£300,000 Mortgage Monthly Cost 2026 — Repayment Tables by Rate & Term
Monthly cost of a £300,000 mortgage in 2026: from £1,583 (4% over 25yr) to £1,932 (6% over 25yr). Full repayment tables, salary requirements, and LTV guide.
Monthly repayment tables
Repayment mortgage — monthly cost by rate and term
| Interest rate | 20 years | 25 years | 30 years | 35 years |
|---|---|---|---|---|
| 3.5% | £1,739 | £1,501 | £1,347 | £1,248 |
| 4.0% | £1,818 | £1,583 | £1,432 | £1,336 |
| 4.5% | £1,898 | £1,667 | £1,520 | £1,427 |
| 5.0% | £1,980 | £1,753 | £1,610 | £1,521 |
| 5.5% | £2,063 | £1,841 | £1,703 | £1,617 |
| 6.0% | £2,148 | £1,932 | £1,799 | £1,718 |
| 6.5% | £2,234 | £2,024 | £1,896 | £1,821 |
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Open Mortgage calculatorInterest-only mortgage — monthly cost by rate
| Interest rate | Monthly payment | Annual interest |
|---|---|---|
| 3.5% | £875 | £10,500 |
| 4.0% | £1,000 | £12,000 |
| 4.5% | £1,125 | £13,500 |
| 5.0% | £1,250 | £15,000 |
| 5.5% | £1,375 | £16,500 |
| 6.0% | £1,500 | £18,000 |
What salary do you need?
For a £300,000 mortgage, required income at different multiples:
| Income multiple | Single income needed | Joint income (equal split) |
|---|---|---|
| 3.5× | £85,714 | £42,857 each |
| 4.0× | £75,000 | £37,500 each |
| 4.25× | £70,588 | £35,294 each |
| 4.5× | £66,667 | £33,334 each |
| 5.0× (select) | £60,000 | £30,000 each |
A joint application is usually the most accessible route to a £300k mortgage. Combined incomes of £70,000–£75,000 comfortably satisfy most affordability checks at 4–4.25× multiples.
Lenders also apply a stress test: your ability to repay if rates rise by approximately 3 percentage points above the initial rate. At 5% initial rate, the stress test typically runs at 8–8.5% — ensure your income passes both the standard and stress-tested payment levels.
LTV bands and deposit requirements
The purchase price at each LTV for a £300,000 mortgage:
| LTV | Deposit required | Property value | Rate tier |
|---|---|---|---|
| 95% | £15,789 (5%) | £315,789 | Highest rates; limited availability |
| 90% | £33,333 (10%) | £333,333 | Standard market availability |
| 85% | £52,941 (15%) | £352,941 | Better rates |
| 80% | £75,000 (20%) | £375,000 | Good rate access |
| 75% | £100,000 (25%) | £400,000 | Best high-street rates |
| 60% | £200,000 (40%) | £500,000 | Lowest rates available |
The rate difference between 90% and 75% LTV is typically 0.5–1.0 percentage points — saving £75–£150/month on a £300,000 mortgage and tens of thousands over the full term.
Total cost over the full term
At 5% over 25 years:
| Component | Amount |
|---|---|
| Capital repaid | £300,000 |
| Total interest paid | £226,014 |
| Total repaid | £526,014 |
Comparison by term at 5%:
| Term | Monthly | Total interest | Total cost |
|---|---|---|---|
| 20 years | £1,980 | £175,214 | £475,214 |
| 25 years | £1,753 | £226,014 | £526,014 |
| 30 years | £1,610 | £279,735 | £579,735 |
| 35 years | £1,521 | £340,258 | £640,258 |
A 35-year term saves £232/month vs a 25-year term but costs £114,244 more in total interest. The shorter term is almost always better value if the higher payment is affordable.
The cost of overpaying
Overpaying on a £300,000 mortgage at 5% over 25 years:
| Monthly overpayment | Years saved | Interest saved | New term |
|---|---|---|---|
| £100/month | 1.9 years | £19,400 | ~23.1 years |
| £200/month | 3.8 years | £35,800 | ~21.2 years |
| £500/month | 7.3 years | £65,900 | ~17.7 years |
| £1,000/month | 11.0 years | £97,500 | ~14 years |
Mortgage overpayments are the equivalent of investing at your mortgage rate (around 5%) risk-free — often a better return than a savings account with no tax relief available.
