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As mortgage amounts go, £350,000 would be higher than the national average, but help is available if you are intimidated by the prospect of applying for a home loan of this amount or don’t know where to begin.
Here you will learn how much you need to earn to get approved for a £350k mortgage, what the repayments are likely to be, and how to begin your application.
Quick summary:
You need to earn at least £77,777-87,500 to qualify for a £350k mortgage
The monthly repayments would be round about £1,847
The best way to apply for a £350k mortgage is through an independent broker
How do you need to earn to get a £350k mortgage?
You need a household income of somewhere between £77,777 and £87,500 a year to get approved for a £350,000 mortgage as most lenders will cap your maximum borrowing at 4-4.5 times your annual salary, but there are ways to potentially borrow more.
If you have a strong application, some lenders might let you borrow 5-6 times your annual income, so it may be possible to qualify for a £350k mortgage earning less.
Use our affordability calculator below to confirm whether your income stretches far enough:
How much will the mortgage payments be?
The monthly repayments on a £350,000 mortgage are roughly £1,847, based on typical UK market conditions. To simulate these, we used a capital repayment mortgage with an interest rate of 4% and a term length of 25 years for this example calculations.
Entering this exact mortgage agreement would mean repaying a total of £554,229 over the full term, but keep in mind that mortgage repayments tend to change when you remortgage.
The exact cost of your mortgage payments will depend on the interest rate you qualify for, the term length you chose and the type of mortgage you take out.
Use our mortgage repayment calculator below to explore how these variables influence the cost of a £350k mortgage.
Factors that affect the cost of a £350k mortgage
In this section we have broken down all of the factors that make up the exact cost of a £350,000 mortgage, with example calculations to add important context.
Interest rate
The interest rate a mortgage lender is prepared to offer you will depend on the overall strength of your application, largely determined by the amount of deposit you have and your credit history.
The table below shows how the cost of a capital repayment mortgage can vary across different interest rates when taken out over a standard 25-year term.
Mortgage Amount | Interest Rate | Monthly Repayments | Overall Repayment |
£350k | 3.5% | £1,752 | £525,655 |
£350k | 4% | £1,847 | £554,229 |
£350k | 4.5% | £1,954 | £583,624 |
£350k | 5% | £2,046 | £613,820 |
£350k | 5.5% | £2,149 | £644,792 |
£350k | 6% | £2,255 | £676,516 |
Term length
Most mortgage providers will give you the option to take out a longer or shorter term length than the standard 25-years. Longer mortgage agreements tend to have lower monthly payments but costs more overall due to having more interest instalments to pay.
This table shows how the monthly and overall cost of a £350k mortgage changes depending on the term length, when taken out on a capital repayment basis with a 4% rate.
Mortgage Amount | Term Length | Monthly Repayments | Overall Repayment |
£350k | 10 years | £3,544 | £425,230 |
£350k | 15 years | £2,589 | £466,003 |
£350k | 20 years | £2,121 | £509,023 |
£350k | 25 years | £1,847 | £554,229 |
£350k | 30 years | £1,671 | £601,543 |
£350k | 35 years | £1,550 | £650,879 |
£350k | 40 years | £1,463 | £702,137 |
Mortgage type
The two variables to be aware of here are the mortgage’s product type and its repayment type. Different product types, such as fixed-rate and tracker mortgages, have individual rates and fees, so the cost of your mortgage payments will vary based on your selection.
The repayment type is equally important. Most residential mortgages in the UK are capital repayment, which means you pay off some of the loan amount plus interest each month. The main alternative is interest-only, which only requires borrowers to make monthly interest payments before clearing the borrowed amount in full at the end of the term.
This table shows what the repayments on a £350,000 mortgage if it was taken out on an interest-only basis with a 25-year term and how they vary across different rates.
Mortgage Amount | Interest Rate | Interest-only Payments (Monthly) | Overall Repayment |
£350k | 3.5% | £1,021 | £656,250 |
£350k | 4% | £1,167 | £700,000 |
£350k | 4.5% | £1,313 | £743,750 |
£350k | 5% | £1,458 | £787,500 |
£350k | 5.5% | £1,604 | £831,250 |
£350k | 6% | £1,750 | £875,000 |
£350,000 buy-to-let mortgage repayments
The cost of a £350k buy-to-let mortgage would be calculated in exactly the same way as its residential equivalent but the interest rates are generally higher for this type of mortgage.
Most buy-to-let mortgages are also taken out on an interest-only basis, while capital repayment is the norm for residential properties.
With this in mind, the typical cost of a £350,000 buy-to-let mortgage would be £1,313 per month and £743,750 overall. A slightly higher interest rate of 4.5% and an interest-only repayment type were used for this example calculation.
How to apply for a £350,000 mortgage
Mortgage calculators can only give you a rough idea of how much a £350k mortgage will cost and whether you can afford one, but if you speak to one of our expert mortgage brokers, they can provide you with bespoke calculations and advice about your options.
Our advisers have access to the entire market and can match you with your ideal lender for a £350,000 mortgage, having explored every possible alternative.
Here are just some of the reasons people choose Echo Finance for their mortgage:
Our advisers will compare deals from 90+ lenders for you
We can access exclusive mortgage rates
Our service is 5-star rated on leading review sites
Your first consultation is free with no obligation to proceed
Ready to take advantage of a free, no-obligation chat with a broker who specialises in £400,000 mortgages? Get started here.
FAQs
There will also be costs and fees in addition to your mortgage repayments. Not all of the below will apply but it is worth being aware of them:
Product Fees: These can range from zero to £2,000. While fee-free options may have higher interest rates, the fee itself can sometimes be added to your mortgage.
Valuation Fee: Some lenders require you to cover the cost of valuing the property, which typically ranges from £250 to £1,500.
Legal Fees: These costs can vary significantly, from a few hundred to several thousand pounds.
Stamp Duty: This is a mandatory government tax on property purchases. The amount depends on the property's price and your buyer status.
Admin Costs: This category includes booking, telegraphic transfer, and account fees, with total administrative costs for a mortgage application often around £1,000.
Find your local adviser
- Residential mortgages: Everything from fixed-rate to tracker mortgages for first-time buyers, homemovers and remortgage borrowers
- Specialist mortgages: For borrowers who fall outside of standard lending criteria, including people with bad credit, self-employed professionals and more
- Later-life lending: Including advice on equity release, mortgages for pensioners and retirement interest only (RIO) mortgages
- Bridging & Commercial: We have specialist advisors on hand for commercial mortgages, bridging loans, development finance and more
- Insurance & Protection: Including life, home and critical illness cover for families and individuals, as well as landlord and business protection insurance
Echo Finance is regulated by the Financial Conduct Authority and is reviewed annually by an independent compliance company. All of our brokers and advisers hold industry-standard qualifications, such as CeMAP, CeRER and DipMap, where required.
We are committed to providing advice through the channels that best suit your needs. Our brokers can provide advice via phone, email, video and web chat from anywhere in the UK, but we also aim to offer face-to-face appointments for those who request them.