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How Can I Get a £300,000 Mortgage Offer?

Expert advice about applying for a UK mortgage for £300,000 - insider advice about lender assessment policies and how to swing the approval outcome to your advantage!

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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Is it Possible To Get a £300K Mortgage Offer Today?

The average price of a property purchase in the UK is around £230,000, and £395,000 in the southeast. So mortgage affordability is a topic that we regularly discuss with clients looking to purchase a home.

Here we'll explain what factors impact your ability to secure £300,000 in mortgage lending, and what makes a lender more likely to approve your application.

For help finding the most competitive £300,000 mortgage deals on the market, give the Revolution Brokers team a call on 0330 304 3040, or email us at [email protected].

What Salary Do I Need to Qualify for a £300,000 Mortgage?

There isn't a fixed amount you need to earn to be eligible for a £300,000 mortgage, since every lender uses different calculations and criteria.

For example, if you earn a variable income, you might find that one lender includes 50% of all overtime, bonuses and commissions - but that another will only consider your primary salary.

Other factors also apply, such as how a lender assesses your other debts and outgoings. Most UK lenders will offer a cap of somewhere around four to five times your annual income - but others can offer as high as six times, depending on how closely you meet their terms.

The below table summarises the maximum mortgage you might be offered by three lenders, each with a different income multiplier policy:

Salary

Lender A - 4.5 x Income

Lender B - 5 x Income

Lender C - 6 x Income

£25,000

£112,500

£125,000

£150,000

£30,000

£135,000

£150,000

£180,000

£35,000

£157,500

£175,000

£210,000

£40,000

£180,000

£200,000

£240,000

£45,000

£202,500

£225,000

£270,000

£50,000

£225,000

£250,000

£300,000

£55,000

£247,500

£275,000

£330,000

£60,000

£270,000

£300,000

£360,000

£65,000

£292,500

£325,000

£390,000

£70,000

£315,000

£350,000

£420,000

£75,000

£337,500

£375,000

£450,000

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How Much Deposit Do I Need to Be Approved for a £300,000 Mortgage?

Your deposit will determine what sort of rates you are likely to be offered, as well as your likelihood of being approved for a £300,000 mortgage.

The higher the deposit, the lower the risk, and the better the rates on offer. Higher Loan to Value mortgages are becoming more widely available, with LTVs as high as 90% or even 95% in the right circumstances.

Can I Get a £300,000 Mortgage with Adverse Credit History?

Your eligibility for a £300,000 mortgage will depend on many factors, with credit history being something that every lender will need to check on.

Each lender will have different policies about what credit issues they consider acceptable. Whereas one provider might reject any applicant with anything but a clean credit record, a specialist bad credit lender might even be able to consider lending to those with serious issues such as a previous bankruptcy.

The key is always to consult an expert broker before making an application to ensure you know that your chosen lender will be able to approve your loan.

Can I Get a Mortgage of £300,000 if I am Nearing Retirement?

As with your credit history, age is a factor that can make your application higher risk and impact whether you meet the lender's criteria. Some lenders cap mortgages at specific ages and others have no cap at all.

More and more later life mortgages are coming onto the market, so being past retirement age or approaching retirement does not mean that you won't be eligible for a mortgage.

What are the Income Requirements for a Buy to Let Mortgage of £300,000?

In some cases, a buy to let lender will only accept applicants with an annual income of above £25,000 - but this is not specific to the application value.

The mortgage itself will depend on what sort of rental income your investment property is anticipated to achieve. Most lenders use a calculation to dictate the minimum mortgage payment cover that the rent needs to meet to be eligible.

Professional Support with a £300,000 Mortgage Application

If you'd like to find the most competitive rates on a £300,000 mortgage, contact mortgage brokers today on 0330 304 3040, or email us at [email protected].

As an independent, whole-of-market broker, we can recommend any lender and any product that we think is best suited to your needs, so you get the lending you are looking for, without the hassle.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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