Repayments on a £180,000 Mortgage

Want a £180,000 mortgage but aren’t sure what the monthly repayments would be? Read on to find out what you could expect to pay.

Home Mortgage Repayments Repayments On A £180,000 Mortgage

Author: Pete Mugleston

Mortgage Advisor, MD

Reviewer: Jon Nixon

Director of Distribution

Updated: April 2, 2024

How we reviewed this article:

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

April 2, 2024

Depending on the mortgage type, your repayments on a £180,000 mortgage will vary. Mortgage repayments are determined by the length of your term, interest rate, and the type of mortgage you get.

A longer term will mean smaller monthly repayments but will result in you paying more in the long term. The higher the interest rate, the more you’ll pay and if you get an interest-only mortgage, for example, you’ll only cover the interest charges, not the principal amount borrowed.

In this article, we’ve put together everything you need to know about what the repayments on a £180,000 mortgage could be, how much income you’ll need to earn, and the deposit amount you’ll need to apply for this mortgage. As well as the factors that might affect how much you pay and why using a mortgage broker can help secure the lending you need with the best interest rates.

How much does a £180,000 mortgage cost per month?

At the time of writing (April 2024) the average monthly repayments on a £180,000 mortgage are £1,052. This is based on current interest rates being around 5%, a typical mortgage term of 25 years, and opting for a capital repayment mortgage. Based on this, you would repay £315,679 over the mortgage term.

However, if you secured a mortgage with a longer term, such as 30 years, your monthly repayments will be smaller but you will pay more over the mortgage term.

Talking to one of the advisors we work with is a good idea to get a representative idea of what you might repay. They can help you secure favourable terms and lower repayments than you might get if you approached lenders by yourself.

Mortgage Repayment Calculator

This calculator can tell you the monthly and overall cost of your mortgage, based on the loan amount, interest rate, and term length.

Enter the amount you're borrowing
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
Enter the mortgage term, 25 years is the average but lenders can offer shorter and longer terms

Your Results:

The monthly repayments on a mortgage would be

The total amount paid at the end of your mortgage term would be

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How much do you need to earn to get a £180,000 mortgage?

What lenders are willing to borrow is based on your salary. Most lenders will loan 4 to 4.5 times a person’s annual salary. For a £180,000 mortgage, you’d need an annual income of between £40,000 to £45,000. This is above the average UK annual income, currently £34,900 (April 2024).

If your income falls short of this figure, getting a joint mortgage with your partner or someone else, will allow you to use your combined earnings to meet lenders’ criteria.

However, some lenders are willing to let you borrow more and offer up to 5 times, or in some cases, 6 times your annual income. However, the latter is often reserved for certain professions, such as doctor or lawyer, as they have a higher and more reliable income.

In these circumstances, it’s best to consult with a broker who can indicate which lenders can offer this and whether you’d meet the lender’s affordability criteria.

This table shows how your income and the provider’s income multiples combine to show your maximum borrowing capacity:

Income 4x income 4.5x income 5x income 5.5x income 6x income
£40,000 £160,000 £180,000 £200,000 £220,000 £240,000
£42,000 £168,000 £189,000 £210,000 £231,000 £252,000
£44,000 £176,000 £198,000 £220,000 £242,000 £264,000
£46,000 £184,000 £207,000 £230,000 £253,000 £276,000
£48,000 £192,000 £216,000 £240,000 £264,000 £288,000
£50,000 £200,000 £225,000 £250,000 £275,000 £300,000

The above table is for comparative purposes only. Talk to your mortgage lender or broker for the most up-to-date information on affordability criteria.

If you’d like to see how this works out for yourself, based on your annual income, take a look at our mortgage affordability calculator below:

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants

Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

Get Started with an expert broker to find out exactly how much you could borrow.

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How much deposit do you need for a £180,000 mortgage?

