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£3,000 A Month Mortgages

Can I get a £3,000 per month mortgage? Get the right advice here.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 9, 2022

Customers often ask us what mortgage they could get for £3,000 a month.

Lenders, actually, look into far more variables than the amount of money you have to spend each month. Being on high income helps, but there are many other conditions that determine whether you’ll even get a loan. Each provider, too, will have their own terms.

How much mortgage can I afford for £3,000 a month?

Most mortgage providers cap their lending at 4.5x your income. If, for instance, you earn £60,000 a year, these lenders may loan you £270,000, providing you meet their criteria.

If lenders concur that you can safely set aside a monthly £3,000 just for the mortgage, the typical lender may offer you between £100,800 and £151,200.

If you have an excellent credit rating and no debt, your lender may easily give you £117,000 and at a stretch £180,000.

It may also be possible to find a lender who caps the amount you can borrow based on x5 your salary, and a minority go up to x6. Try our mortgage calculator below to see what your maximum borrowing looks like based on these income multiples…

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Mortgage Affordability Calculator

Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.

Input full salaries for all applicants

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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Your rates and mortgage terms depend on factors that include term length, mortgage product type and the type of property you buy (whether residential, buy to let or whether this is your first or a second mortgage.)

These calculations are for guidance only. Make an enquiry so we can connect you with an informed expert to find out exactly how much you could borrow.

Get Started Ask Us A Question

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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How does term length affect my mortgage payments?

To put it simply, the longer your loan term, the less money you pay each month to cover it. (So instead of £3,000, you may end up repaying just around £2,000.) On the other hand, you have a larger interest accrual during the term and could, as a result,  end up paying more overall.

Can I get a 30-year mortgage for £3,000 per month?

This may be possible. Although 25-year terms are more typical for residential mortgages, some lenders would be happy for you to spread your payments out over a longer period. Just keep in mind that you’ll be paying out more in interest on a 30-year term.

How do I qualify for a mortgage for £3,000 a month?

The main thing the lender will look into is the following:

  • Your income: As well as other sources of income like pensions, tax credits,  or bonuses.
  • Your outgoings: This includes your debts and discretionary spending.
  • Whether another person will be named on the mortgage: You could potentially borrow more on a joint mortgage depending on whether your partner has a good credit rating.
  • Your credit report: Lenders will review a copy of your credit file to ensure your credit history meets there criteria, you can obtain a copy of your own credit report here.

Will a mortgage calculator tell me whether I can afford a £3,000 per month mortgage?

Lenders use their own in-house calculators to determine this, and every one of them is different.

Online mortgage calculators are also available to give you a rough idea of how much you can borrow and what the repayments will likely be, but keep in mind that the figures they return are not tailored to your personal profile and may differ to the numbers a mortgage lender quotes you.

To get a clear idea about the amount of mortgage you can get for £3,000 per month, make an enquiry here. The advisors we work with can provide you with bespoke quotes and introduce you to the lender whose calculator is most likely to return favourable results for you.

How do I calculate the interest rate I will pay?

Contacting a mortgage broker for a bespoke calculation is your best bet as the interest rate you will end up with will depend on a number of factors, including your credit report, deposit amount and the type of mortgage product you are applying for.

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How do I prove my income for a £3,000 a month mortgage?

So, you earn enough to be in a position to pay £3,000 towards your mortgage each month. How do you prove this to the lender?

Well, most mortgage providers will require the following…

  • A letter of verification from your employer – preferably a P60.
  • Your last three months’ payslips.
  • Your passport or driver’s license.
  • Bank statements for the last three to six months.

What loan to value (LTV) ratio can I expect on a £3,000 per month mortgage?

This will depend entirely on your deposit and on the lender’s terms. It will also come down to whether this is your first home, in which case you’re likely to get an LTV as high as 95%.

The larger your deposit, the lower your LTV.

Most lenders will also assess your property for themselves to confirm the accuracy of your LTV and to determine whether they should risk lending you the loan.

If the lender believes the level of risk to be heightened by factors such as your future expenses or your credit report, they may insist that you put down more than the minimum deposit amount, even if your income is high enough to cover your £3,000 per month mortgage payments comfortably.

Speak to an expert broker about £3,000 a month mortgage payments

Unsure and looking for more information on how much mortgage you get for 3000 a month? Call us today on 0808 189 2301 or make an enquiry.

Then sit back and allow us the hard work in finding the right mortgage advisor for your situation. We don’t charge a fee and there are no obligations.

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Want to know exactly how much you could borrow based on your income?

Drop us a query with your exact income and we will have an expert broker answer any questions you have about how much you could borrow.

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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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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