Free Mortgage Tools

Mortgage
Calculator

Calculate your monthly repayments or find out how much you can borrow. Free, instant results, then speak to an adviser for a personalised mortgage recommendation.

£
Total amount borrowed from lender
%
Annual interest rate
25 yrs
Length of mortgage in years
£1,110 Monthly Payment
£333,101 Total Repaid
£133,101 Total Interest

These figures are illustrative only and do not constitute financial advice. Actual rates, fees, and payments will vary based on your individual circumstances, credit profile, and the lender's current criteria. Always speak to a qualified mortgage adviser before making a decision.

£
Before tax (gross income)
£
Leave as 0 for a sole application
£
Loans, credit cards, finance agreements
£
Savings you can put towards the purchase
Standard (4x)
£200,000
Mortgage only — most high-street lenders
Competitive (4.5x)
£225,000
Available to most employed applicants
Maximum (5x+)
£250,000
Higher earners & professionals only
£275,000 Max Property Value
18% Deposit (% of property)
82% Loan-to-Value

Affordability estimates are illustrative only. Actual borrowing limits depend on your credit profile, outgoings, lender stress-testing at higher rates, and individual lender criteria. Debts and commitments can significantly reduce your borrowing capacity. Speak to a qualified adviser for a precise assessment.

How to use the repayment calculator

Enter the total loan amount you want to borrow, this is the purchase price minus your deposit. Then set your expected interest rate and the length of your mortgage term. The calculator will show your monthly payment, the total amount repaid over the full term, and the total interest cost.

Tip: Use the interest rate slider to see how sensitive your payments are to rate changes. Even a 0.5% increase in rate has a material impact on your total interest bill over a 25-year term.

The interest-only option shows what you'd pay if you were servicing the debt only, useful for buy-to-let investors who typically hold investment mortgages on an interest-only basis.

How to use the affordability calculator

Enter your gross annual salary (before tax). If you're applying jointly, add your partner's income too. The calculator shows estimated borrowing at three common income multiples: 4x (typical high-street), 4.5x (most mainstream lenders), and 5x (available to higher earners and professionals).

Adding any monthly debt commitments, car finance, personal loans, credit card minimums, helps reflect how these reduce your available borrowing. Lenders count these commitments against your affordability.

Adding your deposit lets the calculator show your maximum property value, your deposit as a percentage, and the resulting loan-to-value. A lower LTV means access to better rates.

Understanding loan-to-value (LTV)

LTV is your mortgage as a percentage of the property value. A £160,000 mortgage on a £200,000 property is 80% LTV. It's the single most important factor in determining your mortgage rate.

LTVRate TierNotes
95%HighestLimited lenders; Mortgage Guarantee Scheme
90%HigherWider choice; rates improving
85%CompetitiveMid-tier pricing
75%Best availableFull market access
60%LowestPremium lender pricing

Your LTV is fixed at the point of application but will fall as you repay capital or as your property rises in value, making remortgage reviews valuable over time.

Repayment vs interest only

On a repayment mortgage, each monthly payment covers both capital (reducing your debt) and interest. At the end of the term, your mortgage is fully paid off and you own the property outright.

On an interest-only mortgage, you pay only the interest each month. The original loan amount remains unchanged throughout the term. You'll need a credible repayment vehicle, typically the sale of the property or an investment, to clear the balance at the end.

Interest-only is common for buy-to-let investors where the monthly rental income needs to cover the mortgage comfortably. For most residential buyers, repayment is the right choice.

Common questions

Mortgage FAQs

How much can I borrow for a mortgage in the UK? +
Most UK lenders will offer between 4 and 4.5 times your annual income. Some specialist lenders will lend up to 5 or even 5.5 times income for higher earners or professionals. Joint applications use combined income. Your actual maximum depends on your credit profile, outgoings, deposit size, and the lender's individual criteria. A whole-of-market broker will identify the lenders most likely to maximise your borrowing.
What is the average mortgage repayment on a £200,000 mortgage? +
At a 4.5% interest rate over 25 years, the monthly repayment on a £200,000 repayment mortgage is approximately £1,110. At 5%, this rises to around £1,169. At 4%, it falls to around £1,055. Use the repayment calculator above to see the exact figure for any loan amount, rate, and term.
What deposit do I need for a mortgage? +
The minimum deposit for most residential mortgages is 5% of the property value. A 10% deposit gives access to a wider range of products and more competitive rates. At 25% or more, you unlock the most competitive pricing on the market. For buy-to-let mortgages, most lenders require at least 25%. Larger deposits reduce your LTV and typically result in significantly lower interest rates.
Is it better to get a 25-year or 30-year mortgage? +
A shorter term means higher monthly payments but significantly less interest paid overall. A longer term lowers your monthly payments, improving affordability, but increases your total interest cost substantially. On a £200,000 mortgage at 4.5%, a 25-year term costs around £130,000 in interest versus around £175,000 over 35 years. Most borrowers benefit from balancing affordability today with long-term cost, your adviser can model both scenarios.
Can I get a mortgage if I am self-employed? +
Yes. Self-employed applicants, sole traders, contractors and company directors can all obtain mortgages. Most high-street lenders require 2–3 years of accounts or SA302 tax returns. Some specialist lenders will consider 1 year of trading history for the right applicant profile. The key is presenting your income correctly to the right lender, this is where a specialist broker adds significant value over a direct application.
When should I remortgage? +
The best time to remortgage is 3–6 months before your current deal ends. Most lenders allow you to agree a new rate up to 6 months in advance, with no obligation to draw it down until your current deal ends. This means you can lock in today's rate without paying an early repayment charge. If you leave it until your deal expires, you'll revert to the lender's Standard Variable Rate, typically 1–2% higher than the best available fixed rates.
How do mortgage stress tests work? +
Lenders don't just assess whether you can afford the mortgage at today's rate, they stress-test your payments at a higher notional rate (typically 2–3% above the current rate, often around 7–8%). This ensures you could still afford the mortgage if rates rose significantly. This is why your maximum borrowing can be lower than the income multiple alone suggests. For buy-to-let mortgages, lenders stress the rental income instead: most require the rent to cover 125–145% of the monthly interest payment.
Ready to take the next step?

Get a personalised mortgage recommendation

The calculator gives you a useful estimate, but the right mortgage depends on your specific circumstances, income structure, credit profile, and goals. Our advisers search the whole market to find the best deal for you.

Start your free assessment Book a call with an adviser
Free mortgage assessment Book a Call