Our Mortgage-Approval Guarantee - We're so confident in our service, we guarantee it - or £100 back* Read more Chevron
Arrow Arrow
Scroll to top

Repayments on a 350K Mortgage

How much will you be repaying if you take out a £350K mortgage?

Get Started With A Broker 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.

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

No impact on credit score

4.8 out of 5 stars across Trustpilot, Feefo and Google! Our customers love Online Mortgage Advisor

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: May 3, 2022

In this article you’ll find out how much the repayments on a £350K mortgage might cost you, the kind of deposit you’ll likely need, and how to get the best rate available.

We get plenty of people asking us about £350k mortgages. And, since the expert advisors we work with are whole-of-market – they can help you find the perfect deal for your needs.

How much could a mortgage on a 350k property cost?

This, of course, depends on a number of factors. Firstly, there’s the length of the term you choose: the shorter the term, the higher the repayments in the short term (but the cheaper in the long term).

Your credit history will also affect the amount of interest you pay, which will help to determine how much your repayments will set you back.

Our mortgage repayment calculator will give you an indication of how much the repayments could be:

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
2.5% is an average figure but the rate you get may vary
25 years is average, but most lenders offer longer and shorter terms

Monthly Repayments:

Interest Only:

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.

Get Started

Example calculations

The table below shows how the monthly payment on a 350k mortgage can vary, based on a range of different terms and interest rates.

Mortgage Repayments on 350k
Interest Rate 1% 2% 3% 4% 5%
5 Years £5,982 £6,135 £6,289 £6,445 £6,606
10 Years £3,065 £3,221 £3,379 £3,543 £3,713
15 Years £2,094 £2,253 £2,417 £2,588 £2,768
20 Years £1,609 £1,771 £1,941 £2,120 £2,311
25 Years £1,318 £1,484 £1,659 £1,847 £2,047
30 Years £1,125 £1,294 £1,475 £1,670 £1,880
35 Years £987 £1,160 £1,347 £1,549 £1,767
Interest Only £290 £584 £875 £1,166 £1,459

The above is for demonstrative purposes only and you should consult your broker or lender for the most up-to-date information and rates.

The rate you end up paying depends largely on the size of your deposit, and your risk profile (the better your credit, the better the rates you’ll likely have access to).

Still unsure? Just get in touch with one of the expert advisors we work with. They’ll give you a clear idea and help to connect you with the lender most likely to offer the best rate suited to your unique circumstances.

How does the term of my mortgage affect my repayments and total interest?

The amount of time it takes to pay off your mortgage (and the amount of interest you pay in the process) will depend largely on the kind of mortgage you take out. This, in turn, is affected by how risky the lender perceives you to be.

The table below gives you a rough indication, based on an average interest rate of 3%. You can see how reducing the term of your mortgage will increase your monthly repayments, whilst reducing the overall interest paid.

As you can see, taking a mortgage over 15 years instead of 25 years could save you nearly £63,000 in the long term.

Talk to one of the expert mortgage advisors we work with for a better idea of which term may be best for you.

Comparison: Monthly Payments on a £350k Mortgage at 3%
Mortgage Term Monthly Repayment Total Repaid Interest Paid
Over 30 Years £1,475 £532,116 £181,116
Over 25 Years £1,659 £498,837 £147,837
Over 20 Years £1,941 £466,797 £115,797
Over 15 Years £2,417 £436,020 £85,020
Over 10 Years £3,379 £406,525 £55,525
Over 5 Years £6,289 £378,328 £27,328

The above example is for demonstrative purposes only and you should consult your broker or lender for the most up-to-date information and rates. 

Get Started Call Us: 0808 189 2301 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.

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

How much income do I need for a 350k mortgage?

Unfortunately, there’s no one simple answer for everybody. It depends on a number of factors – such as your annual salary and how you earn it (i.e. through self-employment, your own business, or some other means). Other factors include how large your deposit is, and your credit history.

As a rough guide, though, keep in mind that most mortgage providers cap their lending based on a multiple of the customer’s income. Most lenders offer 4-4.5x salary, some x5 and a minority x6.

With this in mind, all of the mortgage applicants would need a combined salary of at least £87,500 to get a mortgage of £350,000.

How large does my deposit need to be for a £350k mortgage?

How much you want to borrow in relation to the property is known as the loan-to-value ratio (or ‘LTV’).

