Wondering how much you’ll pay per month on a £350k Mortgage? Then keep reading to find out how much you’ll pay and what you need to earn.
How Much Will I Pay Per Month On A £350k Mortgage?
The main factor determining how much you’ll pay is your interest rate. Current interest rates for a standard 25 year repayment mortgage are between 5% and 7% in the UK.
This means you’re monthly repayments on a £350k mortgage will likely vary between £2,048 and £2,475 per month.
| Interest Rate | Monthly Repayments |
| 5% | £2,048 |
| 5.5% | £2,149 |
| 6% | £2,254 |
| 6.5% | £2,363 |
| 7% | £2,475 |
How Much Do I Need To Earn For A £350k Mortgage?
In general most banks and mortgage lenders will let you borrow between 3X and 5X your income with 4X-4.5X being the norm.
This means you’d need to earn between £70,000 and £116,667 to afford a £350k mortgage.
| Income Multiple | Required Salary |
| 3X | £116,667 |
| 3.5X | £100,000 |
| 4X | £87,500 |
| 4.5X | £77,778 |
| 5X | £70,000 |
Another way to look at how much you’d need to earn is to keep total debt repayments (including mortgage repayments) below 35% of gross (pre-tax) income.
On that basis here is the absolute minimum salary you could earn based on various interest rate scenarios.
| Interest Rate | Minimum Safe Salary |
| 5% | £70,200 |
| 5.5% | £73,680 |
| 6% | £77,280 |
| 6.5% | £81,000 |
| 7% | £84,840 |
How Much House Can I Afford With A £350k Mortgage?
In most cases it’s no longer possible to get 100% or no deposit mortgages in the UK. Therefore you’ll have to put at least 10% down.
Below we’ve calculated how much house you could afford based on your deposit amount and a £350k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £38,889 | £388,889 |
| 20% | £87,500 | £437,500 |
| 30% | £150,000 | £500,000 |
| 40% | £233,333 | £583,333 |
| 50% | £350,000 | £700,000 |
How Much Stamp Duty Will I Pay On A House With A £350k Mortgage?
Finally, when you buy a house you may have to pay stamp duty. Below we’ve made the calculations on how much you’d pay based on the house prices above.
| House Purchase Price | Stamp Duty Owed |
| £388,889 (10% Down) | £6,944 |
| £437,500 (20% Down) | £9,375 |
| £500,000 (30% Down) | £12,500 |
| £583,333 (40% Down) | £16,667 |
| £700,000 (50% Down) | £22,500 |
Other Mortgage Amounts:
£360k Mortgages
£370k Mortgages
£380k Mortgages
£390k Mortgages
£400k Mortgages