To borrow £300,000, you would typically need a household income of around £66,667 if a lender offered 4.5 times your income. At 4 times income, you would need £75,000, while a lender willing to consider 5 times income could potentially lend £300,000 on an income of £60,000.
However, income multiples are only a starting point. Your deposit, existing debts and regular commitments, credit profile, mortgage term and the way your income is structured can all affect how much a lender is prepared to offer.
This can be particularly important if part of your earnings comes from bonuses, commission or overtime, because lenders can differ in how much variable income they use and the evidence they require.
What this guide will show you
- Salary needed for a £300k mortgage at different income multiples
- Whether £300k could be achievable on salaries from £50k to £75k
- How lenders assess bonus, commission and other variable income
- What different deposits mean when borrowing £300,000
- How joint incomes can affect affordability
- A real £295k mortgage case handled by Oportfolio
- How much a £300k repayment mortgage could cost each month
£300k Mortgage Salary Calculator (Typical UK Lender Multiples)
Income multiples of around 4–4.5 times income are a useful starting point when estimating how much you might be able to borrow, although some lenders can consider higher multiples for eligible borrowers.
| Income multiple (rule-of-thumb) | Approx salary needed (single or joint household income) | ||||
|---|---|---|---|---|---|
| 4.0x | £75,000 | ||||
| 4.5x | £66,667 | ||||
| 5.0x | £60,000 | ||||
| 5.5x | £54,545 | ||||
| 6.0x | £50,000 |
These figures are illustrative. A lender offering a particular income multiple does not guarantee that £300,000 will be available, as borrowing will depend on its full affordability assessment and lending criteria.
Can you afford a £300k mortgage?
Mortgage affordability isn’t determined by salary alone. Your deposit, existing financial commitments, credit profile, mortgage term and income structure can all affect how much you can borrow.
Use our Mortgage Affordability Calculator
Why the income multiple is only a starting point
An income multiple provides a useful initial estimate of borrowing capacity, but it doesn’t determine how much a lender will ultimately offer.
When assessing a £300,000 mortgage application, lenders can also consider factors such as:
- Total household income
- Bonus, commission and overtime
- Existing loans, credit cards and car finance
- Childcare and other regular commitments
- Number of dependants
- Mortgage term
- Deposit and loan-to-value
- Employment and income type
- Credit profile
This means two applicants earning the same total amount could receive different borrowing figures, particularly if their income is structured differently.
What does a £300k mortgage actually mean?
A £300k mortgage refers to the amount you borrow, rather than the price of the property you’re buying.
For example:
£315,789 property + approximately £15,789 deposit = £300,000 mortgage (95% LTV)
£333,333 property + approximately £33,333 deposit = £300,000 mortgage (90% LTV)
£375,000 property + £75,000 deposit = £300,000 mortgage (80% LTV)
The resulting loan-to-value (LTV) can affect the mortgage products and interest rates available to you. Generally, increasing your deposit reduces the LTV, although lenders will still need to establish that the £300,000 mortgage itself is affordable.
How much deposit do I need if I want a £300k mortgage?
The deposit you need depends on the price of the property and the loan-to-value available to you. Because £300,000 refers to the mortgage amount rather than the property value, a 5% deposit does not simply mean £15,000.
A lower deposit generally means borrowing at a higher LTV, while putting down more of your own money reduces the proportion of the property’s value you need to borrow.
A larger deposit can potentially provide access to a wider range of mortgage products and rates. However, the lender will still need to establish that the £300,000 mortgage is affordable based on your income and financial circumstances.
How lenders assess affordability for a £300k mortgage
Mortgage lenders look at several factors when deciding how much you can borrow.
Income
Lenders will establish which sources of income they can use for affordability. This could include basic salary and, depending on the applicant and lender, bonus, commission, overtime, self-employed or contractor income.
For joint applications, the incomes of both applicants can usually be considered, although both applicants’ financial commitments will also form part of the affordability assessment.
Monthly commitments
Lenders can also consider regular expenditure and financial commitments, including:
- Personal loans
- Car finance
- Credit card balances
- Childcare costs
- Maintenance payments
- Other committed expenditure
- Dependants
Because lender affordability models differ, two applicants with the same household income and deposit can potentially receive different borrowing figures.
