Wondering how much you’ll pay per month on a £460k 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 £460k 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 £460k mortgage will likely vary between £2,691 and £3,252 per month.
Interest Rate | Monthly Repayments |
5% | £2,691 |
5.5% | £2,824 |
6% | £2,962 |
6.5% | £3,105 |
7% | £3,252 |
How Much Do I Need To Earn For A £460k 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 £92,000 and £153,333 to afford a £460k mortgage.
Income Multiple | Required Salary |
3X | £153,333 |
3.5X | £131,429 |
4X | £115,000 |
4.5X | £102,222 |
5X | £92,000 |
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% | £92,263 |
5.5% | £96,837 |
6% | £101,568 |
6.5% | £106,457 |
7% | £111,504 |
How Much House Can I Afford With A £460k 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 £460k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £51,111 | £511,111 |
20% | £115,000 | £575,000 |
30% | £197,143 | £657,143 |
40% | £306,667 | £766,667 |
50% | £460,000 | £920,000 |
How Much Stamp Duty Will I Pay On A House With A £460k 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 |
£511,111 (10% Down) | £13,056 |
£575,000 (20% Down) | £16,250 |
£657,143 (30% Down) | £20,357 |
£766,667 (40% Down) | £25,833 |
£920,000 (50% Down) | £33,500 |
Other Mortgage Amounts:
£470k Mortgages
£480k Mortgages
£490k Mortgages
£500k Mortgages
£510k Mortgages