How much will my mortgage cost?
Monthly repayments and income requirements for different mortgage amounts.
If you’re buying a home, you’ll probably be crunching those numbers to work out how much you can afford - both in terms of how much you can borrow based on your salary, and how much your mortgage might cost each month.
Use the links below to jump to the mortgage amount you're interested in, or simply scroll down to explore your options.
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Remember, the figures in this article are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
Your mortgage amount
How much does a £100,000 mortgage cost?
If you’re a first-time buyer, securing a £100,000 mortgage is a significant first step onto the property ladder. Here’s a look at what you can expect in terms of monthly repayments and the income you'll likely need.
You may also choose to opt for a joint mortgage to increase the amount you can borrow, as lenders will usually take combined earnings into account.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £100,000 mortgage?
The amount you’ll be able to borrow is largely based on your salary. You’ll usually be able to borrow around 4.5 times your annual income, though some lenders may offer higher multiples.
Salary / Income Multiple | Salary / Income Required for £100,000 Mortgage |
|---|---|
4x | £25,000 |
4.5x | £22,223 |
5x | £20,000 |
5.5x | £18,182 |
6x | £16,667 |
What are the monthly repayments on a £100k mortgage?
How much you’ll pay each month for a £100,000 mortgage will depend on lots of different factors, including the interest rate you’re offered, term length and mortgage type. The table below gives you an idea of how much these factors can change your monthly cost.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £600 | £460 | £377 | £322 | £282 | £83 |
2% | £644 | £506 | £424 | £370 | £331 | £167 |
3% | £690 | £555 | £474 | £422 | £385 | £250 |
4% | £740 | £606 | £528 | £477 | £443 | £333 |
5% | £791 | £660 | £585 | £537 | £505 | £417 |
6% | £844 | £716 | £644 | £600 | £570 | £500 |
7% | £899 | £775 | £707 | £665 | £639 | £583 |
How much does a £150,000 mortgage cost?
Ready to leave the rental market behind? A £150,000 mortgage can open up a wider range of property options. Let’s explore how much your monthly repayments could be to help you understand the overall cost involved, and what level of income may be required to be approved for this borrowing amount.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £150,000 mortgage?
Lenders assess your affordability based on lots of factors, including your annual income. Typically, they offer mortgage amounts around 4.5 times your salary though you may be able to borrow a larger multiple if you meet specific eligibility criteria. It's worth noting that if you're applying with someone else, lenders will consider your combined income, which could increase your total borrowing capacity.
Salary / Income Multiple | Salary / Income Required for £150,000 Mortgage |
|---|---|
4x | £37,500 |
4.5x | £33,334 |
5x | £30,000 |
5.5x | £27,273 |
6x | £25,000 |
What are the monthly repayments on a £150k mortgage?
The specific amount you'll repay each month for a £150,000 mortgage is influenced by several factors. These include the mortgage type you choose, the length of the repayment term and the interest rate you’re offered. The table below illustrates how your monthly payments can change based on these elements.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £900 | £690 | £566 | £483 | £423 | £125 |
2% | £966 | £759 | £636 | £555 | £497 | £250 |
3% | £1,035 | £833 | £711 | £633 | £578 | £375 |
4% | £1,110 | £909 | £792 | £716 | £665 | £500 |
5% | £1,187 | £990 | £878 | £806 | £758 | £625 |
6% | £1,266 | £1,074 | £966 | £900 | £855 | £750 |
7% | £1,349 | £1,163 | £1,061 | £998 | £959 | £875 |
How much does a £200,000 mortgage cost?
Many homebuyers look to borrow around £200,000 to purchase a family home. To understand whether you’ll be able to afford a mortgage of this size, it's essential to know the likely monthly costs and the salary needed to qualify.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £200,000 mortgage?
How much you can borrow for a mortgage is often directly linked to your earnings. As a standard rule, lenders are willing to offer approximately 4.5 times your annual income though some may be willing to lend more depending on your circumstances.
Salary / Income Multiple | Salary / Income Required for £200,000 Mortgage |
|---|---|
4x | £50,000 |
4.5x | £44,445 |
5x | £40,000 |
5.5x | £36,364 |
6x | £33,334 |
What are the monthly repayments on a £200k mortgage?
Your monthly outlay for a £200,000 mortgage will be determined by lots of different things including the interest rate offered by the lender, the duration of the mortgage term, and the type of product you select all play a crucial role.
So, for example, if you repay your mortgage over a longer period of time, your monthly repayments will be lower (but you’ll pay more interest in total). The below table shows you how different factors affect your potential monthly repayments.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £1,200 | £920 | £754 | £644 | £564 | £167 |
2% | £1,288 | £1,012 | £848 | £740 | £662 | £333 |
3% | £1,380 | £1,110 | £948 | £844 | £770 | £500 |
4% | £1,480 | £1,212 | £1,056 | £954 | £886 | £667 |
5% | £1,582 | £1,320 | £1,170 | £1,074 | £1,010 | £833 |
6% | £1,688 | £1,432 | £1,288 | £1,200 | £1,140 | £1,000 |
7% | £1,798 | £1,550 | £1,414 | £1,330 | £1,278 | £1,167 |
How much does a £250,000 mortgage cost?
Taking on a £250,000 mortgage is a big financial commitment. Not only do you need to consider how much it’ll cost you each month in mortgage payments, but you’ll also need to think about saving a suitable deposit.
To help, we’ve crunched the numbers below.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £250,000 mortgage?
