Wondering how much you’ll pay per month on a £650k 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 £650k 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 £650k mortgage will likely vary between £3,803 and £4,596 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,803 |
| 5.5% | £3,991 |
| 6% | £4,186 |
| 6.5% | £4,388 |
| 7% | £4,596 |
How Much Do I Need To Earn For A £650k 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 £130,000 and £216,667 to afford a £650k mortgage.
| Income Multiple | Required Salary |
| 3X | £216,667 |
| 3.5X | £185,714 |
| 4X | £162,500 |
| 4.5X | £144,444 |
| 5X | £130,000 |
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% | £130,371 |
| 5.5% | £136,834 |
| 6% | £143,520 |
| 6.5% | £150,429 |
| 7% | £157,560 |
How Much House Can I Afford With A £650k 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 £650k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £72,222 | £722,222 |
| 20% | £162,500 | £812,500 |
| 30% | £278,571 | £928,571 |
| 40% | £433,333 | £1,083,333 |
| 50% | £650,000 | £1,300,000 |
How Much Stamp Duty Will I Pay On A House With A £650k 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 |
| £722,222 (10% Down) | £23,611 |
| £812,500 (20% Down) | £28,125 |
| £928,571 (30% Down) | £34,107 |
| £1,083,333 (40% Down) | £49,583 |
| £1,300,000 (50% Down) | £71,250 |
Other Mortgage Amounts:
£660k Mortgages
£670k Mortgages
£680k Mortgages
£690k Mortgages
£700k Mortgages