Wondering how much you’ll pay per month on a £950k 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 £950k 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 £950k mortgage will likely vary between £5,558 and £6,717 per month.
| Interest Rate | Monthly Repayments |
| 5% | £5,558 |
| 5.5% | £5,833 |
| 6% | £6,118 |
| 6.5% | £6,413 |
| 7% | £6,717 |
How Much Do I Need To Earn For A £950k 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 £190,000 and £316,667 to afford a £950k mortgage.
| Income Multiple | Required Salary |
| 3X | £316,667 |
| 3.5X | £271,429 |
| 4X | £237,500 |
| 4.5X | £211,111 |
| 5X | £190,000 |
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% | £190,543 |
| 5.5% | £199,989 |
| 6% | £209,760 |
| 6.5% | £219,857 |
| 7% | £230,280 |
How Much House Can I Afford With A £950k 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 £950k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £105,556 | £1,055,556 |
| 20% | £237,500 | £1,187,500 |
| 30% | £407,143 | £1,357,143 |
| 40% | £633,333 | £1,583,333 |
| 50% | £950,000 | £1,900,000 |
How Much Stamp Duty Will I Pay On A House With A £950k 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 |
| £1,055,556 (10% Down) | £46,806 |
| £1,187,500 (20% Down) | £60,000 |
| £1,357,143 (30% Down) | £76,964 |
| £1,583,333 (40% Down) | £101,750 |
| £1,900,000 (50% Down) | £139,750 |
Other Mortgage Amounts:
£960k Mortgages
£970k Mortgages
£980k Mortgages
£990k Mortgages
£1 Million Mortgages