Mortgage Calculator
Calculate your monthly repayments and total cost for any UK mortgage.
Quick Scenarios
Mortgage Payment Calculator
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Download a professional PDF report with your full mortgage breakdown and charts.
Principal & Interest
£1,334
Total Repayable
£400,199
Total Interest
£160,199
Loan-to-Value (LTV)
80.0%
Minimum Deposit Required
5% deposit
£15,000
10% deposit
£30,000
15% deposit
£45,000
20% deposit
£60,000
Based on £300,000 property value. 5% is the typical minimum for residential mortgages.
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Total Cost Breakdown
- Principal
- Interest
£240,000
20.0% deposit
£160,199
66.7% of loan amount
Mortgage Rate Comparison
Rate A, 4.50%
Monthly
£1,334
Total Repayable
£400,199
Total Interest
£160,199
Rate B, 5.50%
Monthly
£1,474
Total Repayable
£442,143
Total Interest
£202,143
Rate B costs £140/month more than Rate A
That's £41,944 extra over 25 years
Related Calculators
Mortgage Types Compared
| Feature | Fixed Rate | Variable Rate | Tracker |
|---|---|---|---|
| Monthly Payments | Stay the same | Can change | Follows base rate |
| Best For | Budget certainty | Flexibility | Short-term savings |
| Early Repayment Charges | Usually lower | Varies | |
| Rate Risk | Protected | You bear risk | Rate dependent |
Calculator Methodology
Calculations are based on standard UK lending practices. Results are for illustrative purposes only and do not constitute financial advice. Always consult with a qualified mortgage advisor before making significant financial decisions. Last verified: June 2026.
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The Mortgage Application Process
A first-time buyer's guide to applying for a mortgage and finding out what you can borrow.
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How to Use the UK Mortgage Calculator
Our free UK mortgage calculator gives you an accurate estimate of your monthly repayments in seconds. Simply enter your property price, deposit amount, interest rate, and mortgage term, the calculator instantly shows your monthly payment, total amount repayable, and total interest cost.
Use the Loan-to-Value (LTV) figure to understand your equity position. Most UK lenders offer better interest rates at 60%, 75%, and 85% LTV thresholds, so increasing your deposit to hit one of these bands can save thousands over the mortgage term.
UK Mortgage Rates in 2026: What to Expect
The Bank of England base rate has a direct impact on UK mortgage rates. As of October 2026, Bank Rate is 3.75%, the best 2-year fixes start around 5.84% and average fixed rates sit nearer 6%, while the best 5-year fixes from Halifax run from 4.82% at 60% LTV to 5.19% at 90% LTV (Uswitch, 15 October 2026). The average Standard Variable Rate is about 7.13% (Moneyfacts), with Halifax's own SVR at 7.24%.
Typical 2026 UK Mortgage Rates by LTV
| LTV | 2-Year Fix | 5-Year Fix | Notes |
|---|---|---|---|
| 60% LTV | ~4.3% | 4.82% | Halifax, 15 Oct 2026 |
| 80% LTV | Not checked | 5.03% | Halifax, 16 Oct 2026 |
| 90% LTV | ~5.5% | 5.19% | Halifax, 15 Oct 2026 |
| 95% LTV | ~5.9% | 5.43% | Halifax, 15 Oct 2026 |
*Indicative rates. Always compare live deals via a whole-of-market broker.
How Much Can I Borrow for a UK Mortgage?
Most UK mortgage lenders use an income multiple to determine how much you can borrow, typically between 4x and 4.5x your annual gross salary. For joint applications, lenders usually use a combined income multiple.
For example, on a salary of £40,000, you might borrow up to £160,000–£180,000. But affordability checks go deeper, lenders will stress-test your finances against potential rate rises and assess your monthly outgoings, credit commitments, and lifestyle costs.
Salary
£30,000
Typical range
£120k – £135k
Salary
£50,000
Typical range
£200k – £225k
Salary
£75,000
Typical range
£300k – £337k
Fixed vs Variable vs Tracker Mortgages Explained
Fixed Rate
✓Monthly payments stay the same
✓Easy to budget
✓Protected from rate rises
✗Early repayment charges
✗May miss out if rates fall
Variable Rate (SVR)
✓No early repayment charges
✓Flexible overpayments
✓Good if rates are falling
✗Payments can rise unexpectedly
✗Usually higher than fix
Tracker
✓Directly follows BoE rate
✓Transparent pricing
✓Often lower initial rate
✗Rises when BoE rate rises
✗Budget uncertainty
First-Time Buyer Schemes in 2026
If you're buying your first home in the UK, several government-backed schemes can help reduce your deposit requirement or boost your savings:
- →
Lifetime ISA (LISA)
Save up to £4,000/year and get a 25% government bonus (up to £1,000/year). Use it for a home worth up to £450,000.
