Your monthly payment depends on four things: how much you borrow, the interest rate, the term, and whether it is a repayment or interest-only mortgage. This page shows typical payments on each, using current official figures for house prices and rates where they exist.
Worked examples on this page use example rates, stated in each table: they show how payments change, not what any lender will offer you.
Current House Prices and Mortgage Rates
| Measure | Figure | Source |
|---|---|---|
| Average UK house price | £273,000 | UK House Price Index, July 2026 |
| Average first-time buyer price (Great Britain) | £229,302 | UK House Price Index, July 2026 |
| Bank Rate | 3.75% | Bank of England |
| Average 2-year fixed rate, 75% LTV | 4.92% | Bank of England quoted rates, August 2026 |
| Average 5-year fixed rate, 75% LTV | 4.78% | Bank of England quoted rates, August 2026 |
| Average standard variable (revert-to) rate | 6.58% | Bank of England quoted rates, August 2026 |
Monthly Payments by Mortgage Size
Repayment mortgage over 25 years at an example rate of 4.5%.
| Mortgage amount | Monthly payment | Annual cost |
|---|---|---|
| £100,000 | £556 | £6,670 |
| £150,000 | £834 | £10,005 |
| £200,000 | £1,112 | £13,340 |
| £250,000 | £1,390 | £16,675 |
| £300,000 | £1,667 | £20,010 |
| £350,000 | £1,945 | £23,345 |
| £400,000 | £2,223 | £26,680 |
| £450,000 | £2,501 | £30,015 |
| £500,000 | £2,779 | £33,350 |
| £600,000 | £3,335 | £40,020 |
| £750,000 | £4,169 | £50,025 |
| £1,000,000 | £5,558 | £66,700 |
Payments by Region
Average prices from the UK House Price Index (July 2026). Payment on an 85% mortgage (a 15% deposit) over 25 years at an example rate of 4.5%; the multiplier 0.005558325 is the monthly payment per £1 borrowed at that rate and term.
| Region | Average price | 85% mortgage | Monthly payment |
|---|---|---|---|
| London | £550,037 | £467,531 | £2,599 |
| South East | £380,878 | £323,746 | £1,799 |
| East of England | £337,518 | £286,890 | £1,595 |
| South West | £302,298 | £256,953 | £1,428 |
| West Midlands | £250,880 | £213,248 | £1,185 |
| East Midlands | £242,274 | £205,933 | £1,145 |
| North West | £221,445 | £188,228 | £1,046 |
| Yorkshire and the Humber | £209,116 | £177,749 | £988 |
| Wales | £215,037 | £182,781 | £1,016 |
| Scotland | £196,349 | £166,897 | £928 |
| Northern Ireland (Q2 2026) | £202,487 | £172,114 | £957 |
| North East | £166,943 | £141,902 | £789 |
| UK average | £273,000 | £232,050 | £1,290 |
Averages hide a wide range: prices vary a lot within each region and by property type.
Payments by Interest Rate
£250,000 repayment mortgage over 25 years.
| Interest rate | Monthly payment | Total interest over 25 years |
|---|---|---|
| 2.0% | £1,060 | £67,891 |
| 2.5% | £1,122 | £86,463 |
| 3.0% | £1,186 | £105,658 |
| 3.5% | £1,252 | £125,468 |
| 4.0% | £1,320 | £145,878 |
| 4.5% | £1,390 | £166,874 |
| 5.0% | £1,461 | £188,443 |
| 5.5% | £1,535 | £210,566 |
| 6.0% | £1,611 | £233,226 |
| 6.5% | £1,688 | £256,405 |
| 7.0% | £1,767 | £280,084 |
Each 0.5 percentage point rise adds roughly £60 to £80 a month on a £250,000 mortgage, more at higher rates.
