£300000 Mortgage – Monthly Repayments, Salary Needed & Deposit Guide

If you’re considering a £300,000 mortgage, it’s important to understand what the monthly repayments might look like, the salary lenders usually expect, and how your deposit size affects the rates available. Whether you’re buying for the first time, moving, or remortgaging, this guide breaks everything down clearly based on what we see at Mortgage Bridge every day.

We help clients with all income types — including self-employed, contractors, company directors, fixed-term workers and those with credit challenges — so the guidance below reflects real lender behaviour.

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What Are the Monthly Repayments on a £300,000 Mortgage?

Quick answer:
£300000 mortgage monthly repayments generally fall between £1,400 and £1,900, depending on your mortgage term and interest rate.

Here are examples to help you compare options:

Interest Rate	Term	Approx. Monthly Repayment
3%	25 years	~£1,423
4%	25 years	~£1,584
5%	25 years	~£1,754
6%	25 years	~£1,933
4%	30 years	~£1,432
4%	20 years	~£1,818
4%	10 years	~£3,037

Shorter terms increase your monthly repayments but reduce the total interest paid. Longer terms lower your monthly commitment but increase the overall cost.

If you’d like personalised repayment comparisons, we’re here to help.

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What Salary Do You Need for a £300,000 Mortgage?

Most lenders use income multiples of 4 to 4.5 times your annual salary.

To borrow £300,000, you’ll typically need:

• £67,000–£75,000 income as a single applicant
• Combined income of £67,000–£75,000 for joint applicants

This depends on:

• Debts (credit cards, loans, car finance)
• Credit profile
• Monthly outgoings
• Childcare costs
• Type of employment or contract
• Stability of income

Some specialist lenders can go above 4.5× in specific scenarios — often for high earners, professionals or applicants with strong affordability.

We can calculate this precisely for you based on your income structure.

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How Do Lenders Assess Affordability on a £300,000 Mortgage?

Lenders don’t just look at income multiples. They carry out a full affordability check, which includes:

Your income

This might include:

• Salary
• Overtime
• Bonuses
• Commission
• Shift allowance
• Self-employed profits
• Dividends
• Retained profits (some lenders)
• Pension income
• Certain benefits (varies by lender)

We explain this fully in our guide on what lenders look for on bank statements.

Your outgoings

This includes:

• Loans
• Credit cards
• Finance agreements
• School fees
• Childcare
• Subscriptions
• Household bills
• Commitments shown on bank statements

Your credit history

Clean credit gives you more lender choice, but we regularly help clients with:

• Late payments
• Defaults
• CCJs
• Debt Management Plans
• Previous IVA or bankruptcy

If this applies to you, see our guides on DMP mortgages or bankruptcy and mortgages.

Your deposit

Larger deposits reduce risk and improve the rates available.

If you’d like to see what could work for you, we’re happy to help.

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What Deposit Do You Need for a £300,000 Mortgage?

Deposit requirements depend on the property type and your credit profile.

Typical minimum deposits:

• 5% (£15,000) – strong credit
• 10% (£30,000) – minor credit issues
• 15–25% – significant adverse credit (defaults, CCJs, recent issues)

New-build properties sometimes require higher deposits, often 10–15% depending on the lender.

If you’re remortgaging, your equity acts as the deposit.

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Can You Get a £300,000 Mortgage on One Income?

Yes — many single applicants qualify for a £300,000 mortgage, especially in higher-income sectors.

Approval depends on:

• Your salary
• Stability of employment
• Age and retirement term limits
• Outgoings
• Credit history
• Deposit size

If your income includes commission, overtime, freelance work, or director’s dividends, we’ll help ensure lenders consider the full picture.

For more detail, see our guide on single income mortgages.

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Can You Get a £300,000 Mortgage with Bad Credit?

Yes — it’s possible, but lender choice and deposit requirements will vary based on:

• When the issue happened
• Type of issue (default, CCJ, missed payment)
• Whether the debt is now settled
• Your income stability
• Affordability strength

Examples:

• Older issues (over 3 years) → Some near-mainstream lenders may consider you
• Recent issues (within 12 months) → Specialist lenders with higher deposits
• Severe issues (DMP, IVA, bankruptcy) → Feasible with the right lender and deposit

We help clients with adverse credit secure mortgages every week.

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What Term Should You Choose for a £300,000 Mortgage?

Common terms are 25, 28, 30 or 35 years, depending on affordability and age.

Shorter terms (10–20 years)

Pros: Less interest, finishes quicker
Cons: Higher monthly repayments

Longer terms (30–35 years)

Pros: Lower monthly repayments
Cons: More interest overall
Useful for applicants with childcare costs or variable income.

Many lenders allow 10% annual overpayments, helping reduce interest without committing to a shorter term.

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Example: £300,000 Mortgage Over 25 Years

Loan: £300,000
Term: 25 years
Rate: 4.5%
Monthly repayments: ~£1,668
Total repaid: ~£500,000
Interest paid: ~£200,000

Making small overpayments can shorten the term significantly.

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Fees to Expect on a £300,000 Mortgage

Typical costs may include:

• Arrangement fee: £0–£999
• Valuation fee: Often free
• Solicitor fees: £800–£1,500
• Broker fee: Depends on complexity
• Product fee on some deals

We’ll explain all expected costs upfront — no surprises.

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What If Your Bank Has Already Declined You?

Many clients come to us after a decline from:

• High-street banks
• Building societies
• Online lenders

Reasons include:

• Non-standard income
• Fixed-term contracts
• Credit issues
• High outgoings
• Recently self-employed
• Debt consolidation needs

Specialist lenders often take a broader, more flexible view and many are only available through brokers.

Let’s explore your options together.

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How Mortgage Bridge Can Help

At Mortgage Bridge, we specialise in helping clients with:

• Self-employed income
• Variable earnings
• Commission or bonuses
• Bad credit
• Previous declines
• Debt consolidation
• Single income applications

We review your documents carefully, identify the lenders most suited to your circumstances, and present your case clearly to maximise approval chances.

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Key Takeaways

• £300000 mortgage monthly repayments usually sit between £1,400–£1,900
• You’ll often need a salary of £67,000–£75,000
• Deposit requirements start at 5%, rising for adverse credit
• Many single applicants qualify
• Specialist lenders can help with complex income or credit issues
• Mortgage term affects both cost and affordability