£280,000 Mortgage: Monthly Repayments and Income Needed
If you’re looking to buy your first home or move up the property ladder, a £280,000 mortgage might be just what you need. But one of the first questions most people ask is: How much would that cost each month?
The next question is usually: What income do I need to qualify for that size of mortgage?
At Mortgage Bridge, we help homebuyers answer these exact questions every day. Whether you’re buying on your own or with a partner, this guide will give you a clear idea of what to expect — including real repayment examples, lender income multiples, and tips to keep your mortgage affordable.
How Much Does a £280,000 Mortgage Cost Per Month?
The monthly cost of a £280,000 mortgage depends on three key things:
- The interest rate you secure
- The term length of your mortgage
- Whether you’re on a repayment or interest-only deal
Let’s look at what those numbers could look like in practice.
Example 1: Repayment Mortgage (Capital + Interest)
If you take out a repayment mortgage over 25 years, here’s how much your monthly payments might be at different interest rates:
| Interest Rate | Monthly Repayment | Total Paid Over 25 Years |
|---|---|---|
| 3% | £1,328 | £398,400 |
| 4% | £1,482 | £444,600 |
| 5% | £1,639 | £491,700 |
| 6% | £1,805 | £541,500 |
As you can see, a 1% rate difference changes your monthly cost by over £150 — so getting the right deal matters a lot.
If you stretched the term to 30 years, your monthly payments would drop slightly (for example, around £1,503 at 5%), but you’d pay more interest over time.
Example 2: Interest-Only Mortgage
With an interest-only mortgage, you only pay the interest each month, not the capital.
At 5%, the monthly payment on £280,000 would be about £1,167 per month.
However, the balance (£280,000) doesn’t decrease — you’ll still owe the full amount at the end of the term. That’s why this type of mortgage is mostly used by landlords or buyers with a clear repayment plan, such as selling another property.
For most homebuyers, a repayment mortgage makes more sense, as it steadily reduces what you owe until the loan is fully paid off.
How Much Income Do You Need for a £280,000 Mortgage?
Most lenders base affordability on a multiple of your income — typically between 4 and 4.5 times your annual salary. Some lenders stretch to 5 or even 5.5 times in certain circumstances (for example, for professionals or borrowers with strong finances).
Here’s how that looks in real terms:
| Annual Income | Maximum Borrowing (4.5x) | Eligible for £280,000? |
|---|---|---|
| £50,000 | £225,000 | No |
| £55,000 | £247,500 | No |
| £60,000 | £270,000 | Almost |
| £62,500 | £281,250 | Yes |
| £65,000 | £292,500 | Yes |
So, to qualify for a £280,000 mortgage, you’ll usually need a household income of at least £62,000–£65,000.
That could come from:
- A single earner on £65,000
- A couple earning £32,000–£33,000 each
- Two people with combined income and bonuses totalling around £63,000
Keep in mind that lenders will also look at your outgoings — things like credit cards, loans, childcare, and travel costs — which can affect the amount they’ll lend.
We’ll help you assess your affordability before applying, so you know exactly where you stand.
What Deposit Will You Need for a £280,000 Property?
Your deposit determines how much you’ll need to borrow — and what interest rate you’ll be offered.
Here’s how that breaks down:
| Deposit % | Deposit Amount | Mortgage Required |
|---|---|---|
| 5% | £14,000 | £266,000 |
| 10% | £28,000 | £252,000 |
| 15% | £42,000 | £238,000 |
| 20% | £56,000 | £224,000 |
If you can put down a 10% deposit (£28,000), you’ll usually qualify for better rates and have a wider choice of lenders.
At Mortgage Bridge, we’ll calculate your ideal deposit-to-loan ratio to keep your monthly payments affordable while giving you access to competitive deals.
How Do Lenders Check Affordability for a £280,000 Mortgage?
Every lender uses an affordability assessment to make sure you can comfortably manage your mortgage payments. They’ll consider:
- Your total income: Salary, bonuses, commissions, or self-employed earnings.
- Your regular spending: Bills, subscriptions, and living costs.
- Outstanding debts: Loans, car finance, or credit card balances.
- Dependants: Children or family members you support financially.
- Mortgage term and rate: Longer terms lower monthly costs but add more interest.
They’ll also “stress test” your mortgage to ensure you could still afford it if interest rates rose by a few percentage points.
This is where we come in — we’ll do a full affordability check using lender calculators before you apply, so there are no surprises later.
How Do Different Mortgage Terms Affect Monthly Payments?
Your mortgage term (the number of years you take to repay the loan) can significantly impact how much you pay each month.
Here’s how a £280,000 mortgage at 5% interest looks over different terms:
| Term Length | Monthly Payment | Total Interest Paid |
|---|---|---|
| 20 years | £1,846 | £162,960 |
| 25 years | £1,639 | £211,700 |
| 30 years | £1,503 | £261,080 |
| 35 years | £1,410 | £312,200 |
Choosing a longer term reduces your monthly payment, which can help with affordability, but it also increases how much interest you’ll pay overall.
