How Much Are Monthly Repayments and Income Requirements for a £300,000 Mortgage?
If you’re looking at a £300,000 mortgage, you’re probably asking two things straight away:
“What will my monthly repayments be?” and “What salary do I need to get approved?”
We get asked these questions at Mortgage Bridge all the time. We work with all sorts of clients — people with bad credit, complex income, or just looking for the cheapest £300,000 mortgage rates — and we know the numbers inside out.
So, let’s go through everything you need to know — repayments, income requirements, deposits, lender criteria, and a few tips to help you get that approval.
How Much Are Monthly Repayments on a £300,000 Mortgage?
Your monthly payment depends on:
- The interest rate your lender offers
- The term (how long you spread the mortgage over)
- Whether it’s repayment or interest-only
Most people go for a repayment mortgage, which means you’re paying off the balance bit by bit. Interest-only has smaller monthly payments, but you’ll still owe the full £300,000 at the end.
What Would My £300,000 Mortgage Repayments Look Like?
Here’s an idea of what your repayments could be on a repayment mortgage:
| Term | 3% interest | 4% interest | 5% interest | 6% interest |
|---|---|---|---|---|
| 20 years | £1,664 | £1,817 | £1,980 | £2,149 |
| 25 years | £1,423 | £1,584 | £1,753 | £1,933 |
| 30 years | £1,265 | £1,432 | £1,610 | £1,799 |
| 35 years | £1,155 | £1,307 | £1,479 | £1,661 |
What this means:
- Longer terms = lower monthly payments, but more interest in the long run.
- Even a small change in rate can make a big difference.
- If you can, making overpayments can cut years off your term.
What Salary Do I Need for a £300,000 Mortgage?
Lenders usually base borrowing on a multiple of your income — normally 4x to 4.5x, but sometimes up to 5x or 5.5x if you fit their criteria.
How Much Do I Need to Earn for a £300,000 Mortgage?
| Lending Multiple | Required Annual Income |
|---|---|
| 3.5x | £85,715 |
| 4x | £75,000 |
| 4.5x | £66,667 |
| 5x | £60,000 |
| 5.5x | £54,545 |
A few things to remember:
- These are based on having no other major debts. If you’ve got loans, credit cards, or childcare costs, the income needed might be higher.
- If it’s a joint application, your incomes are added together.
- Your credit history and spending habits also play a big part.
How Do Lenders Work Out Affordability for a £300,000 Mortgage?
Even if your salary fits the numbers above, lenders still do affordability checks. They’ll want to see:
- Your regular monthly spending
- Any debts you’re paying off
- How stable your income is (especially if you’re self-employed or a contractor)
- How many dependants you have
If your income is a bit more complex — maybe you’ve got multiple jobs or you’re self-employed — you’ll need extra documents like tax returns or accounts.
How Much Deposit Do I Need for a £300,000 Mortgage?
Your deposit affects both the interest rate you’ll get and which mortgage products you’ll be eligible for.
What Are Common Deposits for a £300,000 Mortgage?
- 5% deposit (£15,000) – Higher loan-to-value (LTV), fewer lenders, higher rates.
- 10% deposit (£30,000) – More choice and better rates.
- 15% deposit (£45,000) – Even better rates and product availability.
- 20% deposit (£60,000) – Usually where you’ll see the most competitive rates.
If you’ve got bad credit, a bigger deposit can really help your chances.
Should I Go Fixed or Variable for a £300,000 Mortgage?
You’ll have two main choices:
- Fixed rate – Same payment every month for 2, 3, 5, or even 10 years. Great for budgeting.
- Variable rate – Can change up or down with the market. Could be cheaper at times but can also go up suddenly.
For big loans like this, most people prefer the security of a fixed rate.
What Other Costs Should I Budget for with a £300,000 Mortgage?
Don’t forget the extras:
- Lender arrangement or product fees
- Valuation/survey fees
- Solicitor/conveyancing costs
- Stamp Duty (depending on the property price)
- Buildings insurance (required by your lender)
- Property upkeep and running costs
Can I Get a £300,000 Mortgage with Bad Credit or If I’m Self-Employed?
Yes — but it depends on your overall situation.
If you’re going for a £300,000 mortgage with bad credit, the lender will want to see proof you’ve been managing your finances well recently.
If you’re self-employed, you’ll likely need 1–3 years of accounts or tax returns. We work with specialist lenders who are much more flexible with this.
What Would a £300,000 Mortgage Look Like in Real Life?
Example 1 – 25 years at 5% interest:
- £1,753 a month
- £525,900 total over the term (£225,900 interest)
Example 2 – 30 years at 4% interest:
- £1,432 a month
- £515,520 total over the term (£215,520 interest)
How Can I Improve My Chances of Getting Approved for a £300,000 Mortgage?
Here’s what we tell our clients:
- Check your credit report for errors.
- Save as big a deposit as possible.
- Pay down other debts to boost affordability.
- Avoid applying for new credit before your mortgage.
- Use a whole-of-market broker (that’s us!) so you’re only going to lenders who are likely to say yes.
So, Can You Afford a £300,000 Mortgage?
- Your repayments could be anywhere from around £1,155 to £2,149 a month depending on term and rate.
- You’ll probably need a salary between £54,545 and £85,715 depending on the lender and your other commitments.
- A bigger deposit means better deals and more lender choice.
- Even with bad credit or complex income, we can often find a way forward.
If you’re ready to see what a £300,000 mortgage could look like for you, we can run the numbers, find the right lender, and guide you every step of the way.