Wondering how much you’ll pay per month on a £710k 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 £710k 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 £710k mortgage will likely vary between £4,154 and £5,020 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,154 |
| 5.5% | £4,359 |
| 6% | £4,572 |
| 6.5% | £4,793 |
| 7% | £5,020 |
How Much Do I Need To Earn For A £710k 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 £142,000 and £236,667 to afford a £710k mortgage.
| Income Multiple | Required Salary |
| 3X | £236,667 |
| 3.5X | £202,857 |
| 4X | £177,500 |
| 4.5X | £157,778 |
| 5X | £142,000 |
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% | £142,406 |
| 5.5% | £149,465 |
| 6% | £156,768 |
| 6.5% | £164,314 |
| 7% | £172,104 |
How Much House Can I Afford With A £710k 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 £710k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £78,889 | £788,889 |
| 20% | £177,500 | £887,500 |
| 30% | £304,286 | £1,014,286 |
| 40% | £473,333 | £1,183,333 |
| 50% | £710,000 | £1,420,000 |
How Much Stamp Duty Will I Pay On A House With A £710k 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 |
| £788,889 (10% Down) | £26,944 |
| £887,500 (20% Down) | £31,875 |
| £1,014,286 (30% Down) | £42,679 |
| £1,183,333 (40% Down) | £59,583 |
| £1,420,000 (50% Down) | £83,250 |
Other Mortgage Amounts:
£720k Mortgages
£730k Mortgages
£740k Mortgages
£750k Mortgages
£760k Mortgages