Wondering how much you’ll pay per month on a £830k 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 £830k 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 £830k mortgage will likely vary between £4,856 and £5,868 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,856 |
| 5.5% | £5,096 |
| 6% | £5,345 |
| 6.5% | £5,603 |
| 7% | £5,868 |
How Much Do I Need To Earn For A £830k 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 £166,000 and £276,667 to afford a £830k mortgage.
| Income Multiple | Required Salary |
| 3X | £276,667 |
| 3.5X | £237,143 |
| 4X | £207,500 |
| 4.5X | £184,444 |
| 5X | £166,000 |
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% | £166,474 |
| 5.5% | £174,727 |
| 6% | £183,264 |
| 6.5% | £192,086 |
| 7% | £201,192 |
How Much House Can I Afford With A £830k 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 £830k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £92,222 | £922,222 |
| 20% | £207,500 | £1,037,500 |
| 30% | £355,714 | £1,185,714 |
| 40% | £553,333 | £1,383,333 |
| 50% | £830,000 | £1,660,000 |
How Much Stamp Duty Will I Pay On A House With A £830k 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 |
| £922,222 (10% Down) | £33,611 |
| £1,037,500 (20% Down) | £45,000 |
| £1,185,714 (30% Down) | £59,821 |
| £1,383,333 (40% Down) | £79,583 |
| £1,660,000 (50% Down) | £110,950 |
Other Mortgage Amounts:
£840k Mortgages
£850k Mortgages
£860k Mortgages
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£880k Mortgages