UK Mortgage Calculator
Calculate your monthly mortgage repayment with current UK rates. Includes full repayment schedule. Free, privacy-first — inputs never leave your browser.
Loan Details
Results
Monthly Repayment
£1,425
Principal
£250,000
Total Interest
£177,588
Total Paid
£427,588
For estimation only. Not professional financial, tax, or legal advice. Consult a qualified advisor before making decisions. Full disclaimer.
UK mortgage types
- Fixed rate: locked for 2, 3, 5, or 10 years. Good when rates are rising.
- Tracker: tracks the Bank of England Bank Rate + margin. Good when BoE is cutting.
- Standard Variable Rate (SVR): the lender\'s default. Usually higher than fixed/tracker — avoid.
How much can I borrow?
Typically 4-4.5x sole income or 3.5-4x joint income. Lenders stress-test at +3% on the rate to ensure affordability if rates rise. LTV (Loan-to-Value) above 85% limits options; above 95% is specialist-only.
Common questions about Mortgage
What is a good UK mortgage rate in 2026?+
Fixed 2-year: 4.25%-5.5%. Fixed 5-year: 4.0%-5.25%. Variable (tracker): Bank of England base rate + 0.5-1.5%. Best rates for 60% LTV; rates rise as LTV increases.
What deposit do I need?+
Minimum 5-10% for most lenders. 15-25% gets much better rates. First-time buyer schemes (Help to Buy, LISA) can help reach the deposit quicker.
What is mortgage affordability based on?+
Typically 4.5x single income or 4x joint income. Lenders stress-test at +3% on the rate to ensure you can still afford payments if rates rise.
Repayment vs interest-only mortgage?+
Repayment (standard residential): each payment reduces balance; you own the home at end of term. Interest-only: lower payments but balance stays the same — you need a separate plan to repay the principal (typically sale, investments, or lump sum). Interest-only is now mostly restricted to buy-to-let and high-net-worth borrowers. For residential purchases, repayment is the default and almost always the right choice.
Should I fix for 2, 5, or 10 years?+
2-year fixes have lower rates but force you to remortgage (with arrangement fees ~£999-£1,999) more often. 5-year fixes give rate certainty through economic cycles. 10-year fixes suit those valuing long-term stability but carry early repayment charges if you want to move. In 2026's falling-rate environment, many choose 2-year fixes to capture expected future cuts. Pick based on how long you plan to stay, not just today's rate headline.
What are the ongoing costs beyond the mortgage?+
Buildings insurance (~£200-£400/year, lender-mandated), contents insurance (~£100-£250/year), service charge + ground rent for leaseholds (£1,500-£5,000/year), council tax (£1,500-£3,500/year depending on band and area), maintenance (budget 1% of property value per year). For a £350k property, total running cost excluding mortgage: ~£5,000-£8,000/year. Factor this in when checking affordability.