£800,000 Mortgage: Monthly Repayments & Income Requirements

Want to know how much a £800,000 mortgage will cost each month and how much you’d need to earn? Read on to find out everything you need to know.

Home Mortgage Repayments £800,000 Mortgage: Monthly Repayments & Income Requirements
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: June 3, 2024

To get a mortgage for £800,000 you would typically need a deposit of between £40,000 and £80,000 or more and an income of £160,000 or more to be approved.

At the time of writing (June 2024) the average monthly repayments on a £800,000 mortgage are £4,677. This is based on current interest rates being around 5%, a typical mortgage term of 25 years, and opting for a capital repayment mortgage. Based on this, you would repay £1,403,016 over the mortgage term.

For more information on what you can expect to pay, the income you’ll need and other factors that affect your monthly repayments, keep scrolling.

Compare the best deals available to you in a fast & free initial consultation with a mortgage advisor.

How much does a £800,000 mortgage cost per month?

What you repay each month will depend on your interest rate, the term of your mortgage and how much capital you put down as a deposit. As a general rule, expect to pay more each month with a larger mortgage as you have a greater sum to pay back than a £100,000 mortgage for example.

If you secure a mortgage with a longer term, this will result in smaller monthly repayments but you’ll pay more in total over the mortgage term.

It’s a good idea to speak to one of the advisors we work with to better understand what your repayments might look like. They can assist you in obtaining more favourable terms and lower repayments compared to what you might secure on your own when trying to get a mortgage.

Mortgage Repayment Calculator

This calculator can tell you the monthly and overall cost of your mortgage, based on the loan amount, interest rate, and term length.

Enter the amount you're borrowing
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
Enter the mortgage term, 25 years is the average but lenders can offer shorter and longer terms

Your Results:

The monthly repayments on a mortgage would be

The total amount paid at the end of your mortgage term would be

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How much do you need to earn to get a £800,000 mortgage?

What you can borrow is based on your salary. Most lenders will loan 4 or 4.5 times your annual income. You’ll need an annual income of £160,000 to £200,000 to be approved for a £800,000 mortgage, which is significantly above the average UK annual salary, currently £34,900 (June 2024).

If your income falls below the figures above, you may not be approved for a £800k mortgage. However, you can apply for a joint mortgage with your partner to increase your chances of approval. You can improve your chances of meeting the income requirements for the mortgage by combining your earnings.

Some lenders may be willing to offer 5 times or possibly even 6 times your annual salary. In this scenario, you would need to earn £140,000 to be eligible for a £800,000 mortgage. However, this option is often only available to certain professions with high or stable incomes, such as doctors, lawyers or high net-worth individuals.

It’s best to consult a broker if this scenario affects you, as they can indicate which lenders can offer this and whether you’d meet the lender’s affordability criteria.

The table below shows how your income and the provider’s income multiples combine to show your maximum borrowing capacity:

Income 4x income 4.5x income 5x income 5.5x income 6x income
£150,000 £600,000 £675,000 £750,000 £825,000 £900,000
£160,000 £640,000 £720,000 £800,000 £880,000 £960,000
£170,000 £680,000 £765,000 £850,000 £935,000 £1,020,000
£180,000 £720,000 £810,000 £900,000 £990,000 £1,080,000
£190,000 £760,000 £855,000 £950,000 £1,045,000 £1,140,000
£200,000 £800,000 £900,000 £1,000,000 £1,100,000 £1,200,000

The above table is for comparative purposes only. Talk to one of the advisors we work with for the most up-to-date information on affordability criteria.

If you’d like to see how this works out for yourself, based on your annual income, take a look at our mortgage affordability calculator below:

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants

Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

Get Started with an expert broker to find out exactly how much you could borrow.

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How much deposit do you need for a £800,000 mortgage?

Most lenders’ minimum deposit requirements range from 5% to 10% of the property value. For a property valued at £800,000, you’d need a minimum deposit of £40,000 to £80,000.

You might require a bigger deposit, approximately 25% if you have poor credit. A larger deposit is also essential for a mortgage on a non-standard construction property, such as a thatched country cottage.

For buy-to-let mortgages, most lenders typically require a minimum deposit of 20%. However, an experienced mortgage broker in this field may be able to identify lenders who ask for less.

Having a larger deposit increases your chances of getting approved for a mortgage. It also lowers your monthly payments, improves your loan-to-value ratio, and allows you to access more competitive interest rates. A smaller deposit will result in higher monthly payments.

Use our calculator below to see how this plays out.

LTV Calculator

This calculator will tell you what your loan-to-value (LTV) ratio is, based on the property's value, your deposit/equity and the amount you're borrowing.

Enter an amount in pound sterling
Property value minus your deposit/equity
Loan amount must be less than property value

Your Results:

Your LTV is

This means that most mortgage providers will consider your deposit amount to be more than satisfactory, but speaking to a broker is still recommended to ensure you get the best deal.

