A house costs £850000, you have £100000 you can put down, how much in annual household inome would you need to

Question

...comfortably afford a 20 year mortgage on £750,000 British Pounds?

Answer 1

To be comfortable £250,000.

Answer 2

You know, the internet is chock full of mortgage calculators. And they are free! Won't have an impact on your income whatsoever.

Let's put the shoe on the other foot: Suppose you were to lend 3/4 million pounds to some bloke who put down 100k pounds and promised to pay the rest in 20 years.  (plus interest!)

How much money would you think that bloke would have to earn so that you can have 20 years peace of mind, instead of worrying each and every month that the deal may fall through?

Answer 3

750,000 - is that your annual pay?  

Answer 4

over 20 years you would need to pay back at least 5-6 thousand a month..

Answer 5

All the answers are more or less correct, about 200k.annual income. Which means that your monthly repayment for your mortgage is about 6k. Will you be comfortable after paying 6k from your monthly income?

Answer 6

275 - 300 k

Answer 7

i dont do maths

Answer 8

according to the nationwide the monthly repayments on a 20 year mortgage at current base rates is just under £6,000, say £65..72,000 per annum

so depending on how flamboyant your lifestyle is then I'd guess somewhere in excess £150..200,000. but as ever it depends on you. if you have a £850,000 then you probably have an £850,000+ lifestyle which adds to the costs..

Answer 9

Around £170k per year - mortgage can be maximum of fives time salary.