A £300,000 property sits close to the UK average house price and is a realistic target for many buyers. But what salary do you actually need, and how much deposit will you require?
Calculate your mortgage payments
See exactly what a £300,000 mortgage would cost you each month.
Use the calculator →The income you need — solo buyer
Using the standard income multiple of 4 to 4.5 times your salary, with a 10% deposit (£30,000), you'd need to borrow £270,000 — requiring a salary of £60,000–£67,500 per year.
- 5% deposit (£15,000) — borrow £285,000 — need £63,333–£71,250/year
- 10% deposit (£30,000) — borrow £270,000 — need £60,000–£67,500/year
- 20% deposit (£60,000) — borrow £240,000 — need £53,333–£60,000/year
- 25% deposit (£75,000) — borrow £225,000 — need £50,000–£56,250/year
Buying with a partner
If buying jointly, lenders combine both incomes. Two people each earning £30,000–£34,000 could potentially borrow £270,000 with a 10% deposit — making a £300,000 property achievable on moderate combined incomes.
What would the monthly payments be?
At approximately 4.5% for a 2-year fix, monthly repayments on £270,000:
- 25-year term: approximately £1,499/month
- 30-year term: approximately £1,368/month
- 35-year term: approximately £1,279/month
Don't forget the additional costs
Budget for stamp duty, solicitor fees (£1,000–£2,500), survey costs (£400–£1,500), mortgage arrangement fee, and moving costs. Total additional costs of £3,000–£8,000 on top of your deposit is a reasonable budget.