Wondering how much you’ll pay per month on a £660k 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 £660k 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 £660k mortgage will likely vary between £3,861 and £4,666 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,861 |
| 5.5% | £4,052 |
| 6% | £4,250 |
| 6.5% | £4,455 |
| 7% | £4,666 |
How Much Do I Need To Earn For A £660k 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 £132,000 and £220,000 to afford a £660k mortgage.
| Income Multiple | Required Salary |
| 3X | £220,000 |
| 3.5X | £188,571 |
| 4X | £165,000 |
| 4.5X | £146,667 |
| 5X | £132,000 |
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% | £132,377 |
| 5.5% | £138,939 |
| 6% | £145,728 |
| 6.5% | £152,743 |
| 7% | £159,984 |
How Much House Can I Afford With A £660k 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 £660k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £73,333 | £733,333 |
| 20% | £165,000 | £825,000 |
| 30% | £282,857 | £942,857 |
| 40% | £440,000 | £1,100,000 |
| 50% | £660,000 | £1,320,000 |
How Much Stamp Duty Will I Pay On A House With A £660k 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 |
| £733,333 (10% Down) | £24,167 |
| £825,000 (20% Down) | £28,750 |
| £942,857 (30% Down) | £35,536 |
| £1,100,000 (40% Down) | £51,250 |
| £1,320,000 (50% Down) | £73,250 |
Other Mortgage Amounts:
£670k Mortgages
£680k Mortgages
£690k Mortgages
£700k Mortgages
£710k Mortgages