To determine your borrowing power, lenders often look at your salary. Many will allow you to borrow up to 4.5x your salary, though some may increase this to up to 6x your salary depending on their criteria and your eligibility.
Don't forget, when applying for a joint mortgage, the lender will take both of your earnings into account, which can substantially increase the amount you're eligible to borrow.
Salary / Income Multiple | Salary / Income Required for £250,000 Mortgage |
|---|---|
4x | £62,500 |
4.5x | £55,556 |
5x | £50,000 |
5.5x | £45,455 |
6x | £41,667 |
What are the monthly repayments on a £250k mortgage?
The exact monthly cost of a £250,000 mortgage is not one-size-fits-all. It depends on the specifics of your deal, including the interest rate, the length of time you choose to repay the loan and whether you opt for a repayment or interest only mortgage. The table below provides an indication of how these variables can impact your monthly budget.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £1,500 | £1,150 | £943 | £805 | £705 | £208 |
2% | £1,610 | £1,265 | £1,060 | £925 | £828 | £417 |
3% | £1,725 | £1,388 | £1,185 | £1,055 | £963 | £625 |
4% | £1,850 | £1,515 | £1,320 | £1,193 | £1,108 | £833 |
5% | £1,978 | £1,650 | £1,463 | £1,343 | £1,263 | £1,042 |
6% | £2,110 | £1,790 | £1,610 | £1,500 | £1,425 | £1,250 |
7% | £2,248 | £1,938 | £1,768 | £1,663 | £1,598 | £1,458 |
How much does a £300,000 mortgage cost?
A £300,000 mortgage could allow you to buy a property in many parts of the country. To find out if a £300,000 mortgage is affordable for you, let’s review the potential monthly repayment amount and the amount you might need to earn to be approved by a mortgage lender.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £300,000 mortgage?
The mortgage amount you’ll be able to borrow is largely based on your earnings. Most lenders work on a basis of around 4.5 times your yearly salary, though higher mortgage-to-salary ratios are available depending on your individual circumstances. For joint mortgage applications, this calculation takes both incomes into account, which can help you secure a larger mortgage.
Salary / Income Multiple | Salary / Income Required for £300,000 Mortgage |
|---|---|
4x | £75,000 |
4.5x | £66,667 |
5x | £60,000 |
5.5x | £54,546 |
6x | £50,000 |
What are the monthly repayments on a £300k mortgage?
How much you will actually pay each month on a £300,000 mortgage varies from person to person. It’ll depend on the rate of interest you get, the term you agree to and the kind of mortgage you take out. You can see how these factors impact monthly repayments in the example table below.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £1,800 | £1,380 | £1,130 | £966 | £846 | £250 |
2% | £1,932 | £1,518 | £1,272 | £1,110 | £993 | £500 |
3% | £2,070 | £1,665 | £1,422 | £1,266 | £1,155 | £750 |
4% | £2,220 | £1,818 | £1,584 | £1,431 | £1,330 | £1,000 |
5% | £2,373 | £1,980 | £1,755 | £1,611 | £1,515 | £1,250 |
6% | £2,532 | £2,148 | £1,932 | £1,800 | £1,710 | £1,500 |
7% | £2,697 | £2,325 | £2,121 | £1,995 | £1,917 | £1,750 |
How much does a £350,000 mortgage cost?
Securing a £350,000 mortgage enables you to consider a broad selection of homes. Here’s an overview of the associated costs, including what you might expect to pay monthly and the salary you’ll need to have.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £350,000 mortgage?
Your income will be the primary factor lenders use to decide how much they will lend you. You can generally expect to borrow up to 4.5 times your annual salary, though some lenders may offer more. In a joint application, both incomes may be taken into consideration, which can improve your borrowing potential.
Salary / Income Multiple | Salary / Income Required for £350,000 Mortgage |
|---|---|
4x | £87,500 |
4.5x | £77,778 |
5x | £70,000 |
5.5x | £63,637 |
6x | £58,334 |
What are the monthly repayments on a £350k mortgage?
The monthly cost for a £350,000 mortgage will depend on the mortgage product you choose. The interest rate, the term length you select and the type of mortgage product you choose will all impact the monthly cost of a mortgage, as demonstrated in the table below.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £2,100 | £1,610 | £1,320 | £1,127 | £987 | £292 |
2% | £2,254 | £1,771 | £1,484 | £1,295 | £1,159 | £583 |
3% | £2,415 | £1,943 | £1,659 | £1,477 | £1,348 | £875 |
4% | £2,590 | £2,121 | £1,848 | £1,670 | £1,552 | £1,167 |
5% | £2,769 | £2,310 | £2,048 | £1,880 | £1,768 | £1,458 |
6% | £2,954 | £2,506 | £2,254 | £2,100 | £1,995 | £1,750 |
7% | £3,146 | £2,713 | £2,475 | £2,328 | £2,236 | £2,042 |
How much does a £400,000 mortgage cost?
With a £400,000 mortgage, you can start looking at a wider variety of properties. It’s important to be fully aware of the monthly costs, to make sure you’re able to afford a more substantial mortgage.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £400,000 mortgage?
Lenders use an income multiple, generally around 4.5x your salary, when calculating how much they might be happy to lend you. If you get a mortgage with someone else, their income will also play a part in the lender's affordability assessment, which may allow you to borrow more.
Salary / Income Multiple | Salary / Income Required for £400,000 Mortgage |
|---|---|
4x | £100,000 |
4.5x | £88,889 |
5x | £80,000 |
5.5x | £72,728 |
6x | £66,667 |
What are the monthly repayments on a £400k mortgage?