Current Average Mortgage Rates
These are average quoted rates across lenders, published monthly by the Bank of England. Your own rate depends on your deposit, credit record and the lender, and fees are extra.
| Product (Bank of England average, August 2026) | Rate | Monthly payment on £250,000 over 25 years |
|---|---|---|
| 2-year fixed, 60% LTV | 4.79% | £1,431 |
| 2-year fixed, 75% LTV | 4.92% | £1,450 |
| 2-year fixed, 90% LTV | 5.16% | £1,485 |
| 2-year fixed, 95% LTV | 5.52% | £1,538 |
| 5-year fixed, 75% LTV | 4.78% | £1,430 |
| Standard variable (revert-to) rate | 6.58% | £1,701 |
How Your Deposit Affects the Payment
£300,000 home, 25-year repayment mortgage. Example rates, roughly in line with the Bank of England averages above for each loan-to-value band.
| Deposit | Mortgage | Example rate | Monthly payment |
|---|---|---|---|
| 5% (£15,000) | £285,000 | 5.5% | £1,750 |
| 10% (£30,000) | £270,000 | 5.2% | £1,610 |
| 25% (£75,000) | £225,000 | 4.9% | £1,302 |
| 40% (£120,000) | £180,000 | 4.8% | £1,031 |
A bigger deposit lowers the payment twice over: you borrow less, and lower LTV bands are usually priced lower. See how much deposit you need for the deposit on each house price.
Payments by Term
£250,000 repayment mortgage at an example rate of 4.5%.
| Term | Monthly payment | Total repaid | Total interest |
|---|---|---|---|
| 15 years | £1,912 | £344,247 | £94,247 |
| 20 years | £1,582 | £379,590 | £129,590 |
| 25 years | £1,390 | £416,874 | £166,874 |
| 30 years | £1,267 | £456,017 | £206,017 |
| 35 years | £1,183 | £496,920 | £246,920 |
| 40 years | £1,124 | £539,475 | £289,475 |
A 40-year term costs £266 a month less than 25 years, but £122,601 more in interest over the life of the mortgage.
Income Needed for Different House Prices
10% deposit, borrowing at 4.5 times income.
| House price | 90% mortgage | Income needed at 4.5x | Monthly payment (4.5%, 25 years) |
|---|---|---|---|
| £150,000 | £135,000 | £30,000 | £750 |
| £200,000 | £180,000 | £40,000 | £1,000 |
| £250,000 | £225,000 | £50,000 | £1,251 |
| £300,000 | £270,000 | £60,000 | £1,501 |
| £350,000 | £315,000 | £70,000 | £1,751 |
| £400,000 | £360,000 | £80,000 | £2,001 |
| £450,000 | £405,000 | £90,000 | £2,251 |
| £500,000 | £450,000 | £100,000 | £2,501 |
For borrowing on a given salary, see how much can I borrow on my salary.
Stress Test: Could You Afford Higher Rates?
FCA rules (MCOB 11.6.18) set the minimum: Lenders must take account of likely interest rates over at least the first five years of the mortgage, and assume they rise by at least 1%, unless the rate is fixed for five years or more. Each lender sets its own stress rate. The table shows the effect of testing at an example 7.5%, over 25 years.
| Mortgage | Payment at 4.5% | Payment at 7.5% (example stress rate) | Difference |
|---|---|---|---|
| £150,000 | £834 | £1,108 | +£275 a month |
| £200,000 | £1,112 | £1,478 | +£366 a month |
| £250,000 | £1,390 | £1,847 | +£458 a month |
| £300,000 | £1,667 | £2,217 | +£549 a month |
| £400,000 | £2,223 | £2,956 | +£733 a month |
Overpaying Your Mortgage
Paying a little extra each month cuts the interest you pay and the time to clear the mortgage. For worked examples and the usual 10% annual limit, see our mortgage overpayment guide.
The Full Monthly Cost of Owning
The mortgage is only part of the cost. As an example, with a £1,112 monthly mortgage payment (£200,000 at 4.5% over 25 years):
| Expense | Example monthly cost |
|---|---|
| Mortgage payment | £1,112 |
| Buildings insurance | £20-£40 |
| Contents insurance | £15-£30 |
| Life insurance | £20-£60 |
| Income protection | £30-£80 |
| Service charge (leasehold) | £0-£400 |
| Ground rent (leasehold) | £0-£100 |
| Maintenance fund | £100-£200 |
| Total | £1,297-£2,022 |
These are example ranges: insurance depends on your home and cover, and service charges vary hugely between buildings.
Related Guide
Your home may be repossessed if you do not keep up repayments on your mortgage. PocketWise provides information and guidance, not financial advice. Seek independent mortgage advice before making decisions about borrowing.