Wondering how much you’ll pay per month on a £590k 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 £590k 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 £590k mortgage will likely vary between £3,452 and £4,171 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,452 |
| 5.5% | £3,623 |
| 6% | £3,800 |
| 6.5% | £3,983 |
| 7% | £4,171 |
How Much Do I Need To Earn For A £590k 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 £118,000 and £196,667 to afford a £590k mortgage.
| Income Multiple | Required Salary |
| 3X | £196,667 |
| 3.5X | £168,571 |
| 4X | £147,500 |
| 4.5X | £131,111 |
| 5X | £118,000 |
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% | £118,337 |
| 5.5% | £124,203 |
| 6% | £130,272 |
| 6.5% | £136,543 |
| 7% | £143,016 |
How Much House Can I Afford With A £590k 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 £590k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £65,556 | £655,556 |
| 20% | £147,500 | £737,500 |
| 30% | £252,857 | £842,857 |
| 40% | £393,333 | £983,333 |
| 50% | £590,000 | £1,180,000 |
How Much Stamp Duty Will I Pay On A House With A £590k 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 |
| £655,556 (10% Down) | £20,278 |
| £737,500 (20% Down) | £24,375 |
| £842,857 (30% Down) | £29,643 |
| £983,333 (40% Down) | £39,583 |
| £1,180,000 (50% Down) | £59,250 |
Other Mortgage Amounts:
£600k Mortgages
£610k Mortgages
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£640k Mortgages