Wondering how much you’ll pay per month on a £520k 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 £520k 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 £520k mortgage will likely vary between £3,042 and £3,676 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,042 |
| 5.5% | £3,193 |
| 6% | £3,349 |
| 6.5% | £3,510 |
| 7% | £3,676 |
How Much Do I Need To Earn For A £520k 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 £104,000 and £173,333 to afford a £520k mortgage.
| Income Multiple | Required Salary |
| 3X | £173,333 |
| 3.5X | £148,571 |
| 4X | £130,000 |
| 4.5X | £115,556 |
| 5X | £104,000 |
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% | £104,297 |
| 5.5% | £109,467 |
| 6% | £114,816 |
| 6.5% | £120,343 |
| 7% | £126,048 |
How Much House Can I Afford With A £520k 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 £520k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £57,778 | £577,778 |
| 20% | £130,000 | £650,000 |
| 30% | £222,857 | £742,857 |
| 40% | £346,667 | £866,667 |
| 50% | £520,000 | £1,040,000 |
How Much Stamp Duty Will I Pay On A House With A £520k 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 |
| £577,778 (10% Down) | £16,389 |
| £650,000 (20% Down) | £20,000 |
| £742,857 (30% Down) | £24,643 |
| £866,667 (40% Down) | £30,833 |
| £1,040,000 (50% Down) | £45,250 |
Other Mortgage Amounts:
£530k Mortgages
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