£180,000 Mortgage: Monthly Repayments & Income Requirements
Looking to take out a £180,000 mortgage? Here’s what you need to know
If you’re looking to take out a £180,000 mortgage, you’re probably wondering how much it’ll cost you each month, how much income you need to qualify, and what deposit you’ll need to get things moving. At Mortgage Bridge, we help people every day with these exact questions, especially if you’ve got complex income or bad credit and just want straight answers.
How much will my monthly repayments be on a £180,000 mortgage?
Your repayments will depend on the interest rate and the term you choose. Here’s a quick snapshot:
- 5% over 25 years: about £1,052 a month
- 4% over 25 years: about £950 a month
- 3% over 25 years: about £854 a month
If you go for a 30-year term to keep payments lower:
- 5%: about £966 a month
- 4%: about £858 a month
- 3%: about £758 a month
We recommend using a mortgage calculator to run your own numbers so you can see what fits your budget.
How much do I need to earn to get a £180,000 mortgage?
Lenders usually lend between 4x and 5x your income, depending on your situation. For a £180,000 mortgage, you’d typically need:
- £45,000 a year if they lend 4x
- £40,000 a year if they lend 4.5x
- £36,000 a year if they lend 5x
It’s worth remembering they’ll also look at your existing debts and outgoings, so it’s not just about your salary alone.
What deposit do I need for a £180,000 mortgage?
The minimum deposit is usually 5%, which would be £9,000. But a bigger deposit can get you better rates:
- 5% (£9,000)
- 10% (£18,000)
- 15% (£27,000)
- 20% (£36,000)
If you’ve got any credit issues, lenders may ask for a higher deposit, sometimes 10-30% depending on your situation.
Can I get a £180,000 mortgage with bad credit?
We get this question a lot. It is possible, but it depends on:
- The type of credit issues you’ve had
- How long ago they happened
- Your current credit behaviour
- Your deposit size
For example, if your issues were over two years ago and you have a 15% deposit, you may still have options. If your issues are more recent, you may need a 25-30% deposit.
Can I get a £180,000 mortgage if I’m self-employed?
If you’re self-employed, lenders will typically want:
- Two years of accounts or SA302s
- Consistent or increasing income
- Business bank statements
Some lenders will consider just one year of accounts in certain cases. We help a lot of self-employed clients who are looking to borrow around £180,000, so if this is you, we can guide you on what documents you’ll need.
Is a £180,000 mortgage affordable for me?
A good rule of thumb is that your mortgage payment shouldn’t be more than 30-35% of your take-home pay. If you take home £3,000 a month, a £1,000 mortgage payment would be about 33% of your income, which many lenders would see as reasonable.
Quick repayment examples
| Interest Rate | Term | Approx Monthly Payment |
|---|---|---|
| 5% | 25y | £1,052 |
| 4% | 25y | £950 |
| 3% | 25y | £854 |
| 5% | 30y | £966 |
| 4% | 30y | £858 |
| 3% | 30y | £758 |
How can I improve my chances of getting a £180,000 mortgage?
Here’s what we recommend:
✅ Check your credit report and sort any errors
✅ Save for a bigger deposit if you can
✅ Clear down any debts to boost affordability
✅ Keep your bank statements looking clean
✅ Get advice so your application is positioned well from the start
FAQs
Can I afford a £180,000 mortgage on my salary? If your income fits the lender’s affordability checks and you have a deposit, yes.
Can I get a mortgage on £180,000 with a low deposit? Yes, with a 5% deposit, but you’ll often get better rates with a bigger deposit.
How long will it take to get approved? If your documents are ready, it can take 2-4 weeks.
Do I need a perfect credit score? No, but a cleaner credit report will help you get better rates and lower deposit requirements.
If you’re considering a £180,000 mortgage and want a clear, straightforward conversation about your options, get in touch with us at Mortgage Bridge. We help people with complex income, bad credit, or unique circumstances find the right mortgage every day.
Let’s see what’s possible for you.