What salary do I need for a £300k mortgage in the UK?
In most cases, you’ll need a salary of around £60,000–£75,000 to get a £300k mortgage in the UK, depending on your deposit, income type, and lender affordability rules. Below, we break down real salary scenarios, deposit examples, and affordability tables so you can see what’s realistic, and how to maximise your borrowing.
At Oportfolio Mortgages, we help London buyers secure mortgages across high-street and specialist lenders, so the figures below reflect real lender criteria, not just generic online calculators.
£300k Mortgage Salary Calculator (Typical UK Lender Multiples)
Most lenders start with an income multiple (often around 4.0 – 4.5× household income), then run a full affordability assessment. The simple “multiple” rule-of-thumb gives you a useful starting range:
| Income multiple (rule-of-thumb) | Approx salary needed (single or joint household income) |
| 4.0× | £75,000 |
| 4.5× | £66,700 |
| 5.0× | £60,000 |
| 5.5× | £54,500 |
| 6.0× | £50,000 |
Quick answer:
Most borrowers need between £60,000–£75,000 household income for a £300k mortgage, depending on deposit size, credit profile and lender affordability rules.
Why the “multiple” is only a starting point
Higher multiples (5–6×) exist for some borrowers, but are criteria-driven and not universally available. Also, lenders that do lots of residential lending are constrained in how many high loan-to-income (LTI) cases they can do.
What “£300k mortgage” actually means
When people search this, they usually mean a £300,000 loan amount, not the property price.
Examples:
- Property £350,000 with £50,000 deposit → mortgage £300,000
- Property £333,000 with £33,000 deposit → mortgage £300,000
Your required salary changes a lot depending on deposit (LTV), because the rate and affordability stress can be different at 95%, 90%, 85%, 80% LTV etc.
How UK lenders decide what you can borrow
Income types (basic, bonus, self-employed)
The income multiple is only step one. For regulated residential mortgages, lenders must assess whether payments are affordable, using verified income and expenditure and considering future changes (including borrowing into retirement).
Outgoings and “stress testing” (plain-English)
Factors that commonly reduce borrowing power even if your salary is “high enough” on the multiple:
- Existing credit commitments (car finance, loans, credit cards)
- Childcare and school fees
- Dependants and living costs
- Variable income (bonus/commission) counted at a discount
- Short remaining term until retirement
- Credit history issues
It’s also worth knowing that the Bank of England’s Financial Policy Committee withdrew its specific “affordability test” recommendation in 2022, but lenders still run affordability and stress testing under their own policies.
Worked examples for London buyers
London buyers often aim for larger loans sooner (higher prices, bigger deposits needed). Here are realistic illustrations of how the same £300k loan can look “easy” or “hard” depending on the rest of the picture:
Example A: Couple buying in London (joint income)
- Mortgage: £300,000
- Household income: £70,000
- Multiple: 4.3× (looks plausible)
- Outcome: Often workable if outgoings are modest and deposit is strong.
Example B: Single applicant, higher outgoings
- Mortgage: £300,000
- Income: £75,000
- Multiple: 4.0× (looks safe)
- Outcome: Can still be tight if childcare/car finance/credit commitments are high.
Not sure where you sit? We can usually tell you in 5 minutes whether £300k is realistic based on your income and deposit, book a quick affordability call.
Practical ways to reduce the salary needed
If you’re close but not quite there, the biggest levers are normally:
- Increase your deposit (lower LTV, often better rate/affordability)
- Extend the term (within lender retirement rules)
- Reduce committed outgoings (e.g., clear car finance or loans)
- Optimise income presentation (especially for contractors/self-employed)
- Choose the right lender first time (criteria matching is everything)
Common misconception
Many online calculators only use income multiples. Real lenders use affordability models, which is why two people on the same salary can get very different results.
Next step that converts “estimate” into “yes/no”
A salary multiple estimate is a starting point. If you want a real answer, you need a lender-matched affordability check based on your income type, deposit and outgoings.
If you’re buying or remortgaging in London, book a quick call with our team and we’ll map your numbers to lender criteria and give you a clear next-step plan.
Looking at a different mortgage amount?
- £400k salary guide
- £500k salary guide
- £600k salary guide
- £700k salary guide
- £800k salary guide
- £900k salary guide
- £1 million salary guide
FAQs
1. What salary do I need for a £300k mortgage in the UK?
Most lenders offer between 4x and 4.5x your income, meaning you’ll typically need around £65,000–£75,000 salary for a £300,000 mortgage. Some specialist lenders may go higher depending on your circumstances.
2. Can I get a £300k mortgage on a £50k salary?
It’s possible but less common. You may need a larger deposit, joint income, low existing debts, or access to lenders offering higher income multiples.
3. How much deposit do I need for a £300k mortgage?
Typical deposits range from 5% (£15,000) to 20% (£60,000+). A bigger deposit can improve affordability and access to better rates.
4. Can two people combine salaries for a £300k mortgage?
Yes. Joint applications combine incomes, which often makes a £300k mortgage more achievable and may improve lender options.
5. Do lenders look at affordability or just salary?
Lenders assess affordability, not just income. They consider monthly commitments, childcare, credit history, lifestyle spending, and interest rate stress testing.
6. How much are monthly repayments on a £300k mortgage?
Repayments vary depending on rate and term, but many borrowers pay roughly £1,400–£1,800 per month. Your exact figure depends on interest rates and mortgage type.
7. Can I get a £300k mortgage as a self-employed applicant?
Yes. Most lenders require 1–2 years of accounts or tax returns, and affordability is based on your average declared income.
8. Is getting a £300k mortgage harder in London?
Property prices are higher in London, so affordability can be tighter, but many lenders offer solutions designed for London buyers, professionals, and higher earners.
9. What can improve my chances of getting a £300k mortgage?
Improving your credit score, reducing debts, increasing your deposit, and speaking to a whole-of-market mortgage broker can significantly improve approval chances.
10. Should I speak to a mortgage broker before applying?
Yes, a broker can assess affordability across multiple lenders and often find solutions unavailable directly through banks, helping you secure the right deal faster.