How do lenders assess bonus income for a £300k mortgage?
If part of your income comes from bonuses, commission or overtime, lenders can differ in how much of that income they are prepared to use when calculating affordability.
Depending on the lender and the type of variable income, they may look at your recent payments, previous year’s earnings or an average over a particular period. They can also differ in the proportion of variable income they are prepared to include.
This means someone earning a £50,000 basic salary plus £20,000 in bonus income may not necessarily be assessed in the same way by every lender, even though their total annual earnings are £70,000.
The history and consistency of the additional income, together with the evidence available to support it, can therefore become important when trying to borrow £300,000.
Can I get a £300k mortgage on my salary?
Comparing £300,000 against your household income provides a useful indication of the income multiple that would be required. However, the final amount available will depend on the lender’s full affordability assessment.
Can I get a £300k mortgage on £50k?
A £300,000 mortgage on a £50,000 income would require borrowing of exactly 6 times income.
This is a high income multiple and will not be available to every borrower. Some lenders can consider higher multiples for eligible applicants, but your income structure, existing commitments, mortgage term, deposit and overall affordability would all need to support this level of borrowing.
Can I get a £300k mortgage on £55k?
On a £55,000 income, a £300,000 mortgage would require borrowing of approximately 5.45 times income.
Some lenders can consider higher income multiples for eligible borrowers, although £300,000 should not be assumed to be available based on salary alone. The lender will still carry out its full affordability assessment.
Can I get a £300k mortgage on £60k?
A £300,000 mortgage represents exactly 5 times a £60,000 income.
Some lenders can consider borrowing at this level where their eligibility and affordability requirements are met. Existing debts, dependants, mortgage term, deposit and the way your income is earned can all influence the amount actually available.
Can I get a £300k mortgage on £70k?
On a £70,000 income, a £300,000 mortgage represents approximately 4.29 times income.
This sits within the broad income-multiple range considered by many lenders, although your financial commitments and overall circumstances will still determine how much you can borrow.
Can I get a £300k mortgage on £75k?
A £300,000 mortgage represents exactly 4 times a £75,000 income.
This provides a stronger starting point from an income-multiple perspective, but the lender will still complete a full affordability assessment before determining the maximum amount available.
Can two people combine their salaries for a £300k mortgage?
Yes. If you’re applying jointly, lenders can usually consider both applicants’ incomes when assessing affordability.
For example, two applicants earning £35,000 each would have a combined household income of £70,000. A £300,000 mortgage would therefore represent approximately 4.29 times their combined income.
Alternatively, two applicants earning £30,000 each would have a combined household income of £60,000, making a £300,000 mortgage exactly 5 times household income.
However, applying jointly also means the lender will consider both applicants’ debts, financial commitments, dependants and credit profiles when assessing affordability.
A real £300k mortgage case handled by Oportfolio
Property value: £375,000
Deposit: £80,000
Mortgage required: £295,000
Income: £60,000
Application: Single applicant
Buyer type: Home mover
Income type: Employed – salary and bonus
The challenge
The client was looking to move home and needed a £295,000 mortgage to purchase a property worth £375,000.
Their income was made up of a basic salary plus bonus payments. The challenge was that lenders can take different approaches to variable income, including the period of bonus history they want to see and how much of that income they are prepared to use.
Some of the lenders considered would have assessed the client’s bonus over a longer period, which resulted in a lower usable income figure and insufficient borrowing for the £295,000 required.
How Oportfolio helped
We reviewed how different lenders would assess the client’s bonus income and identified a lender whose criteria were better suited to their circumstances.
The lender was able to assess the bonus using the client’s most recent three months of bonus payments alongside their P60, rather than relying on a 12-month bonus figure that would have resulted in lower affordability.
The outcome
The client was able to secure the required £295,000 mortgage and proceed with their home move.
This case demonstrates why two lenders can reach different affordability figures even when looking at the same applicant. For borrowers who receive a significant proportion of their earnings through bonuses, the way a lender assesses variable income can make an important difference to the amount they are able to borrow.
