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Mortgage Calculator For 20 years

    • 4.20% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.21% Initial
    • 5 year fixed
    • 7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.26% Initial
    • 5 year fixed
    • 7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.30% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.32% Initial
    • 5 year fixed
    • 7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

How much can I borrow

Mortgage lenders have altered the way they view mortgage applications as a result of new rules affecting the mortgage market.

Lenders will now look at the affordability of the mortgage with more scrutiny than before.  Lenders will ask for the following information upon application:

  • Details of your employment
  • Your income
  • Your monthly outgoings

If you need a mortgage for 20 years, find our mortgage table above that shows the best mortgage deals available.

How to calculate mortgage repayments

Before taking out a mortgage, it is important to calculate just how much you will have to pay each month.

If you need help working out how much a mortgage will cost, then use our mortgage calculator.

Complete the mortgage calculator compulsory fields with the following information:

  • The purpose of your mortgage
  • The value of the property
  • The amount you wish to borrow
  • The type of mortgage you want
  • Your preference on capital and interest or interest only mortgage
  • The length of mortgage

After inputting the information as required, the mortgage calculator will generate a list of the best mortgage deals available to you.

What is a fixed rate mortgage

A fixed rate mortgage is a type of mortgage that offers a fixed interest rate for an introductory period. The majority of banks will offer a fixed rate mortgage for 2,3,5 or 10 years.

Securing an interest rate for a set period of time can help you organise your finances for the near future. However, as interest rates can fluctuate over time, the interest rate you secure at the start of the fixed mortgage may not be as competitive at the end of the term.

What is a tracker rate mortgage

Tracker mortgages are mortgages with variable interest rates. The interest rate offered by a tracker mortgage is heavily dependent on the Bank of England base interest rate. If the Bank of England raise the base rate, then tracker mortgages’ interest rates will increase.

Repayment or interest only

Repayment mortgages: these types of mortgages usually have higher mortgage payments, as you will need to pay both the capital and the interest on the mortgage.

Interest only mortgages: these types of mortgages often have lower mortgage payments, as you only need to pay the interest on the mortgage. It is important to note that, unlike repayment mortgages, interest only mortgages do not allow you to own the property at the end of the mortgage.

Making overpayments

You can pay off you mortgage faster by making overpayments. However, you should always check with you mortgage provider before making any overpayments, as some lenders will charge significant early repayment penalties if an overpayment is made.

If you want to explore your mortgage options, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.