Wondering how much you’ll pay per month on a £390k 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 £390k 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 £390k mortgage will likely vary between £2,282 and £2,757 per month.
| Interest Rate | Monthly Repayments |
| 5% | £2,282 |
| 5.5% | £2,395 |
| 6% | £2,512 |
| 6.5% | £2,633 |
| 7% | £2,757 |
How Much Do I Need To Earn For A £390k 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 £78,000 and £130,000 to afford a £390k mortgage.
| Income Multiple | Required Salary |
| 3X | £130,000 |
| 3.5X | £111,429 |
| 4X | £97,500 |
| 4.5X | £86,667 |
| 5X | £78,000 |
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% | £78,223 |
| 5.5% | £82,101 |
| 6% | £86,112 |
| 6.5% | £90,257 |
| 7% | £94,536 |
How Much House Can I Afford With A £390k 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 £390k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £43,333 | £433,333 |
| 20% | £97,500 | £487,500 |
| 30% | £167,143 | £557,143 |
| 40% | £260,000 | £650,000 |
| 50% | £390,000 | £780,000 |
How Much Stamp Duty Will I Pay On A House With A £390k 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 |
| £433,333 (10% Down) | £9,167 |
| £487,500 (20% Down) | £11,875 |
| £557,143 (30% Down) | £15,357 |
| £650,000 (40% Down) | £20,000 |
| £780,000 (50% Down) | £26,500 |
Other Mortgage Amounts:
£400k Mortgages
£410k Mortgages
£420k Mortgages
£430k Mortgages
£440k Mortgages