Wondering how much you’ll pay per month on a £680k 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 £680k 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 £680k mortgage will likely vary between £3,978 and £4,808 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,978 |
| 5.5% | £4,175 |
| 6% | £4,379 |
| 6.5% | £4,590 |
| 7% | £4,808 |
How Much Do I Need To Earn For A £680k 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 £136,000 and £226,667 to afford a £680k mortgage.
| Income Multiple | Required Salary |
| 3X | £226,667 |
| 3.5X | £194,286 |
| 4X | £170,000 |
| 4.5X | £151,111 |
| 5X | £136,000 |
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% | £136,389 |
| 5.5% | £143,150 |
| 6% | £150,144 |
| 6.5% | £157,371 |
| 7% | £164,832 |
How Much House Can I Afford With A £680k 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 £680k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £75,556 | £755,556 |
| 20% | £170,000 | £850,000 |
| 30% | £291,429 | £971,429 |
| 40% | £453,333 | £1,133,333 |
| 50% | £680,000 | £1,360,000 |
How Much Stamp Duty Will I Pay On A House With A £680k 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 |
| £755,556 (10% Down) | £25,278 |
| £850,000 (20% Down) | £30,000 |
| £971,429 (30% Down) | £38,393 |
| £1,133,333 (40% Down) | £54,583 |
| £1,360,000 (50% Down) | £77,250 |
Other Mortgage Amounts:
£690k Mortgages
£700k Mortgages
£710k Mortgages
£720k Mortgages
£730k Mortgages