How Much Will My Repayments Be On A £350K Mortgage?

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Monthly repayments on a £350,000 mortgage will depend largely on the deals available when you apply for mortgages with various mortgage lenders. Some will have better mortgage deals than others for their products, and you might want to consider working with a mortgage broker like us at When The Bank Says No to access even better deals.

Your mortgage repayments will largely depend on the exact nature of the mortgage deal you sign, including your mortgage interest rates, mortgage term, deposit you can afford, and mortgage type. These will all affect your monthly mortgage repayments.

Below we’ll talk you through these factors so you can understand exactly how it would affect your repayments on your £350,000 mortgage, and then work through some examples so you get a better understanding of how your monthly payments might look. 

*All figures marked with ~ throughout the article are accurate estimates, although final repayment amounts won’t always be the same if you apply for a similar deal due to changing interest rates and mortgage deals.

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How To Get Approved For A £350,000 Mortgage

£350,000 is not a small mortgage, so you need to approach your application with confidence that the monthly repayments are something you can realistically afford. You’ll want a deal that means you pay back your mortgage quickly enough to avoid interest rate charges that are too high, but also that doesn’t mean you’re paying back too much or too little over time resulting in late or early repayment charges should things go wrong.

To get approved you need an appropriate deal and mortgage lenders will determine how appropriate a deal is for you based on two key factors:

  • what you spend and what you earn
  • what would happen if your personal circumstances were to change

Income and Outgoings

The first thing mortgage lenders will look at to assess your eligibility for a mortgage deal is your spendings and earnings. This gives them an accurate idea about your spending habits and whether or not you can realistically afford your mortgage repayments.

Most lenders will primarily be interested in your income and outgoing over the 3 months before your application, but some may be interested in a longer period if they think you’re a higher risk borrower.

Any mortgage advisor will tell you that you should compare mortgage repayments for a a variety of deals to ensure you have the income to cover the charges each month. If you’re sure, then the chances are the lenders will be confident of your ability to pay back the loan, too.

Stress Test

Another key factor that determines if you can afford the monthly repayments for a 350K mortgage is the lender’s financial stress test. Here, they’ll consider your ability to make your usual mortgage payments if things should change for you and your household.

Usually this entails considering factors such as:

  • your household growing
  • your income changes
  • your dual income household becoming a single income household

By looking at your application from a worst case scenario, lenders can determine how high or low risk you are as a borrower, and may be able to offer better deals if they think your risk is lower, meaning lower monthly repayments due to a better interest rate deal.

Getting Approved With Poor Credit

If your credit history is less than ideal, you don’t have to worry. You can still access specialist lenders who will consider your mortgage application, but in order to do so you’ll need to work with specialist mortgage brokers.

At When The Bank Says No, we offer our service to a range of people whose circumstances may mean they’ll struggle to be approved for a mortgage from traditional lenders due to their credit history. We can help you secure great mortgage deals despite poor credit.


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What Impacts My Monthly Mortgage Payments?

The four main factors that will directly impact how high or low your monthly payments will be for your mortgage are:

  • interest rate deal
  • mortgage term
  • mortgage type
  • how much deposit you can put down

Interest Rates

The interest rate deal you can secure on your mortgage is one of the biggest influences on your payment each month, because over a longer mortgage term (20 years plus) you’ll probably end up paying more in interest than you will the value of the initial loan. The higher your interest rate, the higher your monthly mortgage repayments.

If you opt for fixed rate mortgages then you’ll lock into an interest rate for a certain period of time, usually for an initial rate period of 2, 3, 5, or 10 years depending on the deal you sign up for. Without fixed rates, you’ll be on your lender’s standard variable rate mortgage or tracker mortgage, meaning as the base rate in England for interest rates change, so will your monthly payments.

There are pros and cons of both types of mortgage if you’re unsure which interest rate mortgage is right for you. The main thing is that you find a deal with interest rates you can afford to keep up with.

Mortgage Term

The longer you take your mortgage out over, the lower your monthly repayments will be but the higher the overall cost of your loan will be. The shorter your repayment period the higher your monthly repayments, and the lower the overall cost.

Here’s an example of likely monthly payments on a £350,000 mortgage with a 4.5% interest rate over 10 and 30 years respectively:

  • Repayments each month over 10 years: ~£3,627 (total repayment = £435,204)
  • Repayments each month over 30 years: ~£1,773 (total repayment = £638,139)

Your total interest cost will be much higher when you take out a longer loan, but you will benefit from lower payments each month.

The perfect mortgage deal for you is the one that means you don’t pay too much in interest rates over the course of the deal, but also one that allows you to comfortably afford the payment each month.

Mortgage Type

Repayment mortgages and interest only mortgages are the two main mortgage types.

With a repayment mortgage, your monthly repayments will be higher because you’ll cover the interest rate cost and cover the capital of the loan at the same time, so you’ll actually be paying back what you borrowed.

