How much do you actually need to earn

How much do you actually need to earn a £1m house? £1 million? Let's break it down. First of all, you need a 10% deposit. So you need £100,000 in cash just for that 10% deposit. That leaves you needing £900,000 as a mortgage. Now, most banks will lend up to four and a half times your annual household income. So you would need an annual income of at least £200,000 or if you have a partner, £100,000 each. But the deposit isn't the only upfront cost. You have stamp duty because on a £1 million pound house, the stamp duty alone is about £43,700 and £47,750, which is absolutely insane. On top of that, consider surveys, mortgage fees. So realistically, you need more than £150,000 saved up to buy that house. And before you even get the keys, and if you have any loans, any car finance, any large monthly expenses, your income will probably have to be higher. So the real answer to comfortably buy a £1 million looking income is £200+ thousand pounds per year, and realistically more than £150,000 and cash. And obviously, a better deposit reduces your mortgage payment.