A good strategy is to start with a term that feels comfortable now and shorten it later when your income grows or debts reduce.
How Do Interest Rates Affect a £280,000 Mortgage?
Interest rates have the biggest impact on your monthly repayments. Even a 0.5% difference can change your monthly bill by around £70–£80.
Here’s an example for a 25-year mortgage:
- At 4%, your payments would be about £1,482 per month
- At 5%, they’d rise to £1,639 per month
- At 6%, they’d reach around £1,805 per month
That’s why comparing lenders and locking in the right rate can save you thousands over time.
If you prefer stability, a fixed-rate mortgage gives you predictable payments for 2, 3, or 5 years.
If you’re comfortable with potential rate changes, a tracker or discount mortgage can start cheaper but vary with the market.
We’ll help you compare both and decide which option suits your goals best.
What Income Types Count Towards a £280,000 Mortgage?
Lenders accept more than just basic salary when calculating your borrowing power. Depending on your job and income type, you can often include:
- Overtime or bonuses (if regular)
- Commission or performance pay
- Self-employed profits (usually averaged over 2–3 years)
- Pension or investment income
- Rental income (for landlords)
Different lenders treat these income types differently — some take 50% of bonuses, others count 100%.
That’s why using a broker like us makes such a difference: we know which lenders are most generous with your income type.
Can You Get a £280,000 Mortgage on a Low Income?
If your income is slightly below what’s typically required, there are still options. You could:
- Apply jointly with a partner or family member.
- Use a Joint Borrower, Sole Proprietor (JBSP) mortgage — where a parent helps with affordability but isn’t on the deeds.
- Explore shared ownership, which lets you buy part of a home and pay rent on the rest.
- Use family springboard mortgages, where a relative temporarily provides a savings-backed deposit.
These solutions can help bridge the affordability gap safely and sensibly.
What Other Costs Should You Budget For?
Beyond your mortgage payments, there are other homeownership costs to factor in, including:
- Buildings and contents insurance
- Council tax
- Utilities (gas, electricity, water, internet)
- Service charges or ground rent (for flats)
- Home maintenance and repairs
- Mortgage protection insurance
When we assess affordability, we’ll include these typical costs to give you a realistic monthly budget.
Example Scenarios for a £280,000 Mortgage
Here are a few practical examples to put the figures into context:
Example 1: Single Buyer
- Income: £65,000
- Deposit: £28,000 (10%)
- Mortgage: £252,000
- Rate: 5% over 25 years
Monthly Payment: ~£1,477
Example 2: Couple
- Combined Income: £62,000 (£31k each)
- Deposit: £28,000 (10%)
- Mortgage: £252,000
- Rate: 4.5% over 30 years
Monthly Payment: ~£1,280
Example 3: Family Buyer
- Combined Income: £70,000
- Deposit: £42,000 (15%)
- Mortgage: £238,000
- Rate: 4% over 25 years
Monthly Payment: ~£1,262
These examples show how adjusting the deposit or rate can make a big difference to monthly costs — often by hundreds of pounds.
How to Improve Your Chances of Being Approved for £280,000
If you’re aiming for a £280,000 mortgage, here are some practical ways to strengthen your application:
- Increase your deposit — even an extra 5% can unlock better deals.
- Pay down debts — lower monthly commitments improve affordability.
- Boost your credit score — pay bills on time, avoid missed payments, and register on the electoral roll.
- Keep spending steady — lenders look at your recent bank statements.
- Avoid new credit before applying — it can lower your score temporarily.
- Apply jointly if possible — two incomes give you more borrowing power.
We’ll go through your finances with you before applying, helping you present the strongest possible case to lenders.
How Mortgage Bridge Helps You Secure the Right Deal
At Mortgage Bridge, we do more than find a rate — we make sure your mortgage truly fits your lifestyle and long-term goals.
Here’s how we help:
✅ Calculate your exact affordability based on real lender criteria.
✅ Compare rates and terms across the whole market.
✅ Explain how changes in term, deposit, or rate affect monthly costs.
✅ Handle all the paperwork and communication with the lender.
✅ Keep you informed at every stage, from Agreement in Principle to completion.
Our aim is to make the process simple, clear, and completely tailored to you.
Final Thoughts: Understanding Your £280,000 Mortgage
A £280,000 mortgage is achievable for many buyers — as long as you plan carefully and understand your numbers.
Here’s a quick recap:
- Monthly repayments are typically £1,400–£1,800, depending on rate and term.
- You’ll usually need a household income of £62,000–£65,000 to qualify.
- A 10% deposit (£28,000) helps access better rates and lower payments.
- Managing your credit, debts, and spending will boost approval chances.
At Mortgage Bridge, we’ll take all the guesswork out of it — calculating what you can borrow, what it’ll cost, and which lenders fit your circumstances best.
If you’d like to know exactly what a £280,000 mortgage could look like for you, we’d love to help. Let’s explore your options together and find the most comfortable way forward.