The monthly repayment costs on a £400,000 mortgage will depend entirely on the deal you secure. Factors such as your mortgage term, the interest rate you’re offered and the mortgage type (for example, interest only or repayment) will all shape the final figure. The example table gives you an idea of the potential costs.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £2,400 | £1,840 | £1,507 | £1,290 | £1,128 | £333 |
2% | £2,576 | £2,024 | £1,696 | £1,480 | £1,324 | £667 |
3% | £2,760 | £2,220 | £1,896 | £1,688 | £1,540 | £1,000 |
4% | £2,960 | £2,424 | £2,112 | £1,908 | £1,772 | £1,333 |
5% | £3,164 | £2,640 | £2,340 | £2,148 | £2,020 | £1,667 |
6% | £3,376 | £2,864 | £2,576 | £2,400 | £2,280 | £2,000 |
7% | £3,596 | £3,100 | £2,828 | £2,660 | £2,556 | £2,333 |
How much does a £450,000 mortgage cost?
Taking out a £450,000 mortgage could help you secure a desirable home - but you’ll need to make sure you’ve saved an adequate deposit amount to meet your lender’s maximum loan-to-value requirements.
Let’s explore the costs involved, from the monthly payments to the salary you might need for a £450,000 mortgage.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £450,000 mortgage?
The amount you can borrow is often tied to your annual salary. The standard lending multiple is about 4 or 4.5 times your income but some lenders may offer up to 6 times your income. You may find that applying with a partner can increase the total amount you can borrow, too.
Salary / Income Multiple | Salary / Income Required for £450,000 Mortgage |
|---|---|
4x | £112,500 |
4.5x | £100,000 |
5x | £90,000 |
5.5x | £81,819 |
6x | £75,000 |
What are the monthly repayments on a £450k mortgage?
You’ll need to consider several elements when working out the monthly cost of a £450,000 mortgage. The interest rate you're offered is one of the main factors, along with the length of the mortgage term and the specific mortgage product you choose. Refer to the table below to see how these factors can adjust your monthly commitment.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £2,700 | £2,070 | £1,695 | £1,451 | £1,269 | £375 |
2% | £2,898 | £2,277 | £1,908 | £1,665 | £1,490 | £750 |
3% | £3,105 | £2,498 | £2,133 | £1,900 | £1,733 | £1,125 |
4% | £3,330 | £2,727 | £2,376 | £2,147 | £1,994 | £1,500 |
5% | £3,559 | £2,970 | £2,633 | £2,417 | £2,273 | £1,875 |
6% | £3,798 | £3,222 | £2,898 | £2,700 | £2,565 | £2,250 |
7% | £4,046 | £3,488 | £3,181 | £2,993 | £2,876 | £2,625 |
How much does a £500,000 mortgage cost?
Taking out a £500,000 mortgage is a major investment in your future. To understand if this is manageable, it's crucial to examine the potential monthly repayments and the level of income lenders will expect you to have.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £500,000 mortgage?
How much you can borrow can be predominantly determined by your earnings, with lenders typically offering around 4 to 4.5 times your annual income. When you apply as a couple or with another person, their income may be taken into consideration too, which can significantly enhance your borrowing capacity.
Salary / Income Multiple | Salary / Income Required for £500,000 Mortgage |
|---|---|
4x | £125,000 |
4.5x | £111,112 |
5x | £100,000 |
5.5x | £90,910 |
6x | £83,334 |
What are the monthly repayments on a £500k mortgage?
The monthly figure for a £500,000 mortgage will depend on the specific terms of your loan. The interest rate, the mortgage term and mortgage type are all key ingredients in this calculation. The table below illustrates a range of potential monthly payment scenarios.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £3,000 | £2,300 | £1,884 | £1,613 | £1,410 | £417 |
2% | £3,220 | £2,530 | £2,120 | £1,850 | £1,655 | £833 |
3% | £3,450 | £2,775 | £2,370 | £2,110 | £1,925 | £1,250 |
4% | £3,700 | £3,030 | £2,640 | £2,385 | £2,215 | £1,667 |
5% | £3,955 | £3,300 | £2,925 | £2,685 | £2,525 | £2,083 |
6% | £4,220 | £3,580 | £3,220 | £3,000 | £2,850 | £2,500 |
7% | £4,495 | £3,875 | £3,535 | £3,325 | £3,195 | £2,916 |
How much does a £550,000 mortgage cost?
Securing a £550,000 mortgage could give you the flexibility you need to access premium properties. The overall cost should include budgeting for a larger deposit, higher Stamp Duty Land Tax and potentially higher legal fees associated with more complex property transactions. But, if you’re looking for an idea of monthly mortgage repayments, you’ll be able to roughly estimate this based on interest rate and mortgage term.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £550,000 mortgage?
At this level, lenders may apply more rigorous affordability tests to ensure you’ll still be able to afford repayments if interest rates were to rise significantly. However, how much you will be able to borrow will still be influenced by your annual income, with many lenders prepared to allow you to borrow between 4 and 6 times your income depending on your circumstances.
Salary / Income Multiple | Salary / Income Required for £550,000 Mortgage |
|---|---|
4x | £137,500 |
4.5x | £122,223 |
5x | £110,000 |
5.5x | £100,000 |
6x | £91,667 |
What are the monthly repayments on a £550k mortgage?
