What Salary Do I Need for a £350,000 Mortgage?
You typically need a salary of £56,000 to £77,800 for a £350,000 mortgage. Best-case at a 6.25× lender is around £56,000; standard 4.5× lenders need £77,778. £350k is a common borrowing level for second-steppers and dual-income households moving up to a larger family home.
Minimum Salary for a £350,000 Mortgage by Lender
Single employed applicant, 25-year repayment term, no additional debts.
| Lender | Multiple | Min Salary |
|---|---|---|
| HSBC Premier | 6.25× | £56,000 |
| Halifax (prof.) | 5.5× | £63,700 |
| Nationwide (Helping Hand) | 5.5× | £63,700 |
| Santander (high earner) | 5.5× | £63,700 |
| Barclays | 5.0× | £70,000 |
| NatWest | 5.0× | £70,000 |
| TSB | 5.0× | £70,000 |
| Coventry BS | 4.75× | £73,700 |
| Virgin Money | 4.75× | £73,700 |
| Accord Mortgages | 4.5× | £77,800 |
| Skipton BS | 4.5× | £77,800 |
| Leeds BS | 4.5× | £77,800 |
| Principality BS | 4.5× | £77,800 |
| Aldermore | 4.49× | £78,000 |
| Pepper Money | 4.49× | £78,000 |
Published income multiples, April 2026. Higher-multiple products subject to qualifying criteria.
How to Qualify for £350k on a Lower Salary
- Declare overtime, bonuses and commission — lenders take 50%–100%. £64k base + a £14k bonus at 50% comfortably meets the 5× threshold.
- Add a second applicant. £40k + £38k combined hits the multiple with no individual high-earner required.
- Use a professional mortgage. Qualifying doctors, accountants and solicitors can access 5.5×, dropping the salary needed to around £63,700.
- Clear small credit card balances. £3,000 of balances costs roughly £9,000 of borrowing.
- Extend the term to 30 or 35 years to reduce the stressed monthly payment, subject to age at end of term.
£350,000 Mortgage Monthly Repayments
| Rate | 25 Years | 30 Years | 35 Years |
|---|---|---|---|
| 4.0% | £1,847 | £1,671 | £1,550 |
| 4.5% | £1,945 | £1,773 | £1,656 |
| 5.0% | £2,046 | £1,879 | £1,766 |
| 5.5% | £2,149 | £1,987 | £1,880 |
| 6.0% | £2,255 | £2,098 | £1,996 |
Deposit Needed for a £350,000 Mortgage
| Deposit % | Deposit £ | Property Price |
|---|---|---|
| 5% | £18,421 | £368,421 |
| 10% | £38,889 | £388,889 |
| 15% | £61,765 | £411,765 |
| 20% | £87,500 | £437,500 |
| 25% | £116,667 | £466,667 |
Self-Employed or Limited Company Director?
- Sole trader — net profit from your SA302. Most lenders average 2 years; some use latest year if higher.
- Limited company director — salary plus dividends (standard), or salary plus retained profit at Halifax, Clydesdale and Kensington, which can be decisive at this loan size.
- Contractor on a day rate — day rate × 5 × 46 weeks. £350/day = £80,500 assessed income, comfortably above the £350k threshold.
What Could Stop You Hitting £350,000?
- Dependent children — each reduces borrowing by £8,000–£15,000.
- Credit card balances — 3% of balance used as notional monthly. £4,000 balance ≈ £12,000 less borrowing.
- Car finance — £400/month PCP = £24,000–£32,000 less borrowing.
- School fees — treated as a fixed outgoing; £1,500/month can reduce borrowing by £90,000 or more at some lenders.
- Existing unsecured debt — personal loan monthly payments are deducted pound-for-pound.
See exactly which lenders will give you £350k — with your income
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