Ways to improve your mortgage affordability
If your initial affordability falls short of £300,000, there are several areas that may be worth exploring depending on your circumstances:
- Reduce existing credit commitments where appropriate
- Consider whether a longer mortgage term is suitable
- Ensure all eligible bonus, commission, overtime or other income is being considered
- Explore lenders whose affordability criteria suit your income structure
- Consider a joint application where appropriate
- Increase your deposit if doing so reduces the amount you need to borrow
Because affordability models and approaches to variable income differ between lenders, choosing a lender whose criteria suit your circumstances can make a significant difference.
How much does a £300k mortgage cost per month?
| Interest Rate | 25-Year Term | 30-Year Term | 35-Year Term |
|---|---|---|---|
| 4% | £1,584 | £1,432 | £1,328 |
| 4.5% | £1,667 | £1,520 | £1,420 |
| 5% | £1,754 | £1,610 | £1,514 |
| 5.5% | £1,842 | £1,703 | £1,611 |
| 6% | £1,933 | £1,799 | £1,711 |
Figures are illustrative and assume a £300,000 capital-and-interest repayment mortgage with the interest rate remaining unchanged throughout the term. They do not include fees or other costs. Actual mortgage rates and repayments will vary.
Next step: Find out how much you could borrow
A salary multiple provides a useful estimate, but the amount you can actually borrow will depend on the lender’s affordability assessment.
Use our How Much Can I Borrow Calculator to get an initial indication based on your circumstances.
If you’re planning to buy a property and want to know whether a £300,000 mortgage is realistic, book an affordability review with Oportfolio Mortgages and we’ll assess your income, deposit and financial commitments against relevant lender criteria.
Looking at a different mortgage amount?
- £200k mortgage salary guide
- £400k mortgage salary guide
- £500k mortgage salary guide
- £600k mortgage salary guide
- £700k mortgage salary guide
- £800k mortgage salary guide
- £900k mortgage salary guide
FAQ: What Salary Do I Need for a £300k Mortgage in the UK?
Can I get a £300k mortgage on a £50k salary?
A £300,000 mortgage on a £50,000 income would require borrowing of exactly 6 times income. Some lenders can consider higher income multiples for eligible borrowers, but this level of borrowing will not be available to everyone and will depend on your income, financial commitments, mortgage term, deposit and overall affordability.
Can I get a £300k mortgage on a £60k salary?
A £300,000 mortgage represents exactly 5 times a £60,000 income. Some lenders can consider borrowing at this level where their eligibility and affordability requirements are met, although the amount available will depend on your individual circumstances.
How much deposit do I need if I want a £300k mortgage?
The deposit required depends on the value of the property because £300,000 refers to the mortgage amount rather than the purchase price. For example, if a £300,000 mortgage represented 90% of the property's value, the property would cost approximately £333,333 and the deposit would be around £33,333.
Can two people combine their salaries for a £300k mortgage?
Yes. With a joint application, lenders can usually consider both applicants' incomes when assessing affordability. For example, two applicants earning £35,000 each would have a combined household income of £70,000, making a £300,000 mortgage approximately 4.29 times their combined income. Both applicants' financial commitments and circumstances will also be assessed.
Can bonus income be used for a £300k mortgage?
Potentially, yes. Many lenders can consider bonus income when assessing mortgage affordability, but their approaches differ. Depending on the lender and your circumstances, they may consider your recent bonus payments, previous annual earnings or an average over a particular period. The proportion of bonus income they are prepared to use can also vary.
Can I get a £300k mortgage if I'm self-employed?
Yes. Self-employed applicants can obtain £300,000 mortgages, although lenders differ in how they assess income. Depending on your business structure, they may consider salary and dividends, profits or other measures of income alongside your trading history and supporting financial documents.
How much would a £300k mortgage cost per month?
The monthly repayment depends on the interest rate and mortgage term. As an illustration, a £300,000 capital-and-interest repayment mortgage at 5% would cost approximately £1,754 per month over 25 years, £1,610 over 30 years or £1,514 over 35 years. Actual mortgage rates and repayments will vary, and fees and other costs should also be considered.
