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First Time Buyer Mortgage Calculator

Work out your monthly mortgage payments, see your loan-to-value ratio, and understand the true cost of buying your first home.

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Monthly Payment £0
Total Interest £0
Total Repayable £0

Property & Mortgage Details

£
£50,000£2,000,000
£
£0£500,000
%
0.1%15%
years
5 years40 years
See What Rates You Could Get →
90% Loan-to-Value
10% Deposit
£225,000 Loan Amount

Balance Over Time

Your Mortgage

Payment Breakdown

Principal: 50% Interest: 50%

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How Does This First Time Buyer Calculator Work?

Enter the price of the property you're looking at and the deposit you have saved. The calculator works out your loan amount, your loan-to-value ratio (LTV), and your estimated monthly payments based on the interest rate and term you choose.

Your LTV is one of the most important factors in determining what mortgage rate you'll be offered. The lower your LTV (meaning the bigger your deposit relative to the property price), the better rates you'll generally qualify for.

What LTV Do I Need as a First Time Buyer?

Most lenders require a minimum 5% deposit (95% LTV), though some products may require 10% or more. The best rates typically start at 75% LTV or below. Use the deposit slider above to see how increasing your deposit affects your LTV and monthly payments.

Important: This calculator provides estimates for illustrative purposes only. Your actual rate and monthly payments will depend on your individual circumstances, credit history, and the lender's criteria. Your home may be repossessed if you do not keep up repayments on your mortgage.

Frequently Asked Questions

Most lenders will offer between 4 and 4.5 times your annual income, though some may stretch to 5 or even 5.5 times in certain circumstances. Your actual borrowing capacity depends on your income, outgoings, credit history, and the lender's criteria.

The minimum is typically 5% of the property price, but putting down 10% or more opens up significantly better rates. Use the calculator above to see how your deposit amount affects your monthly payments and total cost.

A longer term (e.g. 30-35 years) gives you lower monthly payments, which can make your first home more affordable day-to-day. However, you'll pay significantly more interest overall. A shorter term costs more per month but saves you thousands. Try adjusting the term slider above to compare.

Yes — first-time buyers may benefit from schemes like the Lifetime ISA (25% government bonus on savings up to £4,000/year), shared ownership, and stamp duty relief. Visit our First Time Buyers page for a full breakdown of what's available.