Wondering how much you’ll pay per month on a £760k 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 £760k 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 £760k mortgage will likely vary between £4,446 and £5,373 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,446 |
| 5.5% | £4,666 |
| 6% | £4,894 |
| 6.5% | £5,130 |
| 7% | £5,373 |
How Much Do I Need To Earn For A £760k 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 £152,000 and £253,333 to afford a £760k mortgage.
| Income Multiple | Required Salary |
| 3X | £253,333 |
| 3.5X | £217,143 |
| 4X | £190,000 |
| 4.5X | £168,889 |
| 5X | £152,000 |
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% | £152,434 |
| 5.5% | £159,991 |
| 6% | £167,808 |
| 6.5% | £175,886 |
| 7% | £184,224 |
How Much House Can I Afford With A £760k 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 £760k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £84,444 | £844,444 |
| 20% | £190,000 | £950,000 |
| 30% | £325,714 | £1,085,714 |
| 40% | £506,667 | £1,266,667 |
| 50% | £760,000 | £1,520,000 |
How Much Stamp Duty Will I Pay On A House With A £760k 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 |
| £844,444 (10% Down) | £29,722 |
| £950,000 (20% Down) | £36,250 |
| £1,085,714 (30% Down) | £49,821 |
| £1,266,667 (40% Down) | £67,917 |
| £1,520,000 (50% Down) | £94,150 |
Other Mortgage Amounts:
£770k Mortgages
£780k Mortgages
£790k Mortgages
£800k Mortgages
£810k Mortgages