Wondering how much you’ll pay per month on a £880k 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 £880k 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 £880k mortgage will likely vary between £5,148 and £6,222 per month.
| Interest Rate | Monthly Repayments |
| 5% | £5,148 |
| 5.5% | £5,403 |
| 6% | £5,667 |
| 6.5% | £5,940 |
| 7% | £6,222 |
How Much Do I Need To Earn For A £880k 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 £176,000 and £293,333 to afford a £880k mortgage.
| Income Multiple | Required Salary |
| 3X | £293,333 |
| 3.5X | £251,429 |
| 4X | £220,000 |
| 4.5X | £195,556 |
| 5X | £176,000 |
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% | £176,503 |
| 5.5% | £185,253 |
| 6% | £194,304 |
| 6.5% | £203,657 |
| 7% | £213,312 |
How Much House Can I Afford With A £880k 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 £880k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £97,778 | £977,778 |
| 20% | £220,000 | £1,100,000 |
| 30% | £377,143 | £1,257,143 |
| 40% | £586,667 | £1,466,667 |
| 50% | £880,000 | £1,760,000 |
How Much Stamp Duty Will I Pay On A House With A £880k 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 |
| £977,778 (10% Down) | £39,028 |
| £1,100,000 (20% Down) | £51,250 |
| £1,257,143 (30% Down) | £66,964 |
| £1,466,667 (40% Down) | £87,917 |
| £1,760,000 (50% Down) | £122,950 |
Other Mortgage Amounts:
£890k Mortgages
£900k Mortgages
£910k Mortgages
£920k Mortgages
£930k Mortgages