Wondering how much you’ll pay per month on a £450k 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 £450k 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 £450k mortgage will likely vary between £2,633 and £3,182 per month.
Interest Rate | Monthly Repayments |
5% | £2,633 |
5.5% | £2,763 |
6% | £2,898 |
6.5% | £3,038 |
7% | £3,182 |
How Much Do I Need To Earn For A £450k 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 £90,000 and £150,000 to afford a £450k mortgage.
Income Multiple | Required Salary |
3X | £150,000 |
3.5X | £128,571 |
4X | £112,500 |
4.5X | £100,000 |
5X | £90,000 |
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% | £90,257 |
5.5% | £94,731 |
6% | £99,360 |
6.5% | £104,143 |
7% | £109,080 |
How Much House Can I Afford With A £450k 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 £450k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £50,000 | £500,000 |
20% | £112,500 | £562,500 |
30% | £192,857 | £642,857 |
40% | £300,000 | £750,000 |
50% | £450,000 | £900,000 |
How Much Stamp Duty Will I Pay On A House With A £450k 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 |
£500,000 (10% Down) | £12,500 |
£562,500 (20% Down) | £15,625 |
£642,857 (30% Down) | £19,643 |
£750,000 (40% Down) | £25,000 |
£900,000 (50% Down) | £32,500 |
Other Mortgage Amounts:
£460k Mortgages
£470k Mortgages
£480k Mortgages
£490k Mortgages
£500k Mortgages