This UK mortgage calculator estimates your monthly repayment in pounds based on the loan amount, interest rate, and term. Defaults reflect current UK market conditions.
Most UK residential mortgages are repayment mortgages with a typical term of 25 years (though 30- and 35-year terms are increasingly common with rising prices). Borrowers usually take a fixed-rate deal for 2, 5, or 10 years, then either remortgage to a new fixed deal or roll onto the lender's standard variable rate (SVR). The Bank of England base rate, currently around 3.75% as of mid-2026, influences but does not directly set mortgage rates.
| Product | Typical rate |
|---|---|
| 2-year fixed (60% LTV) | ~4.4–4.6% |
| 5-year fixed (60% LTV) | ~4.2–4.5% |
| 2-year fixed (80% LTV) | ~4.6–5.0% |
| Standard Variable Rate (SVR) | ~7.0–8.0% |
Rates change frequently — always check live deals or speak to a broker before committing.
This calculator covers the monthly principal and interest only. Your real cost of buying and owning a UK home also includes Stamp Duty Land Tax (the threshold and rates depend on whether you're a first-time buyer and the home's value), buildings insurance (required by virtually all lenders), arrangement fees (often £999–£1,999 added to the loan), conveyancing, and the deposit itself — typically 5–20% of the property price.
Suppose you borrow £250,000 at a 4.62% rate (typical of a 2-year fix at 60% LTV in early 2026) over 25 years. The monthly payment is around £1,407, with total interest over the full term of roughly £172,000. Switching to a 30-year term would lower the monthly payment to around £1,288 but raise total interest above £214,000.
Lenders typically allow 4–4.5 times your annual income, sometimes up to 5.5× for higher earners or with smaller deposits. Affordability depends on your other commitments and the stress test.
Most lenders want at least 5%, but rates improve sharply at 10%, 15%, 20%, and 40% deposit thresholds (LTV bands). A 40% deposit unlocks the lowest rates on the market.
A 2-year fix is cheaper today and lets you remortgage sooner if rates fall, but exposes you to higher rates later. A 5-year fix locks in certainty for longer at slightly higher cost.
For your main home, no. For buy-to-let landlords, mortgage interest relief has been largely replaced by a 20% tax credit — speak to an accountant for your situation.
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