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Mortgage Advisor & Director
Calculating the repayments on a £350,000 mortgage doesn’t need to be long-winded. In this guide, we’ll tell you how to do it quickly, bring you up to speed on the factors that will determine your exact mortgage costs, and explain how one of our expert mortgage broker can help you keep those costs down.
How much are the repayments on a £350k mortgage?
To give average figures, the repayments on a £350,000 mortgage should be around £1,847 per month and £554,229 overall across the entire term. This is based on the average interest rate at the time of writing (December 2024) being 4% and typical term lengths set at 25 years.
Please note that the actual repayments you end up for this mortgage amount may vary depending on what interest rate you end up with and what term length you choose.
Calculate your mortgage repayments
Use our calculator below to work out the repayments on a £350k mortgage. You can convert the results into interest-only and compare different interest rates and term lengths with this tool.
Now that you have an idea of what your repayments will be, it’s time to choose a mortgage deal. Through Teito you can compare rates across the market for free and we have expert brokers on hand to offer expert advice - get started here.
Factors that determine mortgage repayments
The exact amount you will repay on a mortgage of £350k will depend on the interest rate, term length and mortgage type. The tables below illustrate how these variables can make difference:
Term length
While 25 years is a standard mortgage term, longer and shorter agreements are available. Lengthier ones come with lower monthly payments but cost more in interest overall.
The table below illustrates this for a £350k repayment mortgage with an example rate of 4%.
|
Mortgage Amount |
Term Length |
Monthly Repayments |
Overall Repayment |
| £350k | 10 years | £3,544 | £425,230 |
|
£350k |
15 years |
£2,589 |
£466,003 |
|
£350k |
20 years |
£2,121 |
£509,023 |
|
£350k |
25 years |
£1,847 |
£554,229 |
|
£350k |
30 years |
£1,671 |
£601,543 |
|
£350k |
35 years |
£1,550 |
£650,879 |
|
£350k |
40 years |
£1,463 |
£702,137 |
Interest rate
The interest rate you end up with will depend on factors including how much deposit you have and your credit history. The table below shows how different rates can impact the payments on a £350,000 capital repayment mortgage with an example term length of 25 years.
|
Mortgage Amount |
Interest Rate |
Monthly Repayments |
Overall Repayment |
|
£350k |
3.5% |
£1,752 |
£525,655 |
|
£350k |
4% |
£1,847 |
£554,229 |
|
£350k |
4.5% |
£1,954 |
£583,624 |
|
£350k |
5% |
£2,046 |
£613,820 |
|
£350k |
5.5% |
£2,149 |
£644,792 |
|
£350k |
6% |
£2,255 |
£676,516 |
Mortgage type
Both the repayment type and the product type will have a bearing on your monthly repayments. With a capital repayment mortgage, you pay off the mortgage debt plus interest each month over the agreed term. The most common alternative repayment type is interest-only, where only the interest has to be paid each month and the debt itself is settled at the end of the term.
The table below shows what the repayments on a £350k interest-only mortgage would look like based on a range of different rates and a standard term length of 25 years.
|
Mortgage Amount |
Interest Rate |
Interest-only Payments (Monthly) |
Overall Repayment |
|
£350k |
3.5% |
£1,021 |
£656,250 |
|
£350k |
4% |
£1,167 |
£700,000 |
|
£350k |
4.5% |
£1,313 |
£743,750 |
|
£350k |
5% |
£1,458 |
£787,500 |
|
£350k |
5.5% |
£1,604 |
£831,250 |
|
£350k |
6% |
£1,750 |
£875,000 |
As well as the repayment type, the product type can affect your repayments by determining what rate you will actually pay. Fixed rate mortgages come with an introductory rate locked in for a set period, while the most common alternative, tracker mortgages, can have a varying interest rate from one period to the next, as most are tied to the Bank of England’s base rate.
Read more about fixed-rate and tracker mortgages in our standalone guides.
Comparing repayments for different mortgage amounts
If £350,000 is just an estimate of the mortgage amount you need, the table below will give you an idea of how your payments might change if you were to borrow slightly more or less.
These calculations are for a capital repayment mortgage with a 25-year term and 4% rate.
|
Mortgage Amount |
Monthly Repayments |
Overall Repayments |
|
£325k |
£1,715 |
£514,641 |
|
£350k |
£1,847 |
£554,229 |
|
£375k |
£1,979 |
£593,816 |
|
£2,111 |
£633,404 |
|
|
£425k |
£2,243 |
£672,992 |
|
£2,375 |
£712,580 |
Calculations all done? Here are your options now...
Other costs and fees
The repayments on a £350k mortgage aren't the only cost you need to be mindful of. The following fees should be considered too:
- Product fees: Can range between nothing and £2,000. Fee-free deals often come with higher rates, but the fee itself can sometimes be added to the mortgage.
- Valuation fee: Some lenders will expect you to foot the cost of having the property you’re buying valued, and this can set you back between £250-1,500.
- Legal fees: Can range from a few hundred to several thousand pounds.
- Stamp duty: See our stamp duty guide to find out how much your bill will be and whether you qualify for exemption.
- Admin costs: This includes the booking fee, telegraphic transfer fee and the account fee. All in all, admin costs for a mortgage application can cost around £1,000.
Tips for lowering your mortgage payments
The tips below can help increase your chance of securing the lowest mortgage repayments possible, whether you need to borrow £350,000 or a different amount in that region.
- Explore quick credit fixes: There are quick ways to boost your credit score, such as joining the electoral register and making sure all bill payments are in your name. Speak to a mortgage broker to find out what other quick wins you could consider.
- Save up extra deposit: If you are in a position to save up a higher deposit than 5-10% of the property’s value, the rate you are offered could significantly improve.
- Consider interest-only: This is an option to talk through with your mortgage broker. If your preference is lower monthly payments and you have a viable repayment vehicle, an interest-only mortgage might be worth considering, with all pros and cons factored in.
- Speak to a mortgage broker: A broker can talk you through all of the above, but just having one on your side can help you secure the lowest interest rate possible and source a mortgage with the ideal terms and repayments for your needs.
How to apply for a £350,000 mortgage
Now that you have run some calculations, you can get the ball rolling on your application by sourcing a mortgage through Teito. You can use our service to secure an agreement in principle in minutes, and we have expert mortgage brokers on hand to help you out.
Here are just some of the reasons to choose Teito:
- You can access exclusive rates and deals
- Our brokers our whole-of-market
- It takes just minutes to secure a mortgage in principle
- We are 5-star rated on leading review websites
Ready to choose your mortgage deal and take advantage of a free, no-obligation chat with a whole-of-market broker? Get started here!
FAQs
All of the mortgage applicants would typically need a combined annual income of between £77,777 and £87,500 to get a mortgage of this amount. This is based on the fact that most mortgage providers cap their maximum lending a 4-4.5 times salary.
If you earn less than this, you might still have options. Some lenders stretch to 5-6 times salary and others may accept supplemental income, such as bonuses or benefits.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.