Mortgage Calculator United Kingdom 🇬🇧
A £250,000 mortgage at 4.5% over a 25-year term works out to a monthly payment of about £1,390, with total interest of £166,874 over the full term.
Mortgage Calculator
Mortgages in United Kingdom
Market overview
UK mortgages predominantly use a fixed-rate-for-N-years structure (typically 2, 5, or 10 years) before reverting to a Standard Variable Rate (SVR). The average UK term is 25-35 years. Lenders include Nationwide, Halifax, Barclays, HSBC, Santander, and Natwest. Following 2023-24 rate volatility, fixes have settled around 4-5% for prime borrowers.
Why 4.5% is the typical rate
4.5% is the typical 5-year fixed rate for a 75% LTV mortgage on a prime borrower. First-time buyer schemes and 90%+ LTV will see 5-6%.
Tax & regulatory notes
No mortgage interest tax relief for personal residences (abolished 2000). Stamp Duty Land Tax (SDLT) applies on purchases above £250,000 (first-time buyer exemption up to £425,000). Buy-to-let mortgages have separate rules and reduced interest deductibility (Section 24).
A £250,000 mortgage at 4.5% over a 25-year term
£250,000 4.5% 25 years (300 months) £1,390 £166,874 £416,874