This means you’re likely to meet the deposit requirements at most lenders, but since many reserve their best rates for those with higher deposits, speaking to a broker is recommended.

Many mainstream mortgage providers would consider this high and be reluctant to lend. Applying through a mortgage broker may be necessary to find a specialist low deposit mortgage lender.

LTVs have a direct impact on the rates available to you - speak to a mortgage broker and find out how to get the best deal based on your ratio.

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How to get a £800,000 mortgage

Once you’ve found a property and completed the necessary calculations, your next step should be to find an experienced mortgage broker. This will increase your chances of approval and help you secure the best available terms.

Using our free broker-matching service you can speak to the right broker straightaway by simply enquiring online.

They’ll be able to help with:

  • Deposit requirements: To secure a £800,000 mortgage, you will need to save a minimum deposit of 5% to 10%. The exact amount required will depend on the property value. For example, for a £800,000 house, a 10% deposit would be £80,000. One simple way to save for this deposit is to open a savings account and put 10% to 15% of your monthly wage into the account.
  • Reviewing and Optimising Your Credit Reports: Before applying it’s important to check your credit history to make sure no bad credit issues exist and remove any inaccurate or outdated information that could hinder your chances of securing the mortgage you need.
  • Gathering all the necessary paperwork required for your application: Your broker will be able to guide you through the application process and all the typical documents required – proof of income, at least three months of bank statements, personal ID, proof of address, evidence of deposit, latest P60 form etc.
  • Determining Your Borrowing Capacity: Based on typical lender salary multiplier calculations, you might assume that £800,000 is the maximum amount you can borrow for a mortgage. However, this may not be the case. A mortgage broker can assess your circumstances and eligibility for better deals from lenders, potentially allowing you to borrow more at better interest rates.
  • Identify the Right Lender and Secure the Best Deal: Your mortgage broker can identify lenders offering the best interest rate terms. This can save you time and potentially some money.
  • Guiding you through the Mortgage Process: Getting a mortgage can be difficult, especially if it’s your first application. The right mortgage broker can help you with any issues you may face along the way, look after your interests and be a lifeline in case anything goes wrong.

Example monthly repayments for a £800,000 mortgage

The table below shows how monthly payments on a £800,000 mortgage can change depending on the rate and term.

Interest rate 15 years 20 years 25 years 30 years 35 years
1% £4,788 £3,679 £3,015 £2,573 £2,258
2% £5,148 £4,047 £3,391 £2,957 £2,650
3% £5,525 £4,437 £3,794 £3,373 £3,079
4% £5,918 £4,848 £4,223 £3,819 £3,542
5% £6,236 £5,280 £4,677 £4,295 £4,038
6% £6,751 £5,731 £5,154 £4,796 £4,562
7% £7,191 £6,202 £5,654 £5,322 £5,111
8% £7,645 £6,692 £6,175 £5,870 £5,682

The repayment amount for interest-only mortgages stays the same regardless of the loan term. For example, if the monthly repayment at a 6% interest rate is £4,000, it will remain the same whether you choose a 15-year or a 30-year term. This is due to the principal amount not decreasing and being paid off in full until the end using a separate repayment vehicle.

Interest rate 1% 2% 3% 4% 5% 6% 7% 8%
Any term £667 £1,333 £2,000 £2,667 £3,333 £4,000 £4,667 £5,333

For the purpose of these tables, we assume the interest rate stays the same for the full length of the mortgage. Interest rates can change if you decide to remortgage on to a different rate or move from a fixed or discounted deal on to the lender’s standard variable rate (SVR).

With the Bank of England base rate currently at 5.25% (June 2024) and the average mortgage rates between 5% to 6% the repayment figures along these rows in the table above would be the most realistic at present. This can change as and when the base rate is changed.

Factors that affect monthly repayments

Each of the following factors outlined below directly impacts your mortgage repayments.

Interest rate

Securing the best (lowest) interest rate available will ensure that your repayments are as low as possible, based on the current market conditions when you apply.

The strength of your application and the size of your deposit will determine how many mortgage lenders are willing to consider you for a mortgage. This means you’ll have access to the best available rates.

Other factors, such as your credit history, age, and employment status, can also impact the interest rate you qualify for. This could result in a smaller pool of lenders willing to consider you for a mortgage.

Mortgage term

The average mortgage term in the UK is 25 years, but lenders can be flexible. If you can show that affordability is not an issue, you can often shorten your loan term. This will result in higher monthly payments but savings on interest over the loan term. Some lenders may permit overpayments, which can help you pay off your mortgage more quickly and reduce the total interest you pay.

However, you need to be careful not to overpay too much as you might face early repayment charges if you repay more than 10% each year.

