Mortgage Calculator

Estimate your monthly mortgage repayments and see the total cost over the full term.

All calculations run in your browser. No data is sent anywhere.

Mortgage Summary

Loan Amount
0
LTV: 0%
Monthly Repayment
0
Over 25 years
Total Repaid
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Total Interest
0

Figures are estimates based on the inputs provided. Actual rates, fees, and terms will vary by lender. Always check the true cost with a mortgage adviser.

UK Mortgage Calculator — How to Use It

Enter your property price, deposit amount, expected interest rate, and mortgage term to instantly see your estimated monthly repayment, total amount repayable, and total interest cost. All calculations run in your browser — no data is ever sent to a server.

How Much Can I Borrow for a Mortgage in the UK?

Most UK lenders use an income multiple to set your maximum loan. The standard limit is 4 to 4.5 times your annual gross income. Some lenders offer 5x or 5.5x for professionals (doctors, lawyers, accountants) with strong credit profiles. Joint applicants: lenders typically use a multiple of the higher earner's income or a blended multiple of combined income.

In practice, lenders also carry out an affordability stress test — checking you could still afford repayments if interest rates rise by 3%. This means the actual amount offered may be lower than the income multiple alone suggests.

Understanding Loan-to-Value (LTV)

LTV (Loan-to-Value) is the percentage of the property value you are borrowing. A 10% deposit = 90% LTV. A lower LTV unlocks better interest rates because the lender has more security. Key LTV thresholds in the UK:

  • 95% LTV: Smallest deposit available (5%). Rates are highest.
  • 90% LTV: 10% deposit. Many more lender options.
  • 85% LTV: 15% deposit. Significantly better rates.
  • 75% LTV: 25% deposit. Most competitive rates on the market.
  • 60% LTV and below: Best deals, preferred by most lenders.

Repayment vs Interest-Only Mortgages

  • Repayment mortgage: Monthly payments cover both interest and capital. You own the property outright at the end of the term. This is the standard choice for residential buyers.
  • Interest-only mortgage: Payments cover only the interest. The full loan balance remains at the end of the term and must be repaid — usually from selling the property or a separate investment. Primarily used by buy-to-let investors.

Types of Mortgage Interest Rates

  • Fixed rate: Your rate and monthly payment are locked for an agreed period — typically 2 or 5 years. Ideal if you want certainty. After the fixed period you revert to the lender's Standard Variable Rate (SVR) unless you remortgage.
  • Tracker rate: Follows the Bank of England base rate plus a set margin. Payments change when the base rate changes — beneficial when rates fall, more expensive when they rise.
  • Standard Variable Rate (SVR): The lender's default rate after any introductory deal. Usually the most expensive option. Most borrowers remortgage to avoid this.
  • Discounted variable: A set discount off the SVR for an introductory period. Cheaper than SVR but still variable.

Costs to Budget for Beyond Your Deposit

  • Stamp Duty Land Tax (SDLT): 0% on the first £250,000 (standard buyer); first-time buyers pay 0% up to £425,000. Use our Stamp Duty Calculator to estimate your bill.
  • Solicitor / conveyancing fees: Typically £1,000–£2,500 depending on property value and complexity.
  • Mortgage arrangement fee: Many lenders charge £999–£2,000 to set up the mortgage. You can often add this to the loan but you will pay interest on it.
  • Survey / valuation fee: A basic valuation is often free or low cost. A full structural survey runs £500–£1,500 and is recommended for older properties.
  • Buildings insurance: Required by most lenders from exchange of contracts. Typically £100–£400/year.
  • Removal costs: Budget £300–£1,500 depending on how far you are moving and how much you own.

When to Remortgage

Remortgaging means switching to a new deal — either with your existing lender or a new one. Most homeowners remortgage when their fixed or introductory deal ends to avoid reverting to the SVR. You can also remortgage to release equity, consolidate debt, or shorten your term. Start shopping 3–6 months before your current deal ends to avoid any gap on the SVR.

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