UK Mortgage Calculator — How Much Will Your Monthly Payments Be?

UK mortgages in plain English

In the UK, most mortgages are fixed-rate for 2 or 5 years, then switch to the lender's Standard Variable Rate (SVR) — which is usually much higher.

Typical rates (2025): 2-year fixed at 4.5%–5.5%, 5-year fixed at 4%–5%.

Repayment vs interest-only

Most UK mortgages are repayment mortgages — you pay off both interest and capital each month. Interest-only mortgages have lower monthly payments but you owe the full amount at the end.

Stamp Duty

Don't forget Stamp Duty Land Tax (SDLT) when budgeting for a home purchase. On a £300,000 home, SDLT is currently £2,500. Use our Stamp Duty calculator for exact figures.

The SVR trap

When your fixed term ends, your rate can jump significantly. A £200,000 mortgage at 4.5% costs £1,100/month. At the lender's SVR of 7.5%, it jumps to £1,500/month — an extra £400/month. Always remortgage before your fixed term ends.