£280000 Mortgage: Monthly Repayments & Income Needed
If you’re considering a £280,000 mortgage, you’re moving into a borrowing range where lenders apply noticeably tighter affordability checks. Whether you’re buying a larger family home, purchasing in a higher-value area, or remortgaging an existing property, the same questions usually come up: what will the monthly repayments be, and how much do you need to earn to be approved?
This guide explains monthly repayments on a £280,000 mortgage, the income lenders typically expect, and the wider factors that can influence whether an application is accepted.
Monthly Repayments on a £280,000 Mortgage
Monthly repayments depend primarily on your interest rate and mortgage term. At £280,000, even small changes to either can significantly affect affordability.
As a general guide:
- Over 25 years: around £1,460–£1,680 per month
- Over 30 years: around £1,220–£1,460 per month
- Over 20 years: higher monthly repayments, but considerably less interest paid overall
Lenders don’t just assess whether you can afford repayments today. They apply stress tests to check affordability if interest rates were to rise in the future.
How Much Income Do You Need for a £280,000 Mortgage?
Most lenders begin with income multiples of around 4 to 4.5 times annual income, though criteria often tighten at higher loan amounts.
Based on this:
- £280,000 ÷ 4.5 = around £62,000
- £280,000 ÷ 4 = around £70,000
In practice, many borrowers need an income closer to £65,000–£72,000, depending on lender policies, existing commitments, and minimum income thresholds.
Income multiples alone are only a guide. Full affordability assessments always apply.
Why £280,000 Mortgages Feel More Restrictive
As borrowing approaches £300,000, lenders become increasingly cautious. Monthly repayments represent a larger share of household income, leaving less margin for unexpected costs.
Income requirements can feel higher due to:
- Stricter affordability stress testing
- Lender minimum income policies
- Existing commitments such as car finance, loans, or childcare
- Household and lifestyle spending shown on bank statements
Even where repayments appear manageable, lenders must be confident the mortgage remains sustainable long term.
What Lenders Look At Beyond Salary
When assessing a £280,000 mortgage, lenders look well beyond headline income and typically consider:
- Employment stability and contract type
- Regular outgoings such as loans, credit cards, childcare, and maintenance
- How income is managed month to month
- Discretionary spending patterns
- How much disposable income remains after commitments
This explains why two applicants earning the same amount can receive very different outcomes.
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Typical Uses for a £280,000 Mortgage
A £280,000 mortgage is commonly used for:
- Buying a family home with a moderate deposit
- Purchasing in higher-value areas
- Shared ownership staircasing
- Remortgaging to secure a new deal
- 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 £280,000 mortgage on a strong income with low outgoings, but affordability margins are tight at this level. Lender selection becomes particularly 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
Your mortgage term has a major impact on 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, especially for applicants planning later-life borrowing.
How Your Deposit Affects a £280,000 Mortgage
A larger deposit can significantly improve both approval chances and interest rates.
Although the mortgage amount remains £280,000, a higher deposit can:
- Reduce lender risk
- Unlock more competitive interest rates
- Improve affordability calculations
- Provide flexibility where income is near minimum thresholds
This can reduce monthly repayments and widen lender choice.
Can You Get a £280,000 Mortgage With Bad Credit?
Yes — depending on the circumstances.
Lenders will usually consider:
- How recent the credit issues were
- Whether debts are settled or ongoing
- How finances have been managed since
- Evidence shown in recent bank statements
Because £280,000 sits in the upper mid-range of borrowing, historic issues are viewed more favourably than recent ones.
What If You’re Self-Employed?
Self-employed applicants can qualify for a £280,000 mortgage, but income assessment is more detailed.
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 So Much
Bank statements play a major role in mortgage decisions at this level.
Lenders will look 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 close to lender limits.
What Can Reduce Your Chances of Approval?
Even for a £280,000 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 meaningfully improve affordability outcomes.
Is a £280,000 Mortgage Harder Than Smaller Loans?
In many cases, yes. While £280,000 is still considered mainstream borrowing, lender policies around minimum income and stress testing become more restrictive.
Choosing the right lender criteria can be just as important as the mortgage amount itself.
Key Takeaways
- Monthly repayments are typically £1,220–£1,680, depending on term
- Income needed is often £65,000–£72,000, depending on lender rules
- Full affordability checks apply at £280,000
- 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.