If you’re struggling to afford a £800,000 loan for the home you want, you can extend your term to a maximum of 40 years for more manageable monthly repayments. Bear in mind, not all lenders offer 40-year terms, and you are more likely to be approved for one if you are younger.

If you don’t match the eligibility criteria for high-street lenders, you can still get a good rate by approaching a specialist lender more sympathetic to your situation. This can include applicants looking for bad credit mortgages or mortgages for self-employed people. The best way to find these lenders is by using the services of an experienced mortgage broker.

Mortgage Type

The type of mortgage you get plays a big factor in determining your monthly repayments.

Broadly speaking there are three different types available:

  • Fixed-rate mortgages: With a fixed-rate mortgage, your interest rate remains the same throughout your term, so you know exactly what your monthly payments will be for several years (usually between two and five). These types of mortgages make budgeting easier, but if interest rates drop you can be stuck with a higher rate than you otherwise would have.
  • Variable rate mortgages: As the name suggests, these types of mortgages have rates that can vary rather than remain fixed. They can be slightly more risky than a fixed-rate mortgage but can result in lower monthly repayments during the term if interest rates drop, for example. Types of variable rates include tracker mortgages (see below), discounted rate mortgages and standard variable rate (SVR) mortgages.
  • Tracker mortgages: This type of mortgage has a variable rate that usually tracks the Bank of England base rate (typically a set percentage above the base rate). Some lenders include a minimum and maximum rate to give you peace of mind. Rates are usually lower than fixed rates on offer at the time of taking out your mortgage. Many lenders offer discount tracker rates to help reduce your monthly payments.

Your age

Most lenders, especially on the high street, impose a maximum age limit on their mortgage products, meaning you’ll typically need to have finished repaying your mortgage by the age of 75-85.

The older you are, the shorter the term is likely to be. However, not all lenders apply maximum age limits, so if you’re an older borrower, you might be able to achieve the term you want with the right lender. Alternatively, you can look at equity release products, intended for over 55s.

Your credit history

If you have issues with your credit history, lenders might charge you a higher interest rate to mitigate the risk of lending to you. A broker specialising in mortgages for people with bad credit can help you find the best rates given your circumstances.

If you’re unsure what your credit score is or want to check before you go any further, use the free tool below:

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Other costs to consider

There are additional charges that might affect your monthly costs when applying for a £800,000 mortgage. Speaking to a mortgage broker about the following costs will help you understand what they entail and prevent any unpleasant surprises.

Product fees

Some mortgages come with fees to set them up, such as some of the ones listed below:

  • Arrangement fee: Most mortgages include an arrangement fee, also known as a “product fee.” These fees typically depend on the complexity of the application and can range from up to around £2,000. In some cases, these fees can be added to your mortgage, but doing so will increase your monthly payment slightly and result in paying interest on the fee.
  • Booking fee: Not every mortgage will require a booking fee, but those that do will typically ask for around £100 – £200.
  • Valuation fee: Most lenders insist on a valuation fee to confirm the purchase price is right and protect their investment. This is likely to cost you in the region of £300.
  • Land registry fee: You pay an admin fee to the Land Registry to change the register entry to your name for properties valued at £100,001 and above. The fee varies from £45 to £145 depending on the property’s value.
  • Solicitors fee: Also known as the ‘conveyancing fee’, this is the amount you pay your solicitor for their work on the deal. These can vary considerably but as a general guide, expect to pay between £800 and £1,500.
  • Broker fee: If you decide to use their services a broker will typically charge either a percentage of the amount borrowed (usually up to 1%) or a fixed fee (between £500-£1,000 depending on the complexity of the application).


You’ll likely need to account for additional insurance costs when considering a mortgage. These may include:

  • Home insurance: Covers your property against damage or loss.
  • Life insurance: Provides coverage for the mortgage in case of your death.
  • Income protection: Helps if you’re unable to work due to illness or injury.
  • Critical illness cover: Assists if you’re diagnosed with a serious medical condition

Stamp duty

Depending on the property’s value and whether it’s your main residence, you may have to pay stamp duty. First-time buyers and those purchasing residential properties under £250,000 are exempt from this tax.

These costs usually occur during the purchasing process, and while they do not directly impact monthly payments, they are an additional expense to consider in your calculations.

Why use Online Mortgage Advisor?

Finding the right broker is crucial when taking out a £800,000 mortgage.

Our broker-matching service removes the burden of finding the right specialist and introduces you to one with a proven track record of helping people in your situation get the best mortgage deal.

When you enquire, we’ll take some basic details and then pair you with the ideal broker according to your circumstances and those of the property you are looking to buy or remortgage.

To get matched with your ideal broker, call today on 0808 189 2301 or enquire online to arrange a free, no-obligation chat.

Get an expert to confirm the lowest repayments available to you today

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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