Wondering how much you’ll pay per month on a £600k 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 £600k 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 £600k mortgage will likely vary between £3,510 and £4,242 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,510 |
| 5.5% | £3,684 |
| 6% | £3,864 |
| 6.5% | £4,050 |
| 7% | £4,242 |
How Much Do I Need To Earn For A £600k 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 £120,000 and £200,000 to afford a £600k mortgage.
| Income Multiple | Required Salary |
| 3X | £200,000 |
| 3.5X | £171,429 |
| 4X | £150,000 |
| 4.5X | £133,333 |
| 5X | £120,000 |
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% | £120,343 |
| 5.5% | £126,309 |
| 6% | £132,480 |
| 6.5% | £138,857 |
| 7% | £145,440 |
How Much House Can I Afford With A £600k 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 £600k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £66,667 | £666,667 |
| 20% | £150,000 | £750,000 |
| 30% | £257,143 | £857,143 |
| 40% | £400,000 | £1,000,000 |
| 50% | £600,000 | £1,200,000 |
How Much Stamp Duty Will I Pay On A House With A £600k 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 |
| £666,667 (10% Down) | £20,833 |
| £750,000 (20% Down) | £25,000 |
| £857,143 (30% Down) | £30,357 |
| £1,000,000 (40% Down) | £41,250 |
| £1,200,000 (50% Down) | £61,250 |
Other Mortgage Amounts:
£610k Mortgages
£620k Mortgages
£630k Mortgages
£640k Mortgages
£650k Mortgages