An interest only mortgage means you only cover the interest costs on the loan each month, and you won’t actually be paying back what you borrowed to cover the property value. This essentially means you’re extending the loan term, so you’ll end up paying more interest over time if you do have to switch to this mortgage type.

You’ll usually only be placed on a residential interest only mortgage if your circumstances have changed and you can no longer afford to pay your repayment mortgage costs. You’ll be placed back on to your normal mortgage when your circumstances revert back to you being able to cover your usual mortgage payments again.

Deposit Amount

Mortgage deals get better the higher your deposit is, because a lower loan to value ratio means you can access a better mortgage deal with better interest rates when your deposit covers even more of the property value.

Looking for a 350K mortgage means you’ve probably already put down a large deposit, but if you can put down any more to bring down the amount you borrow, you’ll benefit from lower monthly repayments.

What Do I Need To Calculate Monthly Repayments For My Mortgage Deal?

The best way to figure out what your monthly payments will be on your £350,000 mortgage is to use an online mortgage calculator in the UK that can give you information instantly about the likely charges you’ll face for your mortgage each month.

To get an accurate estimate from the calculator you’ll need to have the following information about the mortgage deals you’re considering:

  • the mortgage value
  • mortgage length
  • type of mortgage
  • interest rate of the deal
  • any additional mortgage fees

With this information the calculator can give you an accurate idea about the monthly costs associated with the mortgage deal, and you’ll be better able to decide which deal is right for you.

To aid you with this, we’ll also provide some reference tables below to give you an accurate estimate of what monthly repayments for a £350,000 mortgage may look like.


What Will I Pay Each Month For A £350,000 Mortgage In The UK?

Repayment Mortgages 

Likely Monthly Payments On A £350,000 Repayment Mortgage (All Figures Given Are Accurate Estimates Only ~)
Interest Rates
Length Of Mortgage Term 2.5% 3.5% 4.5% 5.5%
5 Years £6212 £6368 £6524 £6685
10 Years £3300 £3462 £3627 £3798
15 Years £2334 £2503 £2677 £2860
20 Years £1855 £2030 £2214 £2407
25 Years £1570 £1753 £1945 £2149
30 Years £1383 £1572 £1773 £1987

Interest Only Mortgages

Likely Monthly Payments On A £350,000 Interest Only Mortgage (All Figures Given Are Accurate Estimates Only ~)
Interest Rates
Length Of Mortgage Term 2.5% 3.5% 4.5% 5.5%
5/10/15/20/25/30 Years £730 £1022 £1311 £1604

With interest only mortgages the term doesn’t affect the monthly repayment because you are only covering the interest payments of the loan.

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Use A Mortgage Broker To Get The Best Deals

Mortgage providers won’t always know what the best mortgage deal for you is because they simply offer their products and if you think it works for you then you will apply. A mortgage broker is different.

A mortgage broker gets to know you and your circumstances well enough to be able to suggest the best deals for you and are able to then put you in contact with the right mortgage provider, including mortgage providers that might not be readily available on the high street.

At When The Bank Says No we offer a mortgage broker service to those with poor credit histories and unique circumstances that might make them ineligible for mortgages from traditional high street lenders. That means we can help you access mortgages even where traditional lenders may have rejected you in the past.

350K Mortgage Repayments Summary

For a £350,000 mortgage your monthly repayments will almost certainly look slightly different from the accurate estimates outlined today, because your actual mortgage deal may not be exactly the same as the examples given throughout our post.

However, our guide today is designed to give you a better idea about what your monthly repayments may look like to help you decide the sort of deal you should look out for when applying for a mortgage to ensure you can afford the repayments reliably each month.

If you need support finding the right mortgage deal, then work with us today – we’re always happy to help.

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Emma Jones
Emma Jones
Emma began her career in Lloyds Banking Group, first in the unsecured & secured loans department at Halifax and later as a mortgage advisor at Lloyds. During 9 years in these roles and a further 2 years at Yorkshire Building Society, Emma was able to observe the impact of the recession, and how the banks let their customers down by denying loans and mortgages. Wanting to be a driving force for change, she stepped into a market advice role where she has been able to help clients when others couldn’t. Identifying a gap in the mortgage space, Emma went on to establish When the Bank Says No. As a keen property investor, she has been the focus of features in publications including The Sunday Times and This is Money. Emma’s greatest joy is overcoming the low expectations of their customers, many of whom have all but given up on getting a mortgage due. One thing Emma has learned through her own personal struggles is every client must be treated like a human and understood better by advisors and lenders in the industry. “We all have to navigate life events which can ultimately impact your financial status. It shouldn’t mean dreams of homeownership or business growth should have the breaks applied”. Emma and her team’s passion for helping people overcome the challenges they may face when applying for a mortgage have fuelled the success of When the Bank Says No.