- →
Help to Buy Equity Loan
Government lends up to 20% (40% in London) of the home's value interest-free for 5 years. New builds only.
- →
Shared Ownership
Buy a 10–75% share of a property and pay rent on the rest. Gradually increase your share over time.
- →
Mortgage Guarantee Scheme
Enables lenders to offer 95% LTV mortgages with a government guarantee on part of the loan.
⚠️ Important Disclaimer
This calculator is for illustrative purposes only and does not constitute financial advice. Mortgage calculations are based on standard amortisation formulas. Actual repayments may differ due to lender fees, product charges, and individual affordability assessments. Always consult a qualified, FCA-authorised mortgage adviser before making any borrowing decisions. Rates shown are indicative only and verified against publicly available market data as of October 2026.
Worked Example: £250,000 over 25 Years
On a £250,000 repayment mortgage over 25 years, a 5% rate gives a payment of about £1,462 a month. At 4% it falls to about £1,320, a difference of roughly £142 a month, or £1,700 a year.
At 5% you would repay around £438,500 in total, which is about £188,500 of interest. That is why a lower rate or a larger deposit matters so much over a long term.
Frequently Asked Questions
Repayment or interest-only?
A repayment mortgage clears the debt by the end of the term. Interest-only leaves the full loan to repay, so you need a separate plan to do that.
Should I fix my rate?
A fix gives certainty over payments for the period. A tracker or variable rate can fall or rise. It depends on how much payment risk you can handle.
What other costs come with buying?
Stamp Duty, legal fees, valuation and survey costs, and any arrangement fee. Budget for them on top of the deposit.
Frequently Asked Questions
What is a mortgage calculator?
A mortgage calculator helps you estimate your monthly repayments based on the loan amount, interest rate, and term.
How do I calculate my mortgage repayments?
Enter your property price, deposit, interest rate and mortgage term into the calculator above. It instantly works out your monthly repayment using the same capital and interest formula lenders use.
How do I calculate mortgage interest?
Mortgage interest is calculated on your outstanding balance each month. Our calculator shows this automatically, breaking down exactly how much of your total repayment goes on interest versus paying off the loan.
What is a capital and interest repayment mortgage?
A capital and interest (repayment) mortgage means each monthly payment covers both the interest charged and part of the loan itself, so the balance reduces to zero by the end of the term. This is the default calculation used above.
How do I calculate an interest-only mortgage?
On an interest-only mortgage, your monthly payment only covers the interest, so the loan balance stays the same. Toggle to interest-only terms and the total repayable will differ, as no capital is repaid until the end of the term.
What is the difference between fixed and variable rates?
Fixed rates stay the same for the deal period, giving certainty. Variable rates can change with the Bank of England base rate.
How much can I borrow?
Most lenders offer 4–4.5x your annual salary. Use this calculator to see what different loan amounts would cost per month.
Key Terms Explained
Plain-English definitions of the financial terms used in this calculator.
- APR (Annual Percentage Rate)
- The yearly cost of borrowing, including interest and standard fees, expressed as a percentage. APR lets you compare loans, credit cards and mortgages on a like-for-like basis, a lower APR means cheaper borrowing.
- Principal
- The original amount borrowed or invested, before any interest. On a repayment mortgage or loan, each monthly payment covers interest plus a slice of the principal until the balance reaches zero.
- LTV (Loan-to-Value)
- Your mortgage as a percentage of the property value. A £180,000 mortgage on a £200,000 home is 90% LTV. Lower LTV bands (below 90%, 80%, 75%) typically unlock cheaper interest rates.
- Deposit
- The upfront cash you put towards a property purchase. A bigger deposit lowers your LTV, which usually means better mortgage rates and lower monthly repayments.
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Not Financial Advice: This calculator is for informational and educational purposes only. Results are estimates and do not constitute financial advice, recommendations, or regulated advice. We are not authorised or regulated by the Financial Conduct Authority (FCA). Always consult a qualified financial adviser for personalised advice. Tax treatment depends on your individual circumstances and may change. Tax laws and rates may change. Past performance does not guarantee future results.
