£350,000 Mortgage: Monthly Repayments & Income Requirements

Repayments on a £350,000 mortgage will vary depending on your mortgage type. Your mortgage repayments will be determined by the length of your term, interest rate, and the type of mortgage you get.

A longer term will mean smaller monthly repayments but will result in you paying more in the long term. The higher the interest rate, the more you’ll pay and if you get an interest-only mortgage, for example, you’ll only repay the interest on the money you’ve borrowed.

In this article, we’ll look at what the monthly repayments for a £350,000 mortgage could be, how much annual income you’ll need to borrow this amount and why using a mortgage broker can help secure the lending you need at the most competitive interest rates.

How much would a £350,000 mortgage cost per month?

At the time of writing (November 2025), the average monthly repayments on a £350,000 mortgage are £2,064. 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 £613,820 over the mortgage term.

Bear in mind, if you secure a mortgage with a longer term, 30 years, for example, the total amount you pay back will be higher, but your monthly repayments will be smaller.

Speak to one of the advisors we work with for a representative idea of what you might repay. A good broker will guide you through the process, understand your circumstances, and help you get the best possible deal, which could result in lower repayments on your £350,000 mortgage.

How much do you need to earn to get a £350,000 mortgage?

What you can borrow is based on your salary. Most lenders will loan 4 or 4.5 times a person’s annual salary. You’d need an annual income of around £77,777 to £87,500 to be approved for a £350,000 mortgage. This is above the average UK annual salary, currently £38,100 (November 2025).

If your income doesn’t match the figures above, you can apply for a joint mortgage with your partner, for example. This way, lenders will use your combined earnings and allow you to borrow a larger amount.

Some lenders, depending on the circumstances, can offer an income multiple up to 5 times or possibly 6 times, which would mean a salary of £70,000 or even £58,000 would suffice. However, this is often only available to certain professions, such as doctors or lawyers, with high or stable incomes.

Occasionally, a lender might only offer 3 times your annual salary, but a broker can advise on lenders more likely to offer a mortgage based on a higher multiple.

It’s best to consult with a specialist broker who can consider your circumstances and find the best deal that suits you and could potentially save you money over the term of your mortgage.

The above table is for comparative purposes only. For the most up-to-date information on affordability criteria, you should talk to your mortgage lender or broker.

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

How much deposit do you need for a £350k mortgage?

Currently, lenders impose minimum deposit requirements for residential mortgages between 5% and 10%—this is based on the property value, NOT the mortgage amount.

So, if you were buying a property with a value of £350,000 (rather than borrowing this amount), you’d need a deposit of between £17,500-£35,000 at least, and then your mortgage would be between £332,500-£315,000.

It’s not completely out of the question to secure a mortgage for £350,000 with no deposit, but this is extremely rare at the moment.

For a more complex application, where there may be a bad credit issue or a mortgage involving a non-standard construction property, such as a house with concrete walls. This will reduce the pool of lenders available, you may need a higher deposit of at least 25%.

For a buy-to-let mortgage, most lenders ask for a minimum of 20%, although a mortgage broker with experience in this area should be able to identify some who will ask for less.

The higher your deposit, the more likely you are to qualify for the most competitive interest rates, as mortgage lenders reserve their best rates for mortgages with the lowest loan-to-value (LTV).

You can see how this works on our calculator below.

How to get a £350,000 mortgage

Once you’ve found a property and made some calculations, the next step in your mortgage application should be to find a mortgage broker with experience in arranging mortgages of this amount. This will boost your chances of getting your mortgage approved at the best terms available.

Speak to one of our expert mortgage brokers by simply enquiring online.

They’ll be able to help with:

• Deposit requirements: You’ll need to save a minimum deposit of 5% to 10% for a £350,000 mortgage. How much this figure will be depends on the value of the property, but a 10% deposit on a £350,000 house would be £35,000. A simple way to help you save money is to set up a savings account and put a percentage of your monthly wage, around 10 to 15%, into the account each month.
• Downloading and optimising your credit reports: Before you apply, it’s important to check your credit history to ensure 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 for your application: Your broker will be able to guide you through the application process and all the documents you may require – proof of income, at least three months of bank statements, personal ID, proof of address, evidence of deposit, latest P60 form etc.
• Working out how much you can borrow: You might assume that £350,000 is the maximum you can borrow for a mortgage based on typical lender salary multiplier calculations. However, this might 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.
• Finding the right lender offering the best rates: Your broker can save you a lot of time and, potentially, some money, too, by identifying the mortgage lenders currently offering the most competitive interest rates available.
• Guiding you through the mortgage process: Applying for a mortgage can be challenging, especially if it’s your first application. The right mortgage broker can assist you with any issues you may encounter along the way, safeguard your interests, and provide support if anything goes wrong.

