£350,000 Mortgage: Monthly Repayments & Income Requirements

Find out what the repayments could be for a £350,000 mortgage and how much annual income you’ll need. Or, you can read more about this topic below.

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

The monthly repayments on a £ mortgage would be

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

Importantly, the principal amount of £ remains outstanding and must be repaid at the end of the term.

You would need an annual household income of around to afford this mortgage. This is based on 4.5 times your income, the standard calculation used by the majority of mortgage providers.

Get started with an expert broker to find out how they could help you save on your mortgage repayments.

Get Started
Home Mortgage Repayments Repayments On A £350,000 Mortgage
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Jon Nixon

Reviewer: Jon Nixon

Director of Distribution

Updated: May 7, 2024

How we reviewed this article:

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

May 7, 2024

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 (May 2024) 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 understanding 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 £34,900 (May 2024).

If your income doesn’t match the figures above, you can apply for a joint mortgage, with your partner, for example. This way your combined earnings will be used by lenders 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 doctor or lawyer, with high or stable incomes.

Occasionally, a lender might only offer 3 times annual salary but a broker would be able to advise on those 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.

Income 3x income 4x income 5x income 6x income
£60,000 £180,000 £240,000 £300,000 £360,000
£65,000 £195,000 £260,000 £325,000 £390,000
£70,000 £210,000 £280,000 £350,000 £420,000
£75,000 £225,000 £300,000 £375,000 £450,000
£80,000 £240,000 £320,000 £400,000 £480,000
£85,000 £255,000 £340,000 £425,000 £510,000

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

If you’d like to test this 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.

Get Started

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

Currently, the minimum deposit requirements imposed by lenders for a residential mortgage are between 5%-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 actually be between £332,500-£315,000.

It’s not completely out of the question to secure a mortgage for £350,000 with no deposit at all, 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, which 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 likelihood of qualifying for the most competitive interest rates as mortgage lenders will reserve their best rates for mortgages with the lowest loan-to-value (LTV).

You can see how this works on our calculator below.

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.

Get Started

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

Get a quote from an expert Call Us: 0808 189 2301

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.

Feefo 5 Stars
1 of 3
2 of 3
3 of 3 Send!

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.

Using our free broker-matching service you can speak straight away to the right broker 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 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.
  • 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 across the market.
  • 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.

Interest rate 15 years 20 years 25 years 30 years 35 years
1% £2,095 £1,610 £1,319 £1,126 £988
2% £2,252 £1,771 £1,483 £1,294 £1,159
3% £2,417 £1,941 £1,660 £1,476 £1,347
4% £2,589 £2,121 £1,847 £1,671 £1,550
5% £2,768 £2,310 £2,046 £1,879 £1,766
6% £2,953 £2,508 £2,255 £2,098 £1,996
7% £3,146 £2,714 £2,474 £2,329 £2,236
8% £3,345 £2,928 £2,701 £2,568 £2,486

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 5.25% (May 2024) and the average mortgage rates between 5%-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

One way to reduce the monthly repayments on your potential £350k mortgage is to extend the term. 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 in length, but lenders may go up 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 – which means your repayments can go up or down.

Interest-only vs. capital repayment

The mortgage repayment method will also have a bearing on how much your mortgage will cost each month. Most mortgages are capital and repayment, which means you would pay back some of the loan plus interest each month.

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

Interest-only mortgages come with lower monthly repayments but can cost more overall due to the loan amount remaining constant throughout the agreement.

For a £350,000 mortgage, with an interest rate of 5% 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:

Interest rate 1% 2% 3% 4% 5% 6% 7% 8%
Any term £292 £583 £875 £1,167 £1,458 £1,750 £2,042 £2,333


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:

Access your credit report through a free trial

Credit rating illustration
Get my FREE report

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: can be anywhere from £0-£2,000. As the name suggests this is a fee for arranging your mortgage and can, in certain cases, be added to your loan.
  • Valuation fee: usually between £250-£1,500 depending on the complexity of the valuation required. Some lenders will 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 then ERCs can apply and can be anywhere between 1%-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 levy 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 – typical fees for a broker would be either a flat fee of between £500-£1,000 or a percentage of the amount borrowed of up to 1%.)

Why use Online Mortgage Advisor?

Different lenders have varying approaches to how they evaluate an application. When it comes to securing a £350k mortgage, you’ll want to approach the lender who can offer you the full amount with the lowest rate and the best overall terms.

Talking with a broker can maximise your chances of finding that lender – and fast. We offer a no-obligation broker matching service which is free to use. We can put you in touch with an advisor who can help save you time and money – not to mention stress by guiding you through the application process.

To find the right broker, try our free service which matches you to someone with relevant experience. You just need to provide a few details about yourself and the mortgage you’re looking for, and we’ll do the rest. Just give us a call on 0808 189 2301 or make an online enquiry.

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

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.

Our Brokers

Get in touch today

Make an enquiry and we'll arrange for an experienced mortgage broker we work with to contact you straight away.

1 of 3
2 of 3
3 of 3 Send!

Maximise your chances of approval, whatever your situation - Find your perfect mortgage broker

By browsing our site you consent to our use of cookies.