Make sense of UK mortgages.
Buying a home is one of the biggest financial decisions many people make. Understand mortgage types, deposits, affordability, interest rates, repayments and the steps involved in getting a mortgage in the UK.
See what your mortgage could cost each month.
Use this simple mortgage repayment calculator to estimate your monthly payment based on the amount borrowed, interest rate and mortgage term.
Understand the cost before you commit.
Mortgage repayments depend on factors including the amount borrowed, interest rate and repayment period. This calculator gives you a simplified illustration to help with early-stage planning.
Calculate your monthly repayment
Enter your estimated mortgage details below.
A mortgage is more than just the monthly repayment.
A mortgage is a long-term loan used to help purchase a property. You normally repay the amount borrowed plus interest over an agreed term. The amount you can borrow depends on a range of factors, including your income, expenditure, deposit, credit history and the lender's affordability assessment.
Understanding the full cost of borrowing can make it easier to compare mortgage options and plan for the other expenses involved in buying a home.
Different mortgage options suit different situations.
The right mortgage structure depends on your circumstances, financial plans and tolerance for changes in monthly payments.
Fixed-Rate Mortgage
Your interest rate is fixed for an agreed initial period. This can make budgeting easier because your mortgage payment is more predictable during the fixed period.
Explore Related Guides →Tracker Mortgage
A tracker mortgage typically follows a reference rate, often the Bank of England base rate, plus or minus a specified margin. Payments can therefore change.
Explore Related Guides →Variable-Rate Mortgage
The interest rate can change according to the lender's pricing and mortgage terms. Your payments may therefore increase or decrease over time.
Explore Related Guides →Interest-Only Mortgage
During the interest-only period, payments generally cover interest rather than reducing the capital balance. A suitable repayment strategy is important.
Explore Related Guides →First-Time Buyer Mortgage
First-time buyers may have access to different mortgage products and government-supported schemes depending on eligibility and current rules.
First-Time Buyer Guide →Buy-to-Let Mortgage
Buy-to-let mortgages are designed for property purchased with the intention of letting it to tenants and usually have different lending requirements.
Buy-to-Let Guide →From mortgage planning to completing your home purchase.
The exact process varies by lender and transaction, but these are some of the main stages buyers commonly encounter.
Plan Your Budget
Review your income, regular expenses, deposit and other financial commitments before considering a property budget.
Mortgage Agreement in Principle
A lender or broker may provide an agreement in principle indicating how much you might potentially be able to borrow.
Find Your Property
Search for a property within a realistic budget and consider mortgage repayments alongside other ownership costs.
Full Mortgage Application
The lender will assess your application, documentation, affordability and the property as part of the process.
Offer and Completion
Once the legal and mortgage requirements are completed, the property purchase can progress toward completion.
What can affect how much you may be able to borrow?
Mortgage affordability is assessed by lenders using information about your finances and circumstances. There is no single borrowing figure that applies to everyone.
Income
Your employment income and other acceptable sources of income can influence affordability.
Monthly Spending
Regular household expenses and financial commitments can affect how much monthly mortgage payment may be affordable.
Deposit & LTV
Your deposit affects the amount borrowed and the loan-to-value ratio associated with the mortgage.
Credit History
Lenders can consider your credit history and financial behaviour when assessing a mortgage application.
Mortgage Term
The chosen term affects the size of monthly repayments and the total interest payable over the life of the mortgage.
Employment Type
Employees, contractors and self-employed applicants may have different documentation and assessment requirements.
Other Borrowing
Credit cards, loans and other financial commitments can form part of an affordability assessment.
Property Type
The property itself can affect lender eligibility, valuation and mortgage availability.
More UK property and money guides.
Explore practical articles covering mortgages, home buying, property costs, taxes, insurance and other personal finance topics.
Common mortgage questions, explained simply.
Mortgage rules, rates and lending criteria can change. These answers provide general educational information rather than personalised mortgage advice.
Understand the numbers before choosing your next home.
Use the mortgage calculator as a starting point, explore first-time buyer resources and understand the wider costs involved in buying property in the UK.