The average new mortgage in the UK costs around £1,592 a month as of early 2026.
That is based on a typical home bought at the average asking price of £368,031, with a 20% deposit over 25 years (Rightmove, January 2026), and it has fallen about 7% in a year as rates eased. First-time buyers pay less, around £975 a month. Payments vary sharply by region, from about £809 in Scotland and £853 in the North East to £2,000 in the South East and £2,940 in London. Your own payment depends on your loan size, rate, and term.
If you’re looking to get onto the property ladder, you’ve probably already done the research to find out how much money you can borrow.
Hopefully, you’ll have also taken a look at the monthly mortgage payments to ensure that these are comfortable and that you can meet them every month.
However, what many people don’t consider is the average monthly mortgage payment and how this impacts what you’re paying overall. The results can be quite shocking!
When you borrow money to buy a house, there are numerous factors that impact your monthly payment, and the total amount that you’ll repay.
Table of Contents
Why does the average mortgage payment vary so much?
When you stop to consider an average mortgage payment and the interest rate that applies, you’ll find that there’s a degree of variation between mortgage lenders.
You may find lenders that offer the same interest percentage rate on headline products, but the actual interest rate will depend on the mortgage applicants.
The details provided will dictate the mortgage deal that you’re eligible for, and this can vary from lender to lender.
This means that looking at the average mortgage payment gets a little tricky.
While there are figures that can show monthly mortgage repayments, it’s important to realise that these won’t necessarily apply to you.
The average mortgage cost is just that: an average. Your actual rate will depend on your circumstances.
Some of the factors that will have an impact on your monthly mortgage payment include:
- Interest rates
- The average house price
- Interest only mortgages
- Variable rate mortgages
- Fixed-rate mortgages
- Repayment mortgages
- Government schemes
- Mortgage term
- Any tracker rate
That being said, we can still look at what an average mortgage payment looks like.
Here are the average UK mortgage rates as of April 2026:
- Two-year fixed rate (75% loan to value): around 5.14%
- Five-year fixed rate (75% loan to value): around 5.00%
- Three-year fixed rate (75% loan to value): around 4.97%
- Standard variable rate (SVR): typically 7% to 8%
- Bank of England base rate: 3.75% (held in April 2026)
Remember, no matter what the average mortgage interest rate is, there is no guarantee that you will be offered this.
The credit score and history of the mortgage applicants, as well as a host of other factors, will determine the rate that you’re offered.
What is the average mortgage payment in the UK?
The most recent figures come from Rightmove’s January 2026 market data, based on a typical new purchase with a 20% deposit over 25 years. Here is the average monthly payment by region:
| UK region | Average monthly payment |
|---|---|
| London | £2,940 |
| South East England | £2,000 |
| East of England | £1,784 |
| South West England | £1,599 |
| Wales | £1,117 |
| North East England | £853 |
| Scotland | £809 |
These figures reflect a new purchase at current prices and rates, so existing homeowners on older fixed deals often pay less. It is also worth looking at the type of mortgage. With a repayment mortgage, your payments cover both interest and capital, so you chip away at the loan each month. With an interest-only mortgage, payments cover only the interest, so you need a plan to repay the balance at the end of the term. Either way, monthly mortgage payments still tend to work out cheaper than renting, though they do not include costs like repairs and buildings insurance.
How much is a £100k to £300k mortgage per month?
These are the headline averages, but your payment really comes down to how much you borrow. Here is roughly what each mortgage size costs on a 25-year repayment mortgage at a representative 4.5% interest rate (mid-2026):
| Mortgage size | Monthly payment (25-year term) |
|---|---|
| £100,000 | £556 |
| £150,000 | £834 |
| £200,000 | £1,112 |
| £250,000 | £1,390 |
| £300,000 | £1,667 |
Stretching the term to 30 or 35 years lowers the monthly figure but raises the total interest you pay. To run your own numbers, use our UK mortgage repayment calculator.
What is the total cost of a UK mortgage over its term?
Let’s take a look at what you’ll typically end up paying for your house when all of the monthly repayments have been made:
- A £200,000 mortgage over 25 years at 5.0%: about £1,169 a month, £350,759 repaid in total
- The same £200,000 mortgage over 30 years at 5.0%: about £1,074 a month, but £386,510 repaid in total
- A £250,000 mortgage over 25 years at 5.14% (a two-year fix): about £1,482 a month, £444,639 repaid
- A £300,000 mortgage over 35 years at 5.0%: about £1,514 a month, but a huge £635,909 over the full term
Remember, this doesn’t include the likes of stamp duty and legal fees that will have been paid at the time of purchase.
