Frequently Asked Questions

Your payment is based on the loan amount, interest rate, and term length. For a repayment mortgage, each monthly payment covers both interest and a portion of the capital. In the early years, a larger share goes towards interest, but over time more goes towards paying off the loan itself. Our mortgage calculator estimates this for you. For detailed guidance, see our mortgage calculator guide.

The main types of mortgages available in the UK are:

• Fixed-rate mortgages: Your interest rate stays the same for a set period (typically 2-5 years), giving you certainty over your monthly payments.
• Variable-rate mortgages: Your rate can go up or down. This includes tracker mortgages (which follow the Bank of England base rate) and discount mortgages (a discount off the lender's standard variable rate).
• Interest-only mortgages: You only pay the interest each month, with the full loan amount due at the end of the term. Use our interest-only calculator to compare.
• Offset mortgages: Your savings are linked to your mortgage, reducing the amount of interest you pay. Try our offset mortgage calculator.

Learn more in our first-time buyer guide.

LTV stands for Loan to Value. It is the ratio of the mortgage to the property value, expressed as a percentage. For example, if you have a £150,000 mortgage on a £200,000 property, your LTV is 75%. Generally, the lower your LTV, the better mortgage rates you can access. Most lenders require a minimum deposit of 5-10%, meaning a maximum LTV of 90-95%. Use our LTV calculator to work out yours.

Stamp Duty Land Tax (SDLT) is a tax you pay when buying a residential property in England or Northern Ireland above a certain price threshold. The amount depends on the purchase price and whether you are a first-time buyer, buying an additional property, or a standard buyer. First-time buyers benefit from a higher nil-rate threshold. Scotland has its own Land and Buildings Transaction Tax (LBTT), and Wales has Land Transaction Tax (LTT). Use our Stamp Duty calculator to work out how much you may need to pay.

An affordability assessment is a check that lenders carry out to make sure you can afford to repay your mortgage. They look at your income, regular outgoings, existing debts, and living costs. Lenders also "stress test" your ability to pay if interest rates were to rise. The typical lending multiple is 4-4.5 times your annual income, though this varies by lender and circumstances. Use our affordability calculator to get an idea of how much you may be able to borrow.

The choice depends on your personal circumstances and risk appetite. Fixed rates give you certainty -- you know exactly what you will pay each month. Variable rates can be cheaper initially but carry the risk of payments increasing if interest rates rise. If you value stability and predictable budgeting, a fixed rate may be better. If you are comfortable with some risk and want to potentially benefit from rate cuts, a variable rate could suit you. Read our detailed comparison in the blog.

Early repayment charges (ERCs) are fees charged by lenders if you pay off your mortgage early or overpay more than your allowance during a fixed or discounted rate period. ERCs are typically 1-5% of the outstanding loan amount and decrease over time. Before overpaying or switching your mortgage, check if ERCs apply. Use our early repayment calculator to estimate the charges.

No. UK Mortgage Calculator provides informational tools and general guidance only. We are not authorised or regulated by the Financial Conduct Authority (FCA) and do not provide financial advice. The results from our calculators are estimates and should not be relied upon for making financial decisions. Always consult with a qualified and regulated mortgage adviser or financial professional before making any decisions about your mortgage.