Mortgage calculators

How to use this calculator

Start with your mortgage: the amount you want to borrow, the interest rate and the term. Your monthly payment updates as you type.

Add the property price if you have one in mind. The calculator then works out your deposit, your loan to value and the Stamp Duty, so you can see the full amount you need on completion day.

Repayment or interest only?

With a repayment mortgage, each payment covers the interest and some of the loan. By the end of the term you own your home outright.

With interest only, you pay just the interest, so payments are lower but you still owe the full loan at the end. Lenders want to see how you’ll repay it, such as a sale, savings or investments.

Why add more than one part?

Some mortgages are split. For example, part could be on a five year fix and part on a tracker, or part on repayment and part on interest only. Additional borrowing on a remortgage is often a separate part too. Add up to four parts to see the combined payment.

What loan to value means

Loan to value (LTV) is your mortgage as a percentage of the property’s value. A £240,000 loan on a £300,000 home is 80% LTV. Lenders price their rates in LTV bands, so a bigger deposit or more equity can open up lower rates.

Shortening your term

A shorter term means higher monthly payments, but you clear the mortgage sooner and usually pay much less interest overall. The comparison above shows the trade-off for your own numbers. Lenders check affordability on the term you choose.

What these figures don’t include

These results are illustrations. They assume one rate for the whole term, while most deals last two to five years before moving to the lender’s standard variable rate. They also leave out product fees, legal fees, surveys and moving costs. Stamp Duty is shown at the England and Northern Ireland rates for UK residents. Scotland and Wales have their own taxes, and buyers who aren’t UK resident pay an extra 2%.

For figures based on your own circumstances and today’s lender rates, request a quote or call us on 01202 733 809.