For example, if you put down a deposit of £35,000 on a £350,000 property, you’ll need to borrow a further 90%. Which means that your LTV ratio is 90%.

In the UK, the current minimum deposit for a residential mortgage is 5% (for a 95% LTV). So, on a mortgage payment for 350k, you’ll need to raise £17,500 at the very least. Keep in mind, though, that some lenders will expect at least a 10% deposit.

Can I get a £350k mortgage without a deposit?

Possibly. ‘100% mortgages’ exist – however, they’re usually limited to family arrangements in which someone (usually your parents) provide the deposit instead, typically either by way of savings or allowing the lender to take a charge on their own property as security. You make the monthly payments and, after a certain period of time (often three years), the lender returns the deposit to your family.

Some mortgage providers will also consider letting you borrow 100% of a property’s value if a family member (or close friend) has formally agreed to act as a guarantor. You can read more about guarantor mortgages.

Would bad credit affect how much deposit I need to put down?

Usually. Bad credit results in lenders looking at you as more of a risk. As such, the worse your credit, the higher the risk you are perceived by the lender – and the more ‘risky’ you are, the larger your deposit needs to be.

Of course, all lenders are different – assigning more importance to different credit factors.

Some issues are seen as more important than others. For example, if you have a low credit score and a few late payments, some lenders may still be happy with a smaller deposit. However, if your credit history includes something more serious (such as a recent bankruptcy or repossession), you may find them asking for a larger deposit

Can I get a £350k buy-to-let mortgage?

This may be possible – though the rules are a little different with buy to let mortgages.

For a start, most lenders expect higher deposits in BTL. 25% is not uncommon, though some will accept 15%, provided you fit other criteria.

There are often minimum annual income requirements too – many lenders insist on £25k as a minimum. That said, some will base their calculations around your projected rental income – with 125-130% of your mortgage payments usually being the minimum that they’ll take.

There can be other restrictions too. Some lenders will only offer you a BTL mortgage if you own your own home, and have lived there for at least six months. That said, there are some specialist lenders who may consider a BTL mortgage for a first-time buyer.

Most buy to let mortgages are interest-only, so you can take a look at the section below to get an idea of what your monthly costs on a £350k mortgage might look like.

Can I get an interest-only £350,000 mortgage?

Yes, many lenders are happy to offer a mortgage on an interest only repayment basis, provided you can provide them with a credible repayment strategy (i.e. you can show how you’ll pay off the full balance of the mortgage at the end of the term).

With interest-only, the terms that a lender offers will likely be different. You’ll probably be expected to provide a more substantial deposit – some lenders will only offer 75% LTV, whereas a few will go up to 80%, or, lesser still, 85%.

People usually choose interest-only mortgages for the fact that the monthly repayments are lower. After all, you’re only paying the interest, not the capital.

The table below gives you a comparison of an interest-only and a repayment mortgage based on 4% interest.

Term for the £350k Mortgage Repayment Mortgage Interest Only Mortgage
5 Years £6,445 £1,166
10 Years £3,543 £1,166
15 Years £2,588 £1,166
20 Years £2,120 £1,166
25 Years £1,847 £1,166
30 Years £1,670 £1,166
35 Years £1,549 £1,166

Can I get a £350k secured loan?

It’s possible. Secured loans (also known as ‘homeowner loans’ and ‘second charge mortgages’) allow homeowners to raise large sums of capital without remortgaging.

In fact, getting a secured loan for £350k is often easier than getting a mortgage. This is because the loan is secured against your property, and thus seen as less risky. Secured loan repayment rates can be competitive with residential mortgages  – whilst often being quicker to arrange and without any early repayment fees,

There are, of course, eligibility requirements – but factors such as adverse credit and non-standard income are less of an issue. LTV is often more flexible too.

Where can I find a £350k mortgage calculator?

We have a mortgage repayment calculator that you can use as a starting point.

It’s worth mentioning that a calculator can only give you the most general indication of what is available. This is because there are so many factors that come into a lender’s calculations – your credit history, income and deposit being just some of them.

For the clearest idea, just speak to one of the expert brokers that we work with. They’ll clear up any confusion.

Get Started Call Us: 0808 189 2301 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.

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

Still not sure? Help’s at hand

If you’re still not sure if you can afford a mortgage on £350k, or just have some questions, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. – We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

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.

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

Don't miss out...

Sign up for the latest market news, new lender product information and helpful tips and advice from our experts!

Close icon