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: February 2022.
Monthly repayments were calculated based on the 90% mortgage with 4.5 interest rate over 25 years.
Retrieved: May 2022
The content on this page (Content) is provided for general information only. The content in not intended to amount to and does not constitute any form of financial or other advice, recommendation, representation, warranty or guarantee on which you should rely. You must obtain professional or specialist advice before taking, or refraining form, any action or decision on the basis of the Content.
Bought to you by the GoCompare home insurance team.