Most lenders require a deposit of 5%-10% of the property value (not the mortgage amount). If you were purchasing a property valued at £180,000 (as opposed to borrowing this amount) you’d need a deposit of between £9,000-£18,000, which would leave you with a mortgage of £171,000-£162,000.

If you have issues with bad credit, most lenders will require you to have a deposit of around 25% to mitigate the risk of lending to you. You might also need a larger deposit to get a mortgage for a non-standard construction property, such as a property with a thatched roof.

It is possible to get a £180,000 mortgage with no deposit, but only a handful of lenders offer this and the eligibility criteria are strict.

If you have a higher deposit, you will have lower monthly repayments, but you’re also more likely to qualify for the most competitive rates. This is because you will have a lower loan-to-value (LTV) ratio, which wouldn’t be the case with a lower deposit.

Use our calculator below to see how this works in practice:

LTV Calculator

This calculator will tell you what your loan-to-value (LTV) ratio is, based on the property's value, your deposit/equity and the amount you're borrowing.

Enter an amount in pound sterling
Property value minus your deposit/equity
Loan amount must be less than property value

Your Results:

Your LTV is

This means that most mortgage providers will consider your deposit amount to be more than satisfactory, but speaking to a broker is still recommended to ensure you get the best deal.

This means you’re likely to meet the deposit requirements at most lenders, but since many reserve their best rates for those with higher deposits, speaking to a broker is recommended.

Many mainstream mortgage providers would consider this high and be reluctant to lend. Applying through a mortgage broker may be necessary to find a specialist low deposit mortgage lender.

LTVs have a direct impact on the rates available to you - speak to a mortgage broker and find out how to get the best deal based on your ratio.

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How to get a £180,000 mortgage

The first step in your mortgage application should be to find a mortgage broker with experience in arranging mortgages of this amount. This will boost your chances of getting approved at the best terms available.

Using our free broker-matching service you can speak to the right broker straightaway by simply enquiring online. They’ll be able to help with:

  • Deposit requirements: You’ll need to save a minimum deposit of 5% to 10% for a £180,000 mortgage. How much this figure will be depends on the value of the property, but a 10% deposit on a £180,000 house would be £18,000. A simple way to help you save money is to set up a savings account and put a percentage of your monthly wage, around 10 to 15%, into the account each month.
  • Downloading and optimising your credit reports: It’s important to review your credit history before you apply for a mortgage, checking for any inaccuracies or outdated information that can be removed beforehand. 
  • Gathering all the necessary paperwork required for your application: Your broker will be able to guide you through the application process and all the typical documents required – proof of income, at least three months of bank statements, personal ID, proof of address, evidence of deposit, latest P60 form etc.
  • Working out how much you can borrow: You might think £180,000 is the maximum you can borrow for a mortgage based on typical lender salary multiplier calculations. However, this might not be the case. A mortgage broker can assess your circumstances and eligibility for better deals from lenders, potentially allowing you to borrow more at better interest rates.
  • Finding the right lender and securing the best deal for you: Your mortgage broker will be able to identify those lenders offering the best interest rate terms available across the whole market. This will save you time and, potentially, some money too. 
  • Navigating the Mortgage Process: Applying for a mortgage can be challenging, especially if it’s your first application. The right mortgage broker can assist you with any issues you may encounter along the way, safeguard your interests, and provide support if anything goes wrong.

Example monthly repayments for a £180,000 mortgage

Check out the table below to get an idea of how the interest rate and term length might alter repayments on a £180,000 mortgage.

For interest-only mortgages, the repayment remains as is regardless of the term. So, for example, the repayment shown for 6% – £900 per month – would be the same if you opted for a 15-year term or a 30-year term as the capital owed doesn’t reduce and is paid off in full at the end using a separate repayment vehicle.

