£350000 Mortgage: Monthly Repayments & Income Needed
If you’re looking at a £350,000 mortgage, you’re firmly in higher-value borrowing territory. At this level, lenders tend to apply much stricter affordability checks, and small changes in income, spending, or interest rates can have a noticeable impact on whether a mortgage is approved.
This guide explains monthly repayments on a £350,000 mortgage, the income lenders typically expect, and the wider factors that influence affordability — whether you’re upsizing, buying in a more expensive area, or remortgaging an existing property.
Monthly Repayments on a £350,000 Mortgage
Monthly repayments depend mainly on your interest rate and mortgage term. With a £350,000 mortgage, even minor changes in either can significantly affect monthly costs.
As a general guide:
- Over 25 years: around £1,820–£2,100 per month
- Over 30 years: around £1,520–£1,820 per month
- Over 20 years: higher monthly repayments, but considerably less interest paid overall
Lenders don’t assess affordability purely on today’s repayment. They apply stress tests to check whether repayments would still be manageable if interest rates were to increase.
How Much Income Do You Need for a £350,000 Mortgage?
Most lenders start with income multiples of around 4 to 4.5 times annual income, though criteria often tighten further at this level of borrowing.
Based on this:
- £350,000 ÷ 4.5 = around £78,000
- £350,000 ÷ 4 = around £87,500
In practice, many borrowers need an income closer to £80,000–£90,000, depending on lender rules, minimum income thresholds, and existing financial commitments.
Income multiples alone are not enough — full affordability assessments always apply.
Why £350,000 Mortgages Are More Closely Scrutinised
Once borrowing reaches £350,000, lenders tend to view applications as higher risk simply because repayments take up a larger share of household income.
Income requirements can feel higher due to:
- More aggressive affordability stress testing
- Lender minimum income policies
- Existing commitments such as car finance, loans, or childcare
- Household and lifestyle spending visible on bank statements
Even if repayments appear affordable now, lenders must be confident the mortgage remains sustainable long term.
What Lenders Look At Beyond Salary
When assessing a £350,000 mortgage, lenders look far beyond headline income and typically consider:
- Employment stability and contract type
- Regular outgoings such as credit cards, loans, childcare, and maintenance
- How income is managed month to month
- Discretionary and lifestyle spending patterns
- How much disposable income remains after commitments
This explains why two applicants earning the same salary can receive very different outcomes.
Typical Uses for a £350,000 Mortgage
A £350,000 mortgage is commonly used for:
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- Buying a larger family home
- Purchasing in higher-priced areas
- Shared ownership staircasing
- Remortgaging to secure a new deal or restructure borrowing
- Buying out an ex-partner or co-owner
Each scenario can subtly affect how lenders assess affordability and risk.
Single Applicants vs Joint Applicants
Single applicants
A single applicant may qualify for a £350,000 mortgage on a strong income with low outgoings. However, affordability margins are tight at this level, making lender choice especially important.
Joint applicants
Joint applications often make approval easier by combining incomes. Even if one income is lower, the combined affordability picture may fit lender criteria more comfortably.
How Mortgage Term Choice Affects Affordability
The mortgage term you choose plays a major role in determining monthly repayments.
- Longer terms reduce monthly costs but increase total interest
- Shorter terms increase repayments but reduce interest overall
Lenders will also consider retirement age and long-term income stability, particularly where applicants plan to borrow later into their working lives.
How Your Deposit Affects a £350,000 Mortgage
A larger deposit can significantly improve both approval chances and interest rates.
Although the mortgage amount remains £350,000, a higher deposit can:
- Reduce lender risk
- Unlock more competitive interest rates
- Improve affordability calculations
- Provide flexibility where income is close to minimum thresholds
This can reduce monthly repayments and widen lender choice.
Can You Get a £350,000 Mortgage With Bad Credit?
Yes — depending on the circumstances.
Lenders will usually consider:
- How recent the credit issues were
- Whether debts are settled or outstanding
- How finances have been managed since
- Evidence shown in recent bank statements
Because £350,000 sits at the higher end of mainstream borrowing, historic issues are viewed far more favourably than recent ones.
What If You’re Self-Employed?
Self-employed applicants can qualify for a £350,000 mortgage, but income assessment is more detailed and often stricter.
Most lenders will review:
- Two years of accounts or tax calculations
- Averaged income over that period
- Evidence of stable or increasing earnings
Some lenders may take a more flexible view where income is consistent and business finances are well managed.
Why Bank Statements Matter More at This Level
Bank statements play a critical role in mortgage decisions at £350,000.
Lenders will look closely for:
- Overdraft usage
- Gambling or high-risk transactions
- Missed bill payments
- Regular saving behaviour
- Whether income comfortably supports lifestyle spending
Strong account conduct can materially improve approval chances, even where income is near lender limits.
What Can Reduce Your Chances of Approval?
Even for a £350,000 mortgage, applications may be declined due to:
- High unsecured debt
- Regular overdraft reliance
- Recent missed payments
- Irregular income patterns
- Unstable employment history
This is why some borrowers are surprised to be declined despite meeting income multiples.
How to Improve Your Chances of Approval
Helpful steps include:
- Reducing unsecured debts
- Avoiding overdraft use
- Keeping spending consistent for several months
- Avoiding new credit before applying
- Saving a larger deposit where possible
These actions can materially improve affordability outcomes.
Is a £350,000 Mortgage Harder Than Smaller Loans?
In most cases, yes. £350,000 often sits beyond the point where lender affordability models become much less flexible.
Choosing the right lender criteria can be just as important as the mortgage amount itself.
Key Takeaways
- Monthly repayments are typically £1,520–£2,100, depending on term
- Income needed is often £80,000–£90,000, depending on lender rules
- Full affordability checks apply at £350,000
- Deposits and spending habits strongly influence approval
- Lender choice can make a significant difference
This guide provides general information only. Personalised mortgage advice should always come from a regulated mortgage adviser.
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Important information: Mortgage Bridge provides information only and acts as a mortgage introducer. We do not provide mortgage advice or make lender recommendations. We can introduce you to an FCA-regulated mortgage adviser who can provide personalised mortgage advice.