Mortgage Calculator UK — Free 2026
Calculate your monthly mortgage payments, total interest and stamp duty for a UK property purchase. See the true cost of buying a home.
How It Works
- Enter property details
- Set mortgage terms
- Review your costs
Understanding UK Mortgages
A mortgage is typically the largest financial commitment most people make. In the UK, mortgages work differently from the US — terms are shorter (25-35 years is standard), most borrowers fix their rate for 2-5 years then remortgage, and there is no equivalent of the US 30-year fixed rate. Understanding the costs involved helps you budget effectively and choose the right product.
Types of UK Mortgages
- Fixed Rate: Your rate is locked for 2, 3, 5 or 10 years. Provides payment certainty but usually has early repayment charges. Most popular choice in the UK.
- Tracker: Follows the Bank of England base rate plus a set margin (e.g., base rate + 1%). Payments go up and down with the base rate.
- Standard Variable Rate (SVR): The lender's default rate, typically higher than fixed or tracker rates. You revert to SVR when a fixed deal ends — always remortgage to avoid overpaying.
- Discount: A percentage below the lender's SVR for a set period. Less predictable than a tracker since the lender can change their SVR.
Loan-to-Value (LTV) and Deposit
Your LTV ratio is the mortgage amount as a percentage of the property value. A £270,000 mortgage on a £300,000 property is 90% LTV. Lower LTV ratios (75% or below) typically secure the best interest rates. Most lenders require a minimum 5-10% deposit, though some Help to Buy or government-backed schemes may accept less.
Stamp Duty Integration
This calculator includes an estimated SDLT calculation based on your buyer type. For a detailed stamp duty breakdown with band-by-band analysis, use our dedicated Stamp Duty Calculator.
Frequently Asked Questions
As of early 2026, average UK mortgage rates are approximately 4.5% for a 2-year fixed, 4.2% for a 5-year fixed, and around 5.5% for a standard variable rate. Rates vary significantly by lender, LTV ratio, and borrower circumstances.
Most UK lenders require a minimum 5-10% deposit. A 10% deposit gives access to better rates, and 25%+ deposits typically secure the lowest rates. The larger your deposit, the lower your LTV ratio and the better rates available.
Standard UK mortgage terms are 25 years, but many lenders now offer terms up to 35 or even 40 years. A longer term reduces monthly payments but increases total interest paid.
Fixed rates provide payment certainty for 2-5 years but may be higher initially. Variable rates can be lower but change with the Bank of England base rate. Most UK borrowers choose fixed rates for budgeting certainty.
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