With a £550,000 mortgage, the interest rate you’re offered will make a significant difference to your monthly payments. Finding ways to access the most competitive rates, such as by lowering your loan-to-value ratio by putting down a bigger deposit, can help to bring your monthly repayments down.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £3,300 | £2,530 | £2,072 | £1,774 | £1,551 | £458 |
2% | £3,542 | £2,783 | £2,332 | £2,035 | £1,821 | £917 |
3% | £3,795 | £3,053 | £2,607 | £2,321 | £2,118 | £1,375 |
4% | £4,070 | £3,333 | £2,904 | £2,624 | £2,437 | £1,833 |
5% | £4,351 | £3,630 | £3,218 | £2,954 | £2,778 | £2,292 |
6% | £4,642 | £3,938 | £3,542 | £3,300 | £3,135 | £2,750 |
7% | £4,945 | £4,263 | £3,889 | £3,658 | £3,515 | £3,208 |
How much does a £600,000 mortgage cost?
A £600,000 mortgage is a significant financial investment, and it’s important to fully understand the costs involved - both in terms of monthly payments and ongoing expenses. To start with, let’s look at the repayment costs and the income needed to secure this level of borrowing.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £600,000 mortgage?
For substantial mortgage amounts, your income and overall financial health are scrutinised carefully. While your income will still be assessed, lenders will also perform a more detailed affordability check. Teaming up with a joint applicant, so your lender will consider both incomes, can allow you to access a larger borrowing amount.
Salary / Income Multiple | Salary / Income Required for £600,000 Mortgage |
|---|---|
4x | £150,000 |
4.5x | £133,334 |
5x | £120,000 |
5.5x | £109,091 |
6x | £100,000 |
What are the monthly repayments on a £600k mortgage?
The monthly repayments for a £600,000 mortgage will vary depending on several factors. Your interest rate, which is influenced by your deposit size and credit history, along with your chosen term length, will impact the cost significantly. The table below shows example repayment amounts.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £3,600 | £2,760 | £2,261 | £1,935 | £1,692 | £500 |
2% | £3,864 | £3,036 | £2,544 | £2,220 | £1,986 | £1,000 |
3% | £4,140 | £3,330 | £2,844 | £2,532 | £2,310 | £1,500 |
4% | £4,440 | £3,636 | £3,168 | £2,862 | £2,658 | £2,000 |
5% | £4,746 | £3,960 | £3,510 | £3,222 | £3,030 | £2,500 |
6% | £5,064 | £4,296 | £3,864 | £3,600 | £3,420 | £3,000 |
7% | £5,394 | £4,650 | £4,242 | £3,990 | £3,834 | £3,500 |
How much does a £650,000 mortgage cost?
Taking on a £650,000 mortgage means you are likely purchasing a significant asset. The overall cost should factor in not just the mortgage itself, but also associated expenses such as your Stamp Duty, legal fees and any protection insurance you choose.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £650,000 mortgage?
At this level of borrowing, lenders will scrutinise your income very carefully, so if you are wanting to include bonus and commission-based income you’ll need to present this information clearly, with supporting documentation from your employer. A broker can help you to prepare your mortgage application to boost your chances of success.
Salary / Income Multiple | Salary / Income Required for £650,000 Mortgage |
|---|---|
4x | £162,500 |
4.5x | £144,445 |
5x | £130,000 |
5.5x | £118,182 |
6x | £108,334 |
What are the monthly repayments on a £650k mortgage?
The monthly repayments for a £650,000 mortgage can differ significantly depending on the interest rate you’re offered and how long you want to borrow the money for. It’s important to consider these factors carefully when comparing mortgages. The table below gives you a rough idea of how much a £650,000 mortgage could cost each month.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £3,900 | £2,990 | £2,451 | £2,100 | £1,839 | £542 |
2% | £4,206 | £3,306 | £2,772 | £2,415 | £2,159 | £1,083 |
3% | £4,515 | £3,628 | £3,102 | £2,765 | £2,519 | £1,625 |
4% | £4,850 | £3,969 | £3,468 | £3,129 | £2,896 | £2,167 |
5% | £5,200 | £4,290 | £3,803 | £3,509 | £3,300 | £2,708 |
6% | £5,540 | £4,668 | £4,204 | £3,900 | £3,705 | £3,250 |
7% | £5,894 | £5,044 | £4,606 | £4,323 | £4,160 | £3,792 |
How much does a £700,000 mortgage cost?
A £700,000 mortgage is a substantial loan. Keep in mind that purchasing a more expensive property brings with it raised costs across-the-board. However, in terms of mortgage repayments, we’ll help you crunch the numbers…
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £700,000 mortgage?
This is a significant mortgage size, and lenders will want to be confident you can afford the repayments, so will likely scrutinise your earnings carefully. It’s also worth noting that, to secure a £700,000 mortgage, lenders will likely expect a more significant deposit, often 20-25% or more, as this reduces their risk. So you’ll probably need a decent amount in savings as well as a high income to access a £700,000 mortgage.
Salary / Income Multiple | Salary / Income Required for £700,000 Mortgage |
|---|---|
4x | £175,000 |
4.5x | £155,556 |
5x | £140,000 |
5.5x | £127,273 |
6x | £116,667 |
What are the monthly repayments on a £700k mortgage?
