Wondering how much you’ll pay per month on a £470k 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 £470k 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 £470k mortgage will likely vary between £2,750 and £3,323 per month.
Interest Rate | Monthly Repayments |
5% | £2,750 |
5.5% | £2,886 |
6% | £3,027 |
6.5% | £3,173 |
7% | £3,323 |
How Much Do I Need To Earn For A £470k 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 £94,000 and £156,667 to afford a £470k mortgage.
Income Multiple | Required Salary |
3X | £156,667 |
3.5X | £134,286 |
4X | £117,500 |
4.5X | £104,444 |
5X | £94,000 |
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% | £94,269 |
5.5% | £98,942 |
6% | £103,776 |
6.5% | £108,771 |
7% | £113,928 |
How Much House Can I Afford With A £470k 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 £470k mortgage.
Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
10% | £52,222 | £522,222 |
20% | £117,500 | £587,500 |
30% | £201,429 | £671,429 |
40% | £313,333 | £783,333 |
50% | £470,000 | £940,000 |
How Much Stamp Duty Will I Pay On A House With A £470k 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 |
£522,222 (10% Down) | £13,611 |
£587,500 (20% Down) | £16,875 |
£671,429 (30% Down) | £21,071 |
£783,333 (40% Down) | £26,667 |
£940,000 (50% Down) | £35,250 |
Other Mortgage Amounts:
£480k Mortgages
£490k Mortgages
£500k Mortgages
£510k Mortgages
£520k Mortgages