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What are the Income Requirements for a £350,000 Mortgage?

How much do you need to earn to be eligible for a mortgage of £350,000? Find out now with the independent guide from the whole-of-market mortgage experts.

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What’s your yearly income?

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about your mortgage

Based on your yearly income,
you may be able to borrow


Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.


Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.


Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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What are the Income Requirements for a £350,000 Mortgage?

One of the first questions when looking to buy a new property, or remortgage, is to work out what you can afford - and how much you're likely to be able to borrow.

In many cases, clients have been rejected for a mortgage by their bank. That could be for any number of reasons such as having bad credit, or not passing the affordability assessments.

This guide will explain how a lender will assess an application for a £350,000 mortgage, and what criteria will impact your likelihood of approval. For more information, or to get started with your application, give the Revolution Brokers team a call on 0330 304 3040, or email us at [email protected].

What Salary Do I Need to Be Eligible for a Mortgage of £350,000?

The mortgage you might be approved for depends on the lender - since each provider will use a different calculation basis to arrive at a maximum, they can lend.

Generally speaking, most applicants approved for a mortgage of £350,000 have an income of around £55,000 to £60,000 - which could be one salary or a combined income of joint applications.

Below you will see an illustration of what four different lenders might offer in terms of a maximum mortgage to the same applicants at different salary levels, depending on the multiple they can offer depending on your circumstances.


Lender A - 3 x Income

Lender B - 4 x Income

Lender C - 5 x Income

Lender D - 6 x Income


































































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What Factors Impact How a Lender Will Calculate My Mortgage Limit?

Every lender has a different set of policies, and will consider your circumstances to decide what multiple of your income they can offer:

  • Your employment - generally, PAYE employment is included at 100%. However, if you're self-employed or have a variable income such as bonuses, each lender will include a different proportion of this income in their assessment.
  • Declarable income also depends on the lender. Some will ask for things like regular overtime, benefits, freelance income or rental income, all of which are added to your annual earnings before the mortgage cap is calculated.
  • Your experience - the longer you have been in a role, the more stable the job. Newly employed applicants are often asked for a contract to demonstrate that the income will be long-term.
  • Lending policies also make a difference, as they may use very different systems to calculate your net disposable income to work out if they believe you can afford the repayments. Most lenders will cap your mortgage value at four or five times your salary, although you can borrow as much as six times your earnings in the right circumstances.

What Annual Income is Required for a £350,000 Buy to Let Mortgage?

Income assessments work differently on buy to let mortgages - some lenders require applicants to have a minimum yearly income of £25,000, whereas others have no threshold.

The more critical factor is how much rental income the investment property is expected to generate. Usually, this needs to be at least 25% and up to 45% above the monthly interest-only mortgage costs.

What Eligibility Factors Impact my Approval for a £350,000 Mortgage?

Your income is one of several eligibility criteria - lenders will also assess:

  • Expenses - such as other debts, loans, dependents or regular costs to offset against your income and arrive at a disposable earnings figure.
  • Deposit - the higher the deposit, the less risky the application, and the more generous a lender can be with their affordability calculations.
  • Mortgage term - a longer-term means lower monthly repayments, although you will pay more interest overall.

Expert Help with Finding a £350,000 UK Mortgage

If you'd like to take out a £350,000 mortgage, the first step is to contact the business loan broker team on 0330 304 3040, or via email at [email protected].

Our independent, whole-of-market teams can recommend any lender and product that we think is best suited to you and ensure you only apply to mortgage providers who are in the best position to approve your application.

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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