When calculating the monthly repayments for a £700,000 mortgage, the lender will perform rigorous stress tests to ensure you would still comfortably be able to afford the payments even if rates were to rise in the future. To get a very rough idea of how much a mortgage might cost you, and whether this fits with your budget, check out our table below.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £4,200 | £3,220 | £2,642 | £2,266 | £1,981 | £583 |
2% | £4,512 | £3,542 | £3,000 | £2,610 | £2,337 | £1,167 |
3% | £4,845 | £3,900 | £3,348 | £2,990 | £2,727 | £1,750 |
4% | £5,200 | £4,242 | £3,704 | £3,353 | £3,116 | £2,333 |
5% | £5,600 | £4,620 | £4,095 | £3,760 | £3,535 | £2,917 |
6% | £6,000 | £4,988 | £4,488 | £4,200 | £4,000 | £3,500 |
7% | £6,398 | £5,400 | £4,907 | £4,599 | £4,420 | £4,083 |
How much does a £750,000 mortgage cost?
For a £750,000 mortgage, you’ll likely need to have a high, stable income and a good deposit. We explore how much you might need to earn to access a high level of borrowing, and how much it could cost you each month.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £750,000 mortgage?
To be approved for a £750,000 mortgage, your income and overall financial health will be scrutinised by your lender. As a very general rule, lenders often offer between 4 to 6 times your income, but this will heavily depend on your individual circumstances.
Salary / Income Multiple | Salary / Income Required for £750,000 Mortgage |
|---|---|
4x | £187,500 |
4.5x | £166,667 |
5x | £150,000 |
5.5x | £136,364 |
6x | £125,000 |
What are the monthly repayments on a £750k mortgage?
As with all mortgages, your monthly repayments will be determined by the interest rate you’re offered, how long you borrow for and what mortgage product/type you choose.
With a mortgage of this size, the features of your mortgage product may also be particularly important to you. For example, the ability to make overpayments without penalty or the option for a 'payment holiday' can be important to some borrowers. Look at more than just the headline interest rate when determining the best product for you.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £4,500 | £3,450 | £2,830 | £2,420 | £2,120 | £625 |
2% | £4,842 | £3,805 | £3,210 | £2,805 | £2,512 | £1,250 |
3% | £5,200 | £4,185 | £3,600 | £3,207 | £2,925 | £1,875 |
4% | £5,600 | £4,575 | £3,990 | £3,770 | £3,390 | £2,500 |
5% | £6,000 | £4,950 | £4,388 | £4,030 | £3,795 | £3,125 |
6% | £6,400 | £5,385 | £4,820 | £4,500 | £4,275 | £3,750 |
7% | £6,800 | £5,813 | £5,258 | £4,940 | £4,736 | £4,375 |
How much does an £800,000 mortgage cost?
You’ll need to meet lenders’ strict eligibility criteria if you want to borrow £800,000. You should expect substantial monthly repayments, which means a high income level is often required to access mortgages of this size.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get an £800,000 mortgage?
For high-value borrowing, demonstrating a stable and high level of income is critical. So, to be approved for an £800,000 mortgage, your income must be substantial. Lenders will use an affordability model based on a multiple of your annual salary, typically around 4.5x.
Salary / Income Multiple | Salary / Income Required for £800,000 Mortgage |
|---|---|
4x | £200,000 |
4.5x | £177,778 |
5x | £160,000 |
5.5x | £145,455 |
6x | £133,334 |
What are the monthly repayments on an £800k mortgage?
Your monthly outlay on an £800,000 mortgage will be a significant figure, shaped by the specifics of your mortgage product. The term length and, perhaps most importantly, the interest rate will determine the exact amount you pay. See the table for illustrations of how these factors can influence your monthly payments.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £4,800 | £3,680 | £3,013 | £2,580 | £2,256 | £667 |
2% | £5,160 | £4,060 | £3,420 | £2,990 | £2,674 | £1,333 |
3% | £5,520 | £4,440 | £3,792 | £3,376 | £3,080 | £2,000 |
4% | £5,920 | £4,848 | £4,224 | £3,816 | £3,544 | £2,667 |
5% | £6,328 | £5,280 | £4,680 | £4,296 | £4,040 | £3,333 |
6% | £6,752 | £5,728 | £5,152 | £4,800 | £4,560 | £4,000 |
7% | £7,192 | £6,200 | £5,656 | £5,320 | £5,112 | £4,667 |
How much does an £850,000 mortgage cost?
An £850,000 mortgage is a substantial financial commitment used to purchase a high-value property. Here is a look at the monthly repayments you can expect and the income you will likely need to be approved.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get an £850,000 mortgage?
The loan amount a lender will offer you is often primarily based on your salary. Generally, you’ll be able to borrow around 4 to 4.5 times your annual income, although some lenders may offer a higher multiple. If you choose a joint mortgage, lenders will take both incomes into account, meaning you may be able to borrow more.
Salary / Income Multiple | Salary / Income Required for £850,000 Mortgage |
|---|---|
4x | £212,500 |
4.5x | £188,889 |
5x | £170,000 |
5.5x | £154,546 |
6x | £141,667 |
What are the monthly repayments on an £850k mortgage?
The amount you’ll pay each month for an £850,000 mortgage is dependent on several factors. These include the interest rate you are offered, the mortgage term length, and the product type you select. The table below will give you an idea of how these factors can impact your monthly costs.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £5,100 | £3,910 | £3,203 | £2,741 | £2,400 | £708 |
2% | £5,502 | £4,323 | £3,638 | £3,178 | £2,841 | £1,417 |
3% | £5,895 | £4,748 | £4,050 | £3,605 | £3,289 | £2,125 |
4% | £6,290 | £5,178 | £4,506 | £4,057 | £3,767 | £2,833 |
5% | £6,730 | £5,590 | £4,973 | £4,560 | £4,293 | £3,542 |
6% | £7,170 | £6,108 | £5,476 | £5,100 | £4,845 | £4,250 |
7% | £7,641 | £6,588 | £6,000 | £5,635 | £5,410 | £4,958 |
How much does a £900,000 mortgage cost?