A look at average UK property prices
Here’s a look at the average UK property prices from the latest ONS House Price Index (March 2026, England):
- Detached house average value – £470,000
- Semi-detached average price – £288,000
- Terraced house price – £244,000
- Flat or maisonette average price – £215,000
The average UK property is worth around £268,000, rising to about £290,000 across England and £542,000 in London.
It’s important to take a look at what the average price of a house is in the UK when considering the average mortgage payment is.
Of course, the average mortgage repayment will be closely linked to the average UK house price, as well as the size of the deposit that people are able to put down.
It’s worth bearing in mind that average UK housing prices include figures from London.
House prices here are substantially higher than in the north of the country and so push average costs up.
How the mortgage term impacts the overall cost
When looking for a mortgage loan, you’ll find that the term offered for these is much longer than you’d typically see for the likes of a personal loan.
The longer the loan term, the more you ultimately pay back.
The average length of a mortgage has usually sat at the 25-year mark, but 30 and even 35-year mortgages are becoming increasingly common.
You can even find mortgage lenders offering 40-year terms now.
Securing a longer mortgage term has its appeal. It will generally bring the monthly mortgage payments down. However, there are downsides to this:
- While monthly payments may come down, the overall total cost goes up as you’re paying back for longer
- You’ll be making monthly repayments for up to 480 months, meaning that you’re in debt for a long time
- Even if you keep up your mortgage repayment each month, it’s a long time before you can say 100% that your home is yours
These longer mortgage term offers still have their place though, especially for those still looking to own their first home.
With house prices seeing huge growth post-pandemic, a longer term has been the only option to keep any monthly mortgage repayment down.
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Is it possible to reduce monthly mortgage repayments?
While monthly payments may well be affordable, it’s almost a little scary to see the total cost of what you ultimately repay.
When the Bank of England raises interest rates and when the average UK house price changes, these are things that you have little control over.
However, there are still factors where you do have control and where you can bring your mortgage costs down, including overpaying to pay off your mortgage years early. Let’s take a look:
Interest-only mortgages to bring down your monthly repayment
With an interest-only mortgage, you only make interest payments each month.
This means that your payments are lower than they would be with a repayment mortgage.
The issue here is that you need an exit strategy to clear the loan at the end of the term.
Boosting your deposit
The lower mortgage loans are, the lower the mortgage costs will be each month.
That means that you can save money overall by having the biggest deposit possible. You can achieve this in several ways:
- Seek out family members who may be able to gift you a deposit
- Explore mortgage guarantee schemes that may allow you to borrow more and allow family to support you with a deposit
Explore government schemes such as the equity loan scheme.
Final thoughts on average mortgage rates and payments
While the average monthly mortgage payment comes in lower than what you can expect to pay to rent a property, what you ultimately repay is over double the amount that’s borrowed.
As the average house price continues to increase, the reality is that mortgage loans will increase in value.
While you have no control over house prices or interest rates, you can work out the deposit that you have available. This will go some way to keeping the overall cost down.
Average monthly mortgage payment: your questions answered
How much is a £100,000 mortgage per month?
About £556 a month on a 25-year repayment mortgage at 4.5%. A shorter term or a higher rate pushes it up.
How much does a £200,000 mortgage cost per month in the UK?
Around £1,112 a month over 25 years at 4.5%. Stretch it to 30 years and it drops to about £1,013 a month, but you pay more interest overall.
What salary do I need for a £400,000 mortgage in the UK?
Most lenders cap borrowing at about 4.5 times your income, so roughly £89,000 a year, or less between two applicants. Some lenders stretch to 5 or 5.5 times income for higher earners.
Is a £30,000 salary enough to buy a house?
It can be. At about 4.5 times income you could borrow around £135,000, so with a 10% deposit you could buy a home of roughly £150,000, which is realistic in much of the UK outside the South East.
Can I get a 25-year mortgage at 55?
Often yes, but many lenders want the loan repaid by age 70 to 80, so a 25-year term at 55 means borrowing into your late 70s. It is possible with lenders that allow later-life lending, sometimes with proof of retirement income.
What is the average first-time buyer mortgage payment?
Around £975 a month, lower than the £1,592 average for all new mortgages, because first-time buyers typically buy cheaper homes.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
