on a repayment mortgage would be £750
To keep housing costs affordable, we are using an example of a third of your take-home income .
Housing costs of £750 a month would mean you would need to make a minimum take home pay of £2,300 a month after tax to keep these costs below a third of your take-home pay.
To achieve that, your annual salary after tax would need to be at least £28,000, depending on your financial circumstances. This figure does not take into account other financial commitments you may have, for example a student loan.* Based on 90% mortgage with an example 4.5% interest rate over 25 years
House prices were taken from HM Land Registry UK House Price Index: March 2020.
Monthly repayments were calculated based on the 90% mortgage with 4.5 interest rate over 25 years.
Retrieved: August 2020
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