Example monthly repayments for a £350,000 mortgage

The table below shows how much impact the interest rate and term of your mortgage can have on your repayments on a £350k mortgage.

For the purpose of this table, 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 4% (November 2025) and the average mortgage rate between 5% and 6%, the repayment figures for these rows in the table would be the most realistic at present. However, as the base rate comes back down in the future, mortgage lenders should follow suit and reduce their rates, too.

Factors that can affect your repayments

Repayments on mortgages can be impacted by the following factors, both directly and indirectly:

Interest rate

The higher the interest rate set on a mortgage, the higher the monthly cost because you pay more interest on the outstanding balance. That’s why the interest rate is such an important factor to try to minimise so that the overall cost of your mortgage is cheaper.

The Bank of England base rate will also affect what interest rate you can get for your mortgage, as a lender’s rate will typically be on or around this figure.

Term length

Extending the term is one way to reduce the monthly repayments on your potential £350k mortgage. However, it will mean that you end up paying more interest over the entire life of the mortgage than you would with a shorter term.

Traditionally, mortgages are 25 years long, but lenders may extend them to 30, 35, or even 40 years in some circumstances.

Mortgage type

The type of mortgage you secure can impact how your interest is calculated. The most popular choices would be:

• Fixed-rate mortgage: This type of mortgage has a set interest rate over a pre-agreed period. In practice, your monthly repayments stay the same over that timescale. At the end of the fixed term, you can negotiate a new fixed rate or revert to the standard variable rate.
• Tracker mortgages: Unlike fixed-rate mortgages, a tracker rate will vary in line with the Bank of England base rate, meaning your repayments can go up or down.

Interest-only vs. capital repayment

The mortgage repayment method will also affect the monthly cost of your mortgage. Most mortgages are capital and repayment, meaning you would pay back some of the loan plus monthly interest.

The alternative to this is interest-only. With this method, you only need to settle the monthly interest and pay off the full loan balance at the end of the term using a pre-agreed repayment vehicle.

Interest-only mortgages have lower monthly repayments but can cost more overall because the loan amount remains constant throughout the agreement.

For a £350,000 mortgage, with a 5% interest rate and a term length of 25 years, your repayments would be £1,458 per month on an interest-only basis, while on a capital and repayment agreement, they would be £2,046.

To get an idea of your monthly repayments on an interest-only mortgage, check out the table below:

Deposit

The larger your deposit when borrowing £350,000, the better your loan-to-value (LTV) ratio. When your LTV is lower, you will have more choices of providers offering their most competitive rates.

Your credit history

If you’ve had bad credit in the past, you may find that you have fewer providers offering you a rate that is affordable to you. Providers see you as a slightly higher risk so you may have to accept a higher rate than you had wanted. As a result, your monthly mortgage costs could go up.

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

Other costs to consider

When you’re looking for a mortgage, whatever the amount, there are a few more fees and costs to consider besides the monthly repayments.

For example:

• Arrangement fee: This can be anywhere from £0 to £2,000. As the name suggests, it is a fee for arranging your mortgage and can, in certain cases, be added to your loan.
• Valuation fee: This typically ranges from £250 to £1,500, depending on the complexity of the valuation required. Some lenders offer this fee for free as part of their overall package.
• Early repayment charges (ERCs): Most lenders will allow you to overpay by an additional 10% per annum. If you go beyond this, ERCs can apply and can be anywhere between 1% and 5% of the mortgage balance. These are more commonplace when you break from a specific mortgage deal before the end of the term.
• Solicitors’ fees: If you need a mortgage, you will need to instruct a solicitor to conduct all the conveyancing requirements.
• Stamp duty: This is the tax levied on residential property purchases. The tax rates are tiered; the higher the purchase price, the higher the percentage you are charged.

In addition to the above, you should also factor in other costs such as buildings/contents insurance, life insurance to cover the mortgage balance, and broker fees (if you decide to use their services then typical broker fees would be either a flat fee of between £500-£1,000 or a percentage of the amount borrowed of up to 1%).

Why Use OnlineMortgageAdvisor?

No matter your mortgage situation, we’ve got you covered. Our mortgage experts support you from the start to the finish of your application. Our specialists can search the market to find the best deal on a £350,000 mortgage for you.

With access to hundreds of lenders, your dedicated mortgage adviser can find the best possible mortgage deal for your circumstances. We’re so confident in our service that we guarantee it – if you find a better mortgage deal elsewhere, we’ll give you £100*.

Call 0330 818 7026 or make an enquiry for a free consultation, and a member of our team will explain exactly how we can help.