Securing a £900,000 mortgage is a significant financial step for those buying in the premium property market. Let’s look at what you can expect in terms of the required income and the typical monthly repayments.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £900,000 mortgage?
The amount you’ll be able to borrow is largely based on your income - not necessarily just your salary, but also any additional income such as bonuses. You’ll usually be able to borrow around 4 or 4.5 times your salary, though some lenders offer higher multiples. Remember, if you opt for a joint mortgage, lenders will usually take combined earnings into account so you may be able to borrow more if you get a mortgage with someone else.
Salary / Income Multiple | Salary / Income Required for £900,000 Mortgage |
|---|---|
4x | £225,000 |
4.5x | £200,000 |
5x | £180,000 |
5.5x | £163,637 |
6x | £150,000 |
What are the monthly repayments on a £900k mortgage?
How much you’ll pay each month for a £900,000 mortgage will depend on lots of different factors, including the interest rate you’re offered, term length and mortgage type. The table below gives you an idea of how much these factors can change your monthly cost.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £5,400 | £4,140 | £3,394 | £2,903 | £2,538 | £750 |
2% | £5,852 | £4,600 | £3,870 | £3,375 | £3,019 | £1,500 |
3% | £6,255 | £5,055 | £4,310 | £3,830 | £3,500 | £2,250 |
4% | £6,700 | £5,490 | £4,752 | £4,300 | £3,987 | £3,000 |
5% | £7,155 | £5,940 | £5,265 | £4,830 | £4,545 | £3,750 |
6% | £7,623 | £6,444 | £5,800 | £5,400 | £5,130 | £4,500 |
7% | £8,100 | £6,975 | £6,363 | £5,985 | £5,750 | £5,250 |
How much does a £950,000 mortgage cost?
A £950,000 mortgage is a very large loan, requiring careful financial consideration. To see if this is affordable for you, it is essential to understand the likely monthly costs and the salary level you will need to have. You’ll also need to factor in all the other costs associated with buying a house, from the deposit to stamp duty, mortgage product fees to legal costs.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £950,000 mortgage?
A lender will use your annual earnings as part of their calculations when deciding how much you can borrow. The standard guideline is a loan of around 4 to 4.5 times your income, but some lenders may offer more. If you apply with a partner for a joint mortgage, the lender will assess both of your incomes, which can help you borrow a larger amount.
Salary / Income Multiple | Salary / Income Required for £950,000 Mortgage |
|---|---|
4x | £237,500 |
4.5x | £211,112 |
5x | £190,000 |
5.5x | £172,728 |
6x | £158,334 |
What are the monthly repayments on a £950k mortgage?
Your exact monthly payment for a £950,000 mortgage will be determined by a few key factors, which will be influenced by your personal and financial circumstances. However, the interest rate you’re offered and how long it’ll take to repay your mortgage heavily influence how much the cost might be. The table below illustrates how different scenarios can affect your monthly payments.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £5,700 | £4,370 | £3,585 | £3,066 | £2,679 | £792 |
2% | £6,174 | £4,856 | £4,103 | £3,563 | £3,200 | £1,583 |
3% | £6,608 | £5,348 | £4,561 | £4,050 | £3,708 | £2,375 |
4% | £7,075 | £5,794 | £5,028 | £4,550 | £4,235 | £3,167 |
5% | £7,553 | £6,270 | £5,535 | £5,100 | £4,800 | £3,958 |
6% | £8,049 | £6,804 | £6,100 | £5,700 | £5,415 | £4,750 |
7% | £8,550 | £7,363 | £6,700 | £6,310 | £6,070 | £5,542 |
How much does a £1,000,000 mortgage cost?
Securing a £1,000,000 mortgage is a process reserved for high-net-worth individuals likely aiming to acquire premium real estate. The cost involves substantial monthly repayments and requires a very strong income profile.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £1,000,000 mortgage?
To obtain a seven-figure mortgage, your earnings must be exceptionally high. Lenders will conduct a rigorous assessment of your finances, but the 4x to 4.5x income multiple still serves as a useful benchmark. This means a high joint income is almost always a necessity for borrowing at this level.
Salary / Income Multiple | Salary / Income Required for £1,000,000 Mortgage |
|---|---|
4x | £250,000 |
4.5x | £222,223 |
5x | £200,000 |
5.5x | £181,819 |
6x | £166,667 |
What are the monthly repayments on a £1m mortgage?
The monthly repayments for a £1,000,000 mortgage are significant and are defined by the product's terms. The interest rate you’re offered and the length of the mortgage term are important factors in determining your monthly cost, as illustrated in the table below.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £6,000 | £4,600 | £3,774 | £3,229 | £2,820 | £833 |
2% | £6,499 | £5,112 | £4,319 | £3,758 | £3,368 | £1,667 |
3% | £6,950 | £5,630 | £4,800 | £4,263 | £3,900 | £2,500 |
4% | £7,450 | £6,100 | £5,300 | £4,790 | £4,458 | £3,333 |
5% | £7,950 | £6,600 | £5,820 | £5,370 | £5,050 | £4,167 |
6% | £8,470 | £7,160 | £6,440 | £6,000 | £5,700 | £5,000 |
7% | £9,000 | £7,750 | £7,070 | £6,650 | £6,390 | £5,833 |
How much does a £1,250,000 mortgage cost?
