Wondering how much you’ll pay per month on a £750k 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 £750k 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 £750k mortgage will likely vary between £4,388 and £5,303 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,388 |
| 5.5% | £4,605 |
| 6% | £4,830 |
| 6.5% | £5,063 |
| 7% | £5,303 |
How Much Do I Need To Earn For A £750k 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 £150,000 and £250,000 to afford a £750k mortgage.
| Income Multiple | Required Salary |
| 3X | £250,000 |
| 3.5X | £214,286 |
| 4X | £187,500 |
| 4.5X | £166,667 |
| 5X | £150,000 |
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% | £150,429 |
| 5.5% | £157,886 |
| 6% | £165,600 |
| 6.5% | £173,571 |
| 7% | £181,800 |
How Much House Can I Afford With A £750k 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 £750k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £83,333 | £833,333 |
| 20% | £187,500 | £937,500 |
| 30% | £321,429 | £1,071,429 |
| 40% | £500,000 | £1,250,000 |
| 50% | £750,000 | £1,500,000 |
How Much Stamp Duty Will I Pay On A House With A £750k 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 |
| £833,333 (10% Down) | £29,167 |
| £937,500 (20% Down) | £35,000 |
| £1,071,429 (30% Down) | £48,393 |
| £1,250,000 (40% Down) | £66,250 |
| £1,500,000 (50% Down) | £91,250 |
Other Mortgage Amounts:
£760k Mortgages
£770k Mortgages
£780k Mortgages
£790k Mortgages
£800k Mortgages