Savvy Britain


Mortgage Calculator UK

Work out Mortgage Repayments

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%
years

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Total payments

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Total interest payments

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* Please Note this Mortgage Calculator is to be used as an 'estimate' only.
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Searching for a simple Mortgage Calculator UK shouldn't be a hard task, after all working out your finances is extremely important! We've developed this easy to use mortgage calculation tool, so you can get a better idea of how much a UK mortgage may cost you. This allows you to budget more easily, particularly if you're planning to purchase a larger home, a smaller home or even if you're a first-time buyer!

It's extremely important to remember that interest rates fluctuate, this means what you're paying in interest for mortgage now, could change in the months or years to come.

The UK's interest rates is set by the Bank of England's Monetary Policy Committee (MPC). The MPC meets every month to set UK interest rates, the committee is made up of nine members, these are the governor, two deputy governors, the Bank's chief economist, the executive director for markets and four external members appointed directly by the chancellor. Each member votes to set interest rates at the level they believe is consistent with meeting the national inflation target. The committee's decision is made on the basis of one person, one vote.

The interest rate you will pay on your mortgage will vary depending on which mortgage company you select. Equally, you need to read all of the terms carefully to understand whether your mortgage rate is 'fixed' for the whole term of the mortgage, or fixed for a certain length, i.e, the first two years, this could mean it may rise after the first two years of the mortgage term have been completed. As this varies from a 'case-by-case' basis, you will need to consider which option is correct for your own requirement and needs.

As well as shopping at high-street banks, you may find a good mortgage deal with an independent provider too. At the end of the day, many factors are taken into consideration when applying for a mortgage, so you may find a specialised mortgage company or a broker a good option for you.
Original Publication: 31 May 2017
Last Updated: 7 July 2017


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