Free Mortgage Calculator UK
Published: 9 November 2026 · Updated: 9 November 2026
A £270,000 mortgage at 4.75% fixed over 25 years costs about £1,539 a month — £461,795 repaid in total, of which £191,795 is interest. On a £300,000 home, Stamp Duty is £5,000 for a mover and £0 for a first-time buyer. Enter your price, deposit, rate and term below.
Bank Rate is 4.00% from 5 November 2026, and a typical 25-year fixed mortgage sits just above it. Your monthly payment comes from the loan, the rate and the term — a bigger deposit or a longer term cuts the monthly figure, but a longer term means far more interest overall. Stamp Duty is charged in slices, and first-time buyers pay nothing on the first £300,000.
Researched by MixKhazana Team · Last updated 9 November 2026 · Data: Bank of England Bank Rate + HMRC Stamp Duty Land Tax rates (2026)
How to use
- Enter the property price and your deposit — the loan is the difference.
- Enter the interest rate your lender quoted, and the term in years.
- Pick your buyer type so Stamp Duty is worked out correctly.
- Click Calculate My UK Mortgage for the monthly payment, total interest and Stamp Duty.
How it works
A repayment mortgage is a loan you pay back in equal monthly instalments, and each payment covers that month's interest first, then chips away at the loan itself. The formula is M = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the loan, r is the monthly rate (the annual rate divided by 12) and n is the number of monthly payments. With a £270,000 loan at 4.75% over 25 years, r is 0.003958 and n is 300, giving about £1,539 a month. Early on, most of that £1,539 is interest; by the final years, almost all of it is capital. That is why the same loan over 35 years feels cheaper month to month — about £1,306 — but costs roughly £278,000 of interest instead of £192,000. If you also use our France mortgage calculator, you will see the same formula with French conventions — fixed rates, notaire fees and a different tax — which is a useful reminder that the maths travels but the costs do not.
Stamp Duty Land Tax is charged in slices, like income tax, not on the whole price. For a main home in England or Northern Ireland the bands are 0% to £125,000, 2% from £125,001 to £250,000, 5% from £250,001 to £925,000, 10% to £1.5 million and 12% above that. First-time buyers get a bigger 0% band — nothing on the first £300,000, then 5% up to £500,000 — but the relief vanishes entirely above £500,000, a cliff edge worth knowing before you offer. Buyers of an additional property add 5 percentage points to every band. And the tax is England-and-Northern-Ireland only: Scotland runs Land and Buildings Transaction Tax and Wales runs Land Transaction Tax, each with its own bands.
One statistic worth knowing: on 5 November 2026 the Bank of England raised Bank Rate from 3.75% to 4.00%, with the Monetary Policy Committee voting 8 to 1 and the next decision due on 17 December 2026. As the Bank itself puts it, Bank Rate is the rate it charges other banks — and because lenders price fixed mortgages from it, a quarter-point move there is the number every UK homebuyer watches first.
Worked example
Tom and Aisha buy their first flat in Leeds for £300,000 in November 2026, with a £30,000 deposit saved:
- Loan: £300,000 − £30,000 = £270,000 (a 90% loan-to-value mortgage)
- Rate and term: 4.75% fixed over 25 years (300 monthly payments)
- Monthly payment: £1,539.32
- Total repaid over 25 years: £461,795.06, of which £191,795.06 is interest
- Stamp Duty as first-time buyers: £0 — the price sits exactly on the £300,000 relief limit
- Cash needed on day one: £30,000 deposit + £0 Stamp Duty = £30,000 (plus solicitor and moving costs)
- If they were movers, Stamp Duty would be £5,000 and day-one cash £35,000
Stretching the same loan to 35 years would cut the payment to about £1,306 a month — but add roughly £86,000 of extra interest. Try your own price and term in the widget.
Figures used here
| Figure | 2026 value |
|---|---|
| Bank Rate (Bank of England) | 4.00% from 5 Nov 2026 |
| Illustrative fixed rate (example) | 4.75% |
| Stamp Duty: 0% / 2% / 5% bands | to £125k / £250k / £925k |
| Stamp Duty: 10% / 12% bands | to £1.5m / above £1.5m |
| First-time buyer relief | 0% to £300k, 5% to £500k, none above |
| Additional property surcharge | +5% in every band |
Frequently asked questions
How much is the monthly payment on a £270,000 UK mortgage?
On a £270,000 mortgage at 4.75% fixed over 25 years, the monthly payment is about £1,539. Over the full term you repay about £461,795, of which about £191,795 is interest. Enter your own price, deposit, rate and term in the calculator above for a personal estimate.
What is the Bank of England base rate in November 2026?
The Bank of England base rate — Bank Rate — is 4.00% from 5 November 2026, when the Monetary Policy Committee voted 8 to 1 to raise it by 0.25 percentage points from 3.75%. The next decision is due on 17 December 2026. Fixed mortgage rates do not move one-for-one with Bank Rate, but it is the anchor lenders price from.
How much Stamp Duty do I pay on a £300,000 house in England?
On a £300,000 home in England or Northern Ireland, a buyer who is not a first-time buyer pays £5,000 of Stamp Duty Land Tax: 0% on the first £125,000, 2% on the next £125,000 (£2,500) and 5% on the final £50,000 (£2,500). A first-time buyer pays £0, because first-time buyer relief gives a 0% band up to £300,000 for homes costing £500,000 or less.
What is the first-time buyer Stamp Duty relief in 2026?
First-time buyers in England and Northern Ireland pay no Stamp Duty on the first £300,000 and 5% on the portion from £300,001 to £500,000, so a £500,000 first home costs £10,000 in Stamp Duty. Above £500,000 the relief disappears entirely and standard rates apply to the whole price. Every buyer named on the purchase must be a first-time buyer who has never owned a home anywhere in the world.
Does Stamp Duty apply in Scotland and Wales?
No. Stamp Duty Land Tax applies only in England and Northern Ireland. Scotland charges Land and Buildings Transaction Tax (LBTT), with a first-time buyer 0% band up to £175,000, and Wales charges Land Transaction Tax (LTT), which has no first-time buyer relief. This calculator covers England and Northern Ireland only — use the devolved calculators for Scotland and Wales.
How is the monthly mortgage payment worked out?
The standard repayment formula is M = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. With a £270,000 loan at 4.75% over 25 years, r is 0.003958 and n is 300, giving about £1,539 a month. The same payment every month covers the interest first, then chips away at the loan.
What official sources are the 2026 UK mortgage figures based on?
Bank Rate of 4.00% from 5 November 2026 comes from the Bank of England's Monetary Policy Committee decision, and the Stamp Duty bands and first-time buyer relief come from HMRC's published Stamp Duty Land Tax rates for England and Northern Ireland, in force since 1 April 2025. The 4.75% rate in the worked example is an illustrative fixed rate, not a market average — your lender's actual rate will differ. This page is an estimate, not financial advice.