Securing a £1,250,000 mortgage is a significant financial decision, often made by those looking to purchase a premium property. Here’s a look at what you can expect in terms of monthly repayments and the income you'll likely need.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £1,250,000 mortgage?
You’ll usually be able to borrow around 4 to 4.5 times your salary, though some lenders offer higher multiples. Remember, if you opt for a joint mortgage, lenders will usually take combined earnings into account so you may be able to borrow more if you get a mortgage with someone else.
Salary / Income Multiple | Salary / Income Required for £1,250,000 Mortgage |
|---|---|
4x | £312,500 |
4.5x | £277,778 |
5x | £250,000 |
5.5x | £227,273 |
6x | £208,334 |
What are the monthly repayments on a £1.25m mortgage?
How much you’ll pay each month for a £1,250,000 mortgage will depend on lots of different factors, including the interest rate you’re offered, term length and mortgage type. The table below gives you an idea of how much these factors can change your monthly cost.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £7,500 | £5,750 | £4,718 | £4,037 | £3,525 | £1,042 |
2% | £8,124 | £6,390 | £5,399 | £4,698 | £4,166 | £2,083 |
3% | £8,688 | £7,040 | £6,000 | £5,300 | £4,813 | £3,125 |
4% | £9,250 | £7,625 | £6,600 | £5,988 | £5,573 | £4,167 |
5% | £9,938 | £8,250 | £7,275 | £6,713 | £6,313 | £5,208 |
6% | £10,600 | £8,950 | £8,050 | £7,500 | £7,125 | £6,250 |
7% | £11,250 | £9,688 | £8,838 | £8,313 | £7,988 | £7,292 |
How much does a £1,500,000 mortgage cost?
A £1,500,000 mortgage is a specialised financial product for purchasing high-value property. The cost implications are considerable, involving large monthly payments and the need for a very high and stable income.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £1,500,000 mortgage?
Borrowing at this level requires a very high income. Lenders’ affordability calculations, while still based on an income multiple of around 4.5x, may also involve a more holistic review of your assets and financial standing.
Salary / Income Multiple | Salary / Income Required for £1,500,000 Mortgage |
|---|---|
4x | £375,000 |
4.5x | £333,334 |
5x | £300,000 |
5.5x | £272,728 |
6x | £250,000 |
What are the monthly repayments on a £1.5m mortgage?
The monthly cost of a £1,500,000 mortgage is a substantial financial commitment. This figure is shaped by the bespoke terms of the mortgage deal, including the interest rate secured and the agreed-upon repayment term. The table below gives an indication of the potential monthly expenses.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £9,000 | £6,900 | £5,661 | £4,838 | £4,230 | £1,250 |
2% | £9,749 | £7,668 | £6,479 | £5,638 | £5,053 | £2,500 |
3% | £10,425 | £8,445 | £7,200 | £6,363 | £5,775 | £3,750 |
4% | £11,100 | £9,150 | £8,000 | £7,185 | £6,700 | £5,000 |
5% | £11,925 | £9,900 | £8,750 | £8,050 | £7,575 | £6,250 |
6% | £12,720 | £10,740 | £9,660 | £9,000 | £8,550 | £7,500 |
7% | £13,500 | £11,625 | £10,605 | £9,975 | £9,585 | £8,750 |
How much does a £1,750,000 mortgage cost?
A £1,750,000 mortgage is a very large loan often used to finance exclusive real estate. It's important to understand the required income and the potential monthly repayments before proceeding.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £1,750,000 mortgage?
The loan amount you’ll be able to secure is largely based on your earnings, which could include annual salary in addition to regular, provable additional income such as bonuses or commission. Lenders will typically offer a loan of around 4 to 4.5 times your annual income, although some specialist lenders may offer more. Keep in mind that applying with someone else may allow you to borrow more, as their income will be included in the lender’s affordability assessment too.
Salary / Income Multiple | Salary / Income Required for £1,750,000 Mortgage |
|---|---|
4x | £437,500 |
4.5x | £388,889 |
5x | £350,000 |
5.5x | £318,182 |
6x | £291,667 |
What are the monthly repayments on a £1.75m mortgage?
The specific amount you will pay each month for a £1,750,000 mortgage is influenced by lots of factors including your interest rate, the mortgage term you choose and the type of product you select. Your interest rate will be decided upon based on things like your personal and financial circumstances, credit history and deposit size. The table below illustrates how your monthly payments can change based on these elements.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £10,500 | £7,945 | £6,700 | £5,900 | £5,300 | £1,458 |
2% | £11,374 | £8,800 | £7,500 | £6,750 | £6,100 | £2,917 |
3% | £12,163 | £9,583 | £8,300 | £7,500 | £6,850 | £4,375 |
4% | £13,000 | £10,313 | £9,125 | £8,250 | £7,600 | £5,833 |
5% | £13,913 | £11,150 | £9,900 | £9,000 | £8,350 | £7,292 |
6% | £14,840 | £12,000 | £10,750 | £9,750 | £9,100 | £8,750 |
7% | £15,750 | £12,875 | £11,625 | £10,500 | £9,850 | £10,208 |
How much does a £2,000,000 mortgage cost?
A £2,000,000 mortgage is at the very top end of the lending market, used for acquiring exclusive properties. The costs are significant, requiring a significant income and resulting in very large monthly repayments.
Remember, these figures are illustrative and are subject to lender policy and minimum income requirements. For personalised mortgage recommendations based on your specific circumstances, get in touch with our expert mortgage advisors.
How much do you need to earn to get a £2,000,000 mortgage?
