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Mortgage calculator
Find out how much your monthly mortgage repayments could be with our calculator – just enter a few details below.
Mortgage repayment calculator
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How can I improve my chances of getting a mortgage?
Review your finances
Be realistic about what you can afford. Review your finances, get out a calculator, and decide what you can afford – both now and in the future. Remember to take into account the possibility of rising interest rates.
How can I improve my chances of getting a mortgage?
If you want to get a mortgage, you'll need to prove to lenders that you're a reliable borrower, and that you can afford the repayments.
Here are our top tips for improving your chances of acceptance:
- Be realistic about what you can afford. Review your finances, get out a calculator, and decide what you can afford - both now and in the future. Remember to take into account the possibility of rising interest rates.
- Try and improve your credit score. Your score isn't set in stone - it changes with your financial behaviour, so you have the power to influence it. There are several steps you may be able to take to improve your score and boost your chances of getting a mortgage.
- Consider using a guarantor. A guarantor mortgage means that someone - usually a parent or older relative - promises to make your repayments if you can't. This reduces risk for the lender, so they may be more likely to approve you. Make sure you understand the risks for you and the guarantor first.
Finally, remember to compare mortgages before you apply, to find the right one for your needs and circumstances. You can compare mortgages from across the UK market with Experian - it's free and it won't affect your credit score.
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FAQs
A mortgage is a kind of loan you can use to help you buy property.
The average mortgage lasts for 25 years – although they can range from six months to 40 years – during which you’ll make monthly repayments. It’s secured against your home, which means you may lose your home if you can’t keep up with the repayments.
When you buy a home you’ll typically put down a lump sum, called a ‘deposit’, towards the property’s purchase price. The remaining cost of your home can be paid for with a mortgage. You’ll own your home, but you must make monthly repayments on the mortgage to keep it.
Your regular mortgage payments will include interest, which is what the lender charges for allowing you to borrow money. The amount of interest you pay depends on the mortgage interest rate – this is a percentage of the total amount you still owe.
When you remortgage, you either take out a new loan with your existing lender or with another company.
Many people remortgage because they want to get a better rate, change their interest rate type, increase or decrease their monthly payments, or free up equity (e.g. for home improvements).
First you’ll need to save up enough money for a deposit, which could be between 5% and 20% of the property’s value.
You’ll also need to budget for the ‘hidden’ costs of buying a home. Things like stamp duty and legal fees can add up to thousands of pounds, so factor those costs in.
The cost of your mortgage will include the amount you borrowed, plus the interest you pay. The length of your mortgage and your interest rate will decide the total cost of your mortgage and how much you pay in interest.
Use our mortgage calculator to figure out your monthly mortgage payments and calculate the total cost of your mortgage, including how much you'll pay in interest.
A mortgage broker is a person or company that can arrange a mortgage between you (the borrower) and a mortgage lender.
They’ll work directly with you to help you decide what kind of mortgage you need, and then find a deal that matches your criteria – whether you’re a first-time buyer or looking to remortgage your current home.