£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.

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Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Jon Nixon

Reviewer: Jon Nixon

Director of Distribution

Updated: November 30, 2023

How we reviewed this article:

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

October 3, 2022

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.

First, use our calculator below to get an idea of how much a mortgage of this amount could cost each month based on different terms and interest rates.

Calculator Icon

Mortgage Repayment Calculator

Our mortgage repayment calculator can tell you how much your mortgage will cost you each month and overall. Enter the amount you’re borrowing, the term length and interest rate, and our calculator will do the rest.

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

Monthly Repayments:

Total amount paid at end of term:

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

How much is a £350,000 mortgage per month?

As an example, based on a standard repayment mortgage with a typical interest rate currently (October 2023) of 5.5% and a term length of 25 years, you should expect to pay £2,149 per month.

However, the repayments on a £350,000 mortgage can vary depending on the following key factors:

Mortgage rate

A lower mortgage rate naturally means lower monthly repayments. So, a £350,000 mortgage would cost £2,097 a month at a mortgage rate of 5.25% or £2,255 a month at a rate of 6%*.

Having a large deposit will help you secure a lower rate, and having a good credit record can help, too. It’s important to compare rates from several lenders before applying for a mortgage, preferably with the help of a broker to give you access to the entire market.

(* = both payments calculated based on a term of 25 years) 

Mortgage type

When you pick a new mortgage, you’ll choose between a fixed rate and a variable rate or discounted variable rate. A variable rate will rise and fall with the Bank of England base rate, as will a discounted variable rate, though this will be a little lower.

Fixed-rate mortgages, as the name implies, mean your repayments remain fixed at the level you signed up at for a set period (you can typically choose between two, three, or five years).

Term length

Most mortgages last 25 years, but they can last anything from 10 to 40 years. Longer mortgages are usually only available to younger applicants, as most lenders prefer to know that you’ll have finished paying off the loan before you retire.

The longer your mortgage term, the lower your monthly repayments will be. So, a £350,000 mortgage would cost £2,149 per month at a rate of 5.5%, if it is repaid over 25 years. Repaid over 20 years, the same mortgage would cost £2,408 per month. Or, repaid over 35 years, it would cost £1,880 per month.

Example repayment calculations

Here are some example monthly repayments, using the same interest rate as in the example above (5.5%) and a variety of different loan terms for a £350,000 mortgage.

Mortgage size Mortgage term Monthly cost
£350,000 35 years £1,880
£350,000 30 years £1,987
£350,000 25 years £2,149
£350,000 20 years £2,408
£350,000 15 years £2,860
£350,000 10 years £3,798

For the purpose of this table we are assuming 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 either a fixed or discounted deal on to the lender’s standard variable rate (SVR).

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

Lenders typically use 4 or 4.5 times a person’s annual salary as a benchmark for mortgage lending. On this basis, 4 times the annual salary for a £350,000 mortgage would be around £87,500 whilst 4.5 times would be £77,777.

But some lenders, depending on the circumstances, can offer an income multiple up to 5 or possibly 6 times, which would mean a salary of £70,000 or even £58,000 would suffice.

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.

You can use a combination of two people’s salaries if you’re looking at a joint mortgage.

Example calculations

The below table breaks down what 3, 4, 5 and 6 times annual salary could mean for the size of mortgage available to you.

Income 3 Times Income 4 Times Income 5 Times Income 6 Times 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 own annual income, take a look at our mortgage affordability calculator below:

Calculator Icon

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.

How to get a £350,000 mortgage

Your first step should be to find a mortgage broker with experience in arranging mortgages of this amount as this will boost your chances of getting approved at the best terms available.

Using our free broker-matching service you can speak straight away to the right broker by simply making an enquiry online.

They’ll be able to help with:

  • 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.
  • 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.
  • Preparing your paperwork. Your broker will be able to point out all the relevant documentary evidence required for your mortgage application – proof of income, address and ID, copies of bank statements etc. – so your mortgage application is as strong as it can be before you submit it.

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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.

Calculator Icon

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 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.

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%.)

Get matched with the right mortgage broker

If you’re ready to start looking for a £350,000 mortgage, the next step is to find the right broker. Not all brokers have the same experience, and many specialise in a specific area of the market or the size of the loan. It will be quicker and easier to find the mortgage you need with help from a broker.

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.

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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 Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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