To be eligible for a £2,000,000 mortgage, applicants must demonstrate exceptional earnings. While the usual salary multiple provides a baseline, lenders will undertake an in-depth, forensic-level review of your financial circumstances, favouring those with multiple streams of stable, high income.
Salary / Income Multiple | Salary / Income Required for £2,000,000 Mortgage |
|---|---|
4x | £500,000 |
4.5x | £444,445 |
5x | £400,000 |
5.5x | £363,637 |
6x | £333,334 |
What are the monthly repayments on a £2m mortgage?
Monthly repayments for a £2,000,000 mortgage are, as expected, very high. The interest rate and the mortgage term are the fundamental elements that will define your monthly payment obligations, as shown in the example table.
Interest rate | 15 years | 20 years | 25 years | 30 years | 35 years | Interest-only |
|---|---|---|---|---|---|---|
1% | £12,000 | £9,190 | £7,540 | £6,458 | £5,640 | £1,667 |
2% | £12,999 | £10,224 | £8,600 | £7,517 | £6,737 | £3,333 |
3% | £13,900 | £11,260 | £9,600 | £8,526 | £7,800 | £5,000 |
4% | £14,800 | £12,200 | £10,600 | £9,580 | £8,917 | £6,667 |
5% | £15,900 | £13,200 | £11,700 | £10,740 | £10,100 | £8,333 |
6% | £16,960 | £14,320 | £12,880 | £12,000 | £11,400 | £10,000 |
7% | £17,990 | £15,500 | £14,140 | £13,300 | £12,780 | £11,667 |
FAQs
Save your deposit
Your deposit is the amount of money you pay upfront towards the cost of the property. Lenders will typically ask for at least 5-10% of the property's value. However, saving for a larger deposit is one of the most effective things you can do to access more competitive rates. A bigger deposit means you need to borrow less, which reduces your loan-to-value (LTV) ratio. Lenders see a lower LTV as less risky, and will often reward you with more competitive interest rates, which means lower monthly payments for you.
Check and improve your credit score
Your credit score is a vital part of your financial profile that shows lenders how reliably you have managed credit in the past. Before you apply for a mortgage, it’s essential to check your credit report for any errors or issues that could work against you. You may also be able to spot ways to improve your credit score, such as registering for the electoral roll or reporting your rent payments.
Get your documentation ready before applying
Mortgage lenders require a lot of paperwork to verify your income, identity, and spending habits. Being prepared can save a huge amount of time and stress once you start your application. You’ll need proof of ID, address, income and deposit - for more information, take a look at our guide on the documentation you need to apply for a mortgage.
Compare mortgage deals
Once you are in a strong position, it’s time to find the right mortgage. This is the stage where working with a mortgage advisor can be invaluable. We have access to thousands of products from a wide range of lenders and can recommend the best deal for your specific circumstances, saving you time, hassle, and potentially money.
The interest rate you’re offered can make a big difference to the monthly and overall cost of your mortgage. Lenders look at a range of factors to decide what rate to offer you, as they are essentially assessing how much risk is involved in lending to you. The main factors are:
Your deposit size. This is one of the most important factors. The bigger your deposit, the lower your loan-to-value (LTV) ratio is. A lower LTV is less risky for the lender, so they will usually reward you with a more competitive interest rate.
Your credit history. Your credit score gives lenders a snapshot of how reliably you have managed debt in the past. A strong credit history with no missed payments will likely give you access to the best rates, while a lower score can result in being offered higher rates.
The mortgage type you choose. Fixed-rate mortgages lock in your rate for a set period (e.g., 2, 5, or 10 years), offering security. Variable or tracker-rate mortgages follow the Bank of England base rate or the lender's own rate and can change, which is a different kind of risk.
The length of your mortgage deal. The length of the initial deal also matters. For example, a 5-year fixed rate will often carry different interest rates than a 2-year fixed rate.
Your financial circumstances. Lenders will assess your income and your regular outgoings to ensure the mortgage is affordable for you. A stable, secure income and a good handle on your existing debts can make you a more attractive applicant.
The mortgage term. While this doesn't always impact the rate directly, the length of the mortgage (e.g., 25 vs 35 years) can affect which products are available to you, especially in relation to your age and planned retirement date.
Yes, there are several ways you might be able to get a bigger mortgage. Lenders primarily look at your income and your outgoings, so the key is to improve your financial position in their eyes.
You could potentially increase your borrowing amount if you:
Increase your income: As lenders typically offer a multiple of your salary (around 4.5x), a higher income is the most direct way to get a larger loan.
Apply on a joint basis: If you get a mortgage with someone else, lenders will usually income both incomes in their assessment, which can significantly increase your borrowing potential.
Save for a larger deposit: A bigger deposit reduces the lender's risk and lowers your loan-to-value (LTV) ratio. This can improve your affordability score and may help you borrow a larger amount.
Reduce your debts and outgoings: Paying down credit cards, car loans, or other financial commitments before you apply means you have more disposable income each month, which can show lenders you can handle a bigger mortgage payment.
Compare your mortgage options: Some lenders offer higher income multiples (5x or even more) to applicants in certain professions or with a high income. A mortgage advisor can help to identify the right lender for your circumstances who may be willing to offer you a bigger loan.
When buying a home, it’s crucial to budget for more than just your deposit and monthly mortgage repayments. There are several other one-off costs you'll need to account for during the purchase process. The main ones to plan for include stamp duty, legal fees, arrangement or product fees, valuation and survey fees, buildings insurance and moving costs.