A £300,000 mortgage is close to the UK average house price. Monthly repayments vary significantly based on your interest rate and term length. Most lenders assess affordability at 4 to 5.5 times your gross household income.
£300k Mortgage Monthly Repayments
The rate you're offered depends on your LTV ratio, credit history, and the lender. See what counts as a good rate in 2026. Here are monthly payments on a fixed-rate repayment mortgage:
| Interest Rate | 25 Years | 30 Years | 35 Years |
|---|---|---|---|
| 3.5% | £1,501 | £1,347 | £1,240 |
| 4.0% | £1,584 | £1,432 | £1,329 |
| 4.5% | £1,668 | £1,520 | £1,421 |
| 5.0% | £1,754 | £1,611 | £1,515 |
| 5.5% | £1,842 | £1,703 | £1,611 |
You could save over £20,000 by making regular overpayments. A tracker mortgage may offer lower initial rates but carries more risk.
Salary Needed
Lenders typically assess affordability at 4–4.5× income. Some stretch to 5.5× for certain professions.
| Multiple | Salary |
|---|---|
| 4× | £75,000 |
| 4.5× | £66,667 |
| 5× | £60,000 |
| 5.5× | £54,545 |
Self-employed borrowers and contractors may access higher multiples with specialist lenders. Joint applications combine both incomes.
Deposit, Stamp Duty & Fees
A 10% deposit on a £333k property is £33,300. First-time buyers pay no stamp duty up to £300,000.
Budget for arrangement fees, solicitor costs, and surveys. Consider life insurance and buildings insurance too.
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Frequently Asked Questions
- How much is a £300k mortgage per month?
- At 4.5% over 25 years: ~£1,668/month. At 4.0%: ~£1,584. At 5.0%: ~£1,754.
- What salary do I need for a £300k mortgage?
- At 4× income: £75,000. At 4.5×: £66,667. At 5.5× (professionals): £54,545.
- Can I get a £300k mortgage on £60k salary?
- Yes — at 5× income that's exactly £300k. Several mainstream lenders offer 5× for employed applicants with good credit.
- Do I pay stamp duty on a £300k property?
- First-time buyers pay no stamp duty up to £300,000. Home movers pay nothing on the first £250,000, then 5% on the portion up to £925,000.
Sources & References
- Mortgage calculator — MoneyHelper
- UK house price data — ONS
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