Wondering how much you’ll pay per month on a £960k 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 £960k 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 £960k mortgage will likely vary between £5,616 and £6,787 per month.
| Interest Rate | Monthly Repayments |
| 5% | £5,616 |
| 5.5% | £5,894 |
| 6% | £6,182 |
| 6.5% | £6,480 |
| 7% | £6,787 |
How Much Do I Need To Earn For A £960k 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 £192,000 and £320,000 to afford a £960k mortgage.
| Income Multiple | Required Salary |
| 3X | £320,000 |
| 3.5X | £274,286 |
| 4X | £240,000 |
| 4.5X | £213,333 |
| 5X | £192,000 |
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% | £192,549 |
| 5.5% | £202,094 |
| 6% | £211,968 |
| 6.5% | £222,171 |
| 7% | £232,704 |
How Much House Can I Afford With A £960k 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 £960k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £106,667 | £1,066,667 |
| 20% | £240,000 | £1,200,000 |
| 30% | £411,429 | £1,371,429 |
| 40% | £640,000 | £1,600,000 |
| 50% | £960,000 | £1,920,000 |
How Much Stamp Duty Will I Pay On A House With A £960k 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 |
| £1,066,667 (10% Down) | £47,917 |
| £1,200,000 (20% Down) | £61,250 |
| £1,371,429 (30% Down) | £78,393 |
| £1,600,000 (40% Down) | £103,750 |
| £1,920,000 (50% Down) | £142,150 |
Other Mortgage Amounts:
£970k Mortgages
£980k Mortgages
£990k Mortgages
£1 Million Mortgages
£1.5 Million Mortgages