Wondering how much you’ll pay per month on a £630k 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 £630k 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 £630k mortgage will likely vary between £3,686 and £4,454 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,686 |
| 5.5% | £3,868 |
| 6% | £4,057 |
| 6.5% | £4,253 |
| 7% | £4,454 |
How Much Do I Need To Earn For A £630k 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 £126,000 and £210,000 to afford a £630k mortgage.
| Income Multiple | Required Salary |
| 3X | £210,000 |
| 3.5X | £180,000 |
| 4X | £157,500 |
| 4.5X | £140,000 |
| 5X | £126,000 |
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% | £126,360 |
| 5.5% | £132,624 |
| 6% | £139,104 |
| 6.5% | £145,800 |
| 7% | £152,712 |
How Much House Can I Afford With A £630k 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 £630k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £70,000 | £700,000 |
| 20% | £157,500 | £787,500 |
| 30% | £270,000 | £900,000 |
| 40% | £420,000 | £1,050,000 |
| 50% | £630,000 | £1,260,000 |
How Much Stamp Duty Will I Pay On A House With A £630k 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 |
| £700,000 (10% Down) | £22,500 |
| £787,500 (20% Down) | £26,875 |
| £900,000 (30% Down) | £32,500 |
| £1,050,000 (40% Down) | £46,250 |
| £1,260,000 (50% Down) | £67,250 |
Other Mortgage Amounts:
£640k Mortgages
£650k Mortgages
£660k Mortgages
£670k Mortgages
£680k Mortgages