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 £76,000 and £126,667 to afford a £380k mortgage.
| Income Multiple | Required Salary |
| 3X | £126,667 |
| 3.5X | £108,571 |
| 4X | £95,000 |
| 4.5X | £84,444 |
| 5X | £76,000 |
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% | £76,217 |
| 5.5% | £79,995 |
| 6% | £83,904 |
| 6.5% | £87,943 |
| 7% | £92,112 |
How Much House Can I Afford With A £380k 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 £380k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £42,222 | £422,222 |
| 20% | £95,000 | £475,000 |
| 30% | £162,857 | £542,857 |
| 40% | £253,333 | £633,333 |
| 50% | £380,000 | £760,000 |
How Much Stamp Duty Will I Pay On A House With A £380k 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 |
| £422,222 (10% Down) | £8,611 |
| £475,000 (20% Down) | £11,250 |
| £542,857 (30% Down) | £14,643 |
| £633,333 (40% Down) | £19,167 |
| £760,000 (50% Down) | £25,500 |
Other Mortgage Amounts:
£390k Mortgages
£400k Mortgages
£410k Mortgages
£420k Mortgages
£430k Mortgages