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With a repayment mortgage, each monthly payment covers both the interest and a portion of the capital, so your balance reduces every month. At the end of the term the mortgage is fully paid off. With an interest-only mortgage, your monthly payments cover only the interest — the original loan amount stays the same and must be repaid in full at the end of the term, usually from savings or the sale of the property.

Most lenders require a minimum deposit of 5–10% of the property value. However, a larger deposit — typically 15–25% or more — gives you access to better interest rates and lower monthly payments, since the lender's risk is reduced. Use the Borrowing Power calculator above to see how your deposit size affects your maximum loan and estimated repayment.

The savings can be substantial. For example, overpaying £200 per month on a £200,000 repayment mortgage at 5% over 25 years could save over £25,000 in interest and cut more than 4 years from the term. Use the Overpayment Calculator above to run your own figures and see the exact impact of monthly overpayments, a lump sum, or both.

Loan-to-Value (LTV) is the size of your mortgage as a percentage of the property's value. For example, if you're buying a £300,000 home with a £60,000 deposit, your LTV is 80%. The lower your LTV, the less risk the lender takes on — and as a result, lower LTV borrowers typically qualify for better interest rates and a wider choice of mortgage products.

These calculators use standard mortgage amortisation formulas and are accurate for illustrative purposes. Results assume a constant interest rate throughout the term and do not account for fees, early repayment charges, or rate changes. For a personalised and binding figure, always speak to a qualified mortgage adviser or obtain a mortgage in principle from a lender.