Mortgage Calculator UK 2026
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A mortgage is a loan specifically for buying property. The property acts as security, meaning the lender can repossess it if you don't keep up payments.
Key Terms
- LTV (Loan-to-Value): The percentage of the property's value you're borrowing
- Term: How long you have to repay the mortgage (typically 25-35 years)
- Fixed Rate: Interest rate stays the same for a set period
- Variable Rate: Interest rate can change
How much deposit do I need for a mortgage UK?
Most lenders require at least 5-10% deposit, but 15-20% is recommended for better rates. First-time buyers may access schemes with lower deposits. A larger deposit typically means lower interest rates and monthly payments.
What is LTV and why does it matter?
LTV (Loan-to-Value) is the percentage of the property value you're borrowing. Lower LTV means lower risk for lenders, so you'll typically get better interest rates. 60% LTV usually gets the best rates.
What is the difference between repayment and interest-only mortgages?
With a repayment mortgage, you pay back the loan plus interest monthly, so the debt reduces over time. With interest-only, you only pay interest each month and must repay the full loan at the end.
How much can I borrow for a mortgage?
Lenders typically offer 4-4.5 times your annual income, but this depends on your credit score, outgoings, and deposit size. Some may offer up to 5-6 times income in certain circumstances.
Should I fix my mortgage rate?
Fixed rates offer payment certainty for 2-5 years, protecting against rate rises. Variable rates may be lower initially but can increase. Consider your risk tolerance and how long you'll stay in the property.
Rates vary by lender and circumstances. Check current rates with a mortgage broker.