Stamp Duty at various purchase prices
For a £300,000 mortgage, the property value depends on your deposit:
| Property value | First-time buyer (2026) | Home mover (2026) |
|---|---|---|
| £315,789 (95%) | £0 | £5,790 |
| £333,333 (90%) | £0 | £8,167 |
| £375,000 (80%) | £0 | £12,500 |
| £400,000 (75%) | £0 | £15,000 |
| £500,000 (60%) | £5,000 (first-time discount ends at £625k) | £15,000 |
First-time buyers pay zero Stamp Duty on properties up to £425,000. For a property between £425,001 and £625,000 they pay 5% on the excess above £425,000.
Stamp Duty Calculator
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Open Stamp Duty calculatorTypical monthly budget with a £300,000 mortgage
Based on a £1,753/month repayment at 5%, here is how a £300k mortgage fits into a UK household budget:
| Household gross income | Net monthly (approx) | Mortgage payment | Mortgage as % of net |
|---|---|---|---|
| £60,000 (single) | ~£3,724 | £1,753 | 47% |
| £70,000 (single) | ~£4,287 | £1,753 | 41% |
| £80,000 joint (2×£40k) | ~£4,988 | £1,753 | 35% |
| £90,000 joint (2×£45k) | ~£5,578 | £1,753 | 31% |
Most mortgage advisers recommend keeping mortgage payments below 35–40% of net income. At a single income of £60,000, a £300k mortgage at 5% is technically affordable but leaves limited room for other costs.
Rate sensitivity: what a 1% rise costs
If your fixed rate expires and you roll onto a higher rate:
| Rate increase | New rate | New monthly | Extra per month | Extra per year |
|---|---|---|---|---|
| +0.5% | 5.5% | £1,841 | +£88 | +£1,056 |
| +1.0% | 6.0% | £1,932 | +£179 | +£2,148 |
| +1.5% | 6.5% | £2,024 | +£271 | +£3,252 |
| +2.0% | 7.0% | £2,120 | +£367 | +£4,404 |
(Assumes remaining balance ~£280,000 after initial period, 22 years remaining.)
Remortgaging to a new fixed product before your deal expires is almost always worthwhile — the exit costs (arrangement fee, legal costs ~£500–£1,000) are typically recovered in 2–3 months of savings vs the standard variable rate.
Summary: £300,000 mortgage key figures
| Scenario (repayment) | Monthly cost | Total interest | Total cost |
|---|---|---|---|
| 4% / 25 years | £1,583 | £174,949 | £474,949 |
| 4.5% / 25 years | £1,667 | £200,052 | £500,052 |
| 5% / 25 years | £1,753 | £226,014 | £526,014 |
| 5.5% / 25 years | £1,841 | £252,309 | £552,309 |
| 6% / 25 years | £1,932 | £279,507 | £579,507 |
| 5% / 30 years | £1,610 | £279,735 | £579,735 |
| 5% / 20 years | £1,980 | £175,214 | £475,214 |
Use the mortgage calculator to model your exact repayment schedule with your deposit, current rate, remaining term, and overpayment amount.
Frequently asked questions
What is the monthly cost of a £300,000 mortgage?
At 4.5% over 25 years, a £300,000 repayment mortgage costs £1,667/month. At 5% over 25 years it is £1,753/month. At 5.5% it is £1,841/month and at 6% it is £1,932/month. Extending to a 30-year term at 5% reduces the payment to £1,610/month.
What salary do you need for a £300,000 mortgage?
At the standard 4.5× income multiple you need £66,667 single income. At 4× you need £75,000. For a joint mortgage, lenders typically add both incomes: two salaries of £33,334 each would qualify at 4.5×. Some professional lenders offer 5×, requiring £60,000.
How much deposit for a £300,000 mortgage?
A 10% deposit requires £33,333 (property value £333,333). A 25% deposit requires £100,000 (property value £400,000). The minimum 5% deposit is £15,789 (property value £315,789). Larger deposits give lower interest rates.
How much total interest do you pay on a £300,000 mortgage?
At 5% over 25 years you pay approximately £226,014 in total interest — repaying £526,014 in total on a £300,000 loan. Cutting 5 years off the term (20 years) reduces total interest to approximately £175,214 but raises monthly payments to £1,980.
What is a £300,000 interest-only mortgage per month?
Interest-only payments: £1,000/month at 4%, £1,250/month at 5%, £1,500/month at 6%. Capital remains outstanding at the end — a suitable repayment vehicle is required and these products are largely restricted to buy-to-let.
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