£150,000 Mortgage: Monthly Repayments & Income Requirements
When you’re planning to buy a home or remortgage, knowing what a £150,000 mortgage will actually cost each month — and what income you’ll need to qualify — can make all the difference.
At Mortgage Bridge, we help people every day who are asking these same questions. Whether you’re buying your first place, moving home, or looking to remortgage, understanding your affordability upfront helps you move forward with confidence.
Here’s everything you need to know about a £150,000 mortgage — including example repayments, income requirements, and tips to strengthen your application.
How Much Is a £150,000 Mortgage Per Month?
Your monthly repayments depend on your interest rate and mortgage term. Most people spread their mortgage over 20 to 30 years, and the rate you’re offered depends on things like your credit history, deposit size, and overall affordability.
Here’s a quick guide to give you an idea of what repayments could look like:
| Interest Rate | Term (Years) | Approx. Monthly Repayment |
|---|---|---|
| 3% | 20 | £832 |
| 4% | 25 | £792 |
| 5% | 25 | £877 |
| 6% | 25 | £965 |
So, if you take a £150,000 mortgage over 25 years at 4.5%, you’re looking at about £830–£850 per month.
A shorter term means higher monthly payments but less interest overall, while a longer term keeps payments lower but costs more in the long run.
If you’re not sure what term is right for you, we can help you explore both options to find the balance between affordability and long-term savings.
What Income Do I Need for a £150,000 Mortgage?
Most lenders use an income multiple of 4 to 4.5 times your annual salary. That means your combined household income would generally need to fall between:
- £33,000 to £38,000 per year
If you’re applying alone, that figure can feel a little steep — but it’s not set in stone. Some lenders are more flexible, especially if you’ve got minimal debts or a good-sized deposit.
They’ll also look at your monthly commitments, including loans, car finance, childcare costs, and credit cards. These can all affect how much you can borrow.
We’ll work with you to calculate your exact affordability before applying, so you know exactly where you stand.
Can I Get a £150,000 Mortgage on One Income?
Yes — you absolutely can.
Many of our clients are single applicants who successfully get a £150,000 mortgage on their own income. The key factors are your salary, deposit, and spending habits.
If you earn around £38,000–£40,000 a year, you could qualify for a £150,000 mortgage with the right lender. If you earn less than that, there are still options — especially if you have a larger deposit or additional income sources like bonuses, overtime, or benefits.
If your income is a bit unusual or varies month-to-month (for example, if you’re self-employed or paid via commission), we can help package your case properly so lenders see your full affordability picture.
What Deposit Do I Need for a £150,000 Mortgage?
You’ll normally need a deposit of at least 5–10%, depending on your credit profile and lender.
That works out as:
- 5% deposit = £7,500
- 10% deposit = £15,000
- 15% deposit = £22,500
If you’ve got a larger deposit, you’ll usually unlock better interest rates and lower monthly repayments.
And if you’re remortgaging, your existing home equity counts as your deposit — so you may not need to put in any extra cash.
If saving up feels like the biggest hurdle, we can also explore shared ownership or family-assisted mortgage options to help you get started sooner.
How Much Interest Will I Pay on a £150,000 Mortgage?
Interest is what you pay for borrowing the money, and it’s one of the biggest long-term costs in a mortgage.
Here’s a rough idea of total interest over time:
| Term | Interest Rate | Approx. Total Interest | Total Repaid |
|---|---|---|---|
| 15 years | 4.5% | £57,000 | £207,000 |
| 20 years | 4.5% | £75,000 | £225,000 |
| 25 years | 4.5% | £95,000 | £245,000 |
As you can see, shorter terms save a lot on interest — but the monthly payments are higher.
We can help you compare these figures properly using your actual circumstances, so you know exactly what your total cost will look like.
Can I Get a £150,000 Mortgage With Bad Credit?
Yes — it’s definitely possible.
We work with many clients who have defaults, CCJs, or missed payments on their credit files and still manage to secure a £150,000 mortgage.
Lenders will look at:
- How long ago the credit issues happened
- Whether you’ve been managing your finances better since
- The size of your deposit and your income stability
A good recent track record can go a long way to offsetting older issues. We specialise in bad credit mortgages, and we know which lenders take a more flexible approach.
If you’re not sure where you stand, we’ll review your credit report and advise you on how to strengthen your case before applying.
Can I Get a £150,000 Mortgage if I’m Self-Employed?
Yes — absolutely.
If you’re self-employed, lenders will assess your income a little differently. They’ll usually ask for:
- SA302s and Tax Year Overviews from the past 2–3 years
- Business accounts (prepared by an accountant)
- Bank statements showing recent income and outgoings
Some lenders will even accept just one year of accounts if your business is strong and your credit history is solid.
We regularly help sole traders, freelancers, and company directors secure mortgages by showing lenders the full picture of their income — not just the basics.
If your income varies or you’ve recently gone limited, we can help present your case clearly so it’s seen in the best light.
Can I Get a £150,000 Mortgage After Being Declined by My Bank?
Yes — being turned down by your bank doesn’t mean you can’t get a mortgage elsewhere.
High street lenders often have strict, one-size-fits-all criteria. But specialist lenders are usually much more flexible. They’ll take a closer look at your real financial situation rather than just a credit score.
We help clients every week who’ve been declined elsewhere, and most go on to get approved with a lender that’s better suited to their circumstances.
If this has happened to you, don’t panic — we’ll help you understand what went wrong and show you the next best step.
How Can I Reduce My Monthly Repayments?
There are a few ways to make your £150,000 mortgage more affordable month-to-month:
- Choose a longer term: Extending from 20 to 25 or 30 years can lower repayments.
- Save a bigger deposit: This can unlock better interest rates.
- Improve your credit score: Better credit often means lower rates.
- Compare deals: Switching or remortgaging at the right time can save hundreds each month.
If you’re not sure where to start, we’ll help you review all these options and show what difference each could make.
Can I Overpay on a £150,000 Mortgage?
Yes — most lenders let you overpay up to 10% each year without penalty.
Even small overpayments can make a big difference. Paying an extra £100 a month on a £150,000 mortgage over 25 years could cut nearly four years off your term and save thousands in interest.
We’ll show you exactly how much you could save with your current deal and whether overpaying makes sense for your situation.
Example: £150,000 Mortgage Over 25 Years
To give you a clear picture, here’s an example:
- Loan: £150,000
- Term: 25 years
- Rate: 4.5%
- Monthly payment: around £833
- Total repaid: roughly £250,000
- Total interest: around £100,000
If you overpaid £100 each month, you’d save around £15,000 in interest and clear your mortgage nearly four years early.
What Documents Do I Need to Apply for a £150,000 Mortgage?
Lenders usually ask for:
- Proof of ID and address
- 3–6 months of payslips or self-employed accounts
- Bank statements
- Proof of deposit or savings source
- Credit report
We’ll help you gather and review everything before your application goes to a lender, so there are no surprises or unnecessary delays.
Final Thoughts: Making a £150,000 Mortgage Work for You
A £150,000 mortgage is a very achievable goal — whether you’re buying your first home, remortgaging, or moving up the ladder. The key is understanding how the numbers fit together and working with a lender that actually fits you.
At Mortgage Bridge, we specialise in helping people with adverse credit, self-employed income, or complex financial situations secure affordable mortgages.
If you’d like to see what your repayments might look like, or find out exactly how much you could borrow, let’s explore your options together. We’re always happy to talk things through and help you take your next confident step.