What would the mortgage cost each month?
Four inputs, standard repayment maths. You get the monthly payment, your loan-to-value, and the total interest the lender collects over the term, which is the number worth staring at before you sign anything.
Monthly repayment
£2,251
On a repayment basis over 25 years, assuming the rate never changes. In practice you will remortgage every few years as fixed deals end.
The full picture
Still renting and weighing it up?
A mortgage payment lower than your rent does not settle the question on its own. Buying adds stamp duty, maintenance, service charges and a deposit you lock away, while renting keeps you mobile and keeps repairs someone else's problem. Start with what you can sensibly spend either way: our rent affordability calculator is the companion piece to this one.
Keep these numbers
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Common questions
What does loan-to-value mean and why does it matter?
Loan-to-value (LTV) is the loan as a percentage of the property price. Borrow £405,000 on a £450,000 flat and you are at 90% LTV. Lenders price their products in LTV bands, typically at 95%, 90%, 85%, 80%, 75% and 60%, and the rate improves at each step down. Dropping just below a band boundary, say from 90.5% to 90%, can cut your rate, so it is often worth finding a little extra deposit to cross the line.
What is the difference between repayment and interest-only?
This calculator models a repayment mortgage: each monthly payment covers that month's interest plus a slice of the loan, so you owe nothing at the end of the term. With interest-only you pay just the interest, the monthly cost is lower, but the full loan is still owed at the end and the lender will want a credible plan for repaying it. Most residential borrowers are on repayment.
Does this include stamp duty and other buying costs?
No. Stamp Duty Land Tax is charged on top of the purchase price and depends on the price, whether you are a first-time buyer and whether you own other property, and the thresholds change with government policy. Use the official calculator on gov.uk for a current figure. Budget separately for conveyancing, survey, valuation and any lender arrangement fee too.
Are overpayments worth making?
Usually, if you can afford them. Most lenders let you overpay up to 10% of the outstanding balance each year without an early repayment charge. An overpayment reduces the balance directly, so every pound overpaid stops accruing interest for the rest of the term, which shortens the term or cuts future payments. Check your product terms for the exact allowance before setting up anything regular.
How do lenders decide how much I can borrow?
Two tests run in parallel. The first is an income multiple, commonly around 4 to 4.5 times gross annual income, sometimes more for higher earners. The second is an affordability assessment: the lender stresses your finances against a rate higher than the one you are applying for and checks the payment still fits around your outgoings, debts and dependants. You need to pass both, so the headline multiple is a ceiling rather than a promise.