A £350,000 mortgage is slightly above the UK average house price and common for buyers in the South East, commuter towns, and larger family homes. Your monthly payments depend on the rate, term, and repayment method.
£350k Mortgage Monthly Repayments
Monthly repayments on a fixed-rate repayment mortgage at different rates. Your actual rate depends on your LTV and credit profile — see what a good rate looks like right now.
| Interest Rate | 25 Years | 30 Years | 35 Years |
|---|---|---|---|
| 3.5% | £1,751 | £1,572 | £1,446 |
| 4.0% | £1,848 | £1,670 | £1,550 |
| 4.5% | £1,946 | £1,774 | £1,658 |
| 5.0% | £2,047 | £1,879 | £1,768 |
| 5.5% | £2,149 | £1,988 | £1,880 |
Compare the competitive rates available today. Overpaying even £150/month could save over £25,000 in interest.
Salary Needed
Most lenders assess affordability at 4–4.5× income. Higher multiples are available for NHS staff, teachers, and other professionals.
| Multiple | Salary |
|---|---|
| 4× | £87,500 |
| 4.5× | £77,778 |
| 5× | £70,000 |
| 5.5× | £63,636 |
Joint applications combine both incomes. Self-employed borrowers can often borrow more using specialist lenders.
Deposit & Stamp Duty
With a 10% deposit on a £389k property, you'd need £38,900. First-time buyers pay no stamp duty up to £300,000. Don't forget mortgage fees and life insurance costs.
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Frequently Asked Questions
- How much is a £350k mortgage per month?
- At 4.5% over 25 years: ~£1,946/month. At 4.0%: ~£1,848. At 5.0%: ~£2,047.
- What salary do I need for a £350k mortgage?
- At 4× income: £87,500. At 5× income: £70,000. Joint applicants can combine salaries.
Sources & References
- Mortgage calculator — MoneyHelper
- UK house price data — ONS
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