Wondering how much you’ll pay per month on a £690k 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 £690k 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 £690k mortgage will likely vary between £4,037 and £4,878 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,037 |
| 5.5% | £4,237 |
| 6% | £4,444 |
| 6.5% | £4,658 |
| 7% | £4,878 |
How Much Do I Need To Earn For A £690k 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 £138,000 and £230,000 to afford a £690k mortgage.
| Income Multiple | Required Salary |
| 3X | £230,000 |
| 3.5X | £197,143 |
| 4X | £172,500 |
| 4.5X | £153,333 |
| 5X | £138,000 |
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% | £138,394 |
| 5.5% | £145,255 |
| 6% | £152,352 |
| 6.5% | £159,686 |
| 7% | £167,256 |
How Much House Can I Afford With A £690k 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 £690k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £76,667 | £766,667 |
| 20% | £172,500 | £862,500 |
| 30% | £295,714 | £985,714 |
| 40% | £460,000 | £1,150,000 |
| 50% | £690,000 | £1,380,000 |
How Much Stamp Duty Will I Pay On A House With A £690k 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 |
| £766,667 (10% Down) | £25,833 |
| £862,500 (20% Down) | £30,625 |
| £985,714 (30% Down) | £39,821 |
| £1,150,000 (40% Down) | £56,250 |
| £1,380,000 (50% Down) | £79,250 |
Other Mortgage Amounts:
£700k Mortgages
£710k Mortgages
£720k Mortgages
£730k Mortgages
£740k Mortgages