Wondering how much you’ll pay per month on a £780k 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 £780k 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 £780k mortgage will likely vary between £4,563 and £5,515 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,563 |
| 5.5% | £4,789 |
| 6% | £5,023 |
| 6.5% | £5,265 |
| 7% | £5,515 |
How Much Do I Need To Earn For A £780k 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 £156,000 and £260,000 to afford a £780k mortgage.
| Income Multiple | Required Salary |
| 3X | £260,000 |
| 3.5X | £222,857 |
| 4X | £195,000 |
| 4.5X | £173,333 |
| 5X | £156,000 |
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% | £156,446 |
| 5.5% | £164,201 |
| 6% | £172,224 |
| 6.5% | £180,514 |
| 7% | £189,072 |
How Much House Can I Afford With A £780k 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 £780k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £86,667 | £866,667 |
| 20% | £195,000 | £975,000 |
| 30% | £334,286 | £1,114,286 |
| 40% | £520,000 | £1,300,000 |
| 50% | £780,000 | £1,560,000 |
How Much Stamp Duty Will I Pay On A House With A £780k 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 |
| £866,667 (10% Down) | £30,833 |
| £975,000 (20% Down) | £38,750 |
| £1,114,286 (30% Down) | £52,679 |
| £1,300,000 (40% Down) | £71,250 |
| £1,560,000 (50% Down) | £98,950 |
Other Mortgage Amounts:
£790k Mortgages
£800k Mortgages
£810k Mortgages
£820k Mortgages
£830k Mortgages