Interest rate 15 years 20 years 25 years 30 years 35 years Interest-only
1% £1,077 £828 £678 £579 £508 £150
2% £1,158 £911 £763 £665 £596 £300
3% £1,243 £998 £854 £759 £693 £450
4% £1,331 £1,091 £950 £859 £797 £600
5% £1,423 £1,188 £1,052 £966 £908 £750
6% £1,519 £1,290 £1,160 £1,079 £1,026 £900
7% £1,618 £1,396 £1,272 £1,198 £1,150 £1,050
8% £1,720 £1,506 £1,389 £1,321 £1,278 £1,200

*For the purpose of this table, we assume the interest rate stays the same for the full length of the mortgage. Interest rates can change if you decide to remortgage to a different rate or move from a fixed or discounted deal on to the lender’s standard variable rate (SVR).

With the Bank of England base rate currently at 5.25% (April 2024) and the average mortgage rates between 5%-6% the repayment figures under these columns would be the most realistic at present. However, as the base rate falls in the future, mortgage lenders should follow suit and reduce their rates too.

Factors that affect monthly repayments

Repayments on mortgages can be impacted by the following factors, both directly and indirectly:

Term length

If you pay back the mortgage over a longer period, that will make the monthly payments smaller. For example, a 5.5% interest rate on a £180,000 mortgage over 30 years would mean paying £1,022 a month, but over 15 years that figure increases to £1,471.

So, by extending your term you reduce your monthly repayments but the flip side is you’ll pay back more interest overall.

Interest rate

The interest rate you qualify for can make a big difference to your monthly repayments. The strength of your application and having a larger deposit will play a big part in whether you can gain access to the lowest rates available.

A mortgage broker would be able to advise on the best interest rates on the market and the rate you could expect based on a range of eligibility factors and creditworthiness.

Mortgage Type

An additional factor to consider is the mortgage type.

tracker mortgage sees the interest rate change in line with the Bank of England’s base rate, which means your monthly repayments will also change.

If you prefer to know exactly what your payments will be, month to month, a fixed-rate mortgage could be a better option. These tend to have slightly higher, but consistent, rates.

A third option is an interest-only model, which would significantly reduce repayments to just the interest element and leave the entirety of the £180,000 as a lump sum to pay at the end of the term.

Your age

Although it’s possible to get a mortgage at almost any age, time on your side can lead to better deals from lenders. This could mean lower rates and monthly repayments for your £180,000 mortgage.

Your credit history

If you have blots on your credit history, this might result in your lender charging you a higher interest rate to mitigate the risk of lending to you. A broker who specialises in mortgages with bad credit can help you find the best rates given your circumstances.

If you’re unsure what your credit score is or want to check before you go any further, use the free tool below:

Access your credit report through a free trial

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Other costs to factor in

It’s important to remember that the repayments on the mortgage won’t be the only cost you’ll incur. You’ll need to have money set aside for other mortgage fees including:

Product fees

  • The arrangement fee: Could be between £1,000 and £2,000, this is an amount paid to a lender, either as a lump sum or as a monthly payment. You can add it to your mortgage if you wish but be aware you’ll then pay interest on top of this amount.
  • Booking fee: Costing around £100 to £200, this is paid to the lender as part of your application submission.
  • Valuation fee: At approximately £300, this fee pays for the lender to assess the property you wish to buy and confirm its value. Some lenders may pay this for you.
  • Survey cost: You can opt to do this with a third party or pay a lender to upgrade their valuation to do a survey. It can cost anywhere between £400 and £1,500.
  • Stamp duty: This is a government levy payable based on the value of your property and whether it’s your primary or secondary residence.
  • Conveyancing fee: This is the amount you pay to a solicitor to manage all of the purchasing paperwork. It can cost between £800 and £1,500 but in some cases, a lender will cover the fee.
  • Broker fee: The brokers we work with offer an initial free consultation and will lay out any charges beyond that. Typically this will either be a percentage of the mortgage (usually up to 1%) or a fixed fee (between £500-£1,000 depending on the complexity of the application).
  • Deposit: The ideal deposit is 25% of a property’s value, particularly if you want to qualify for the best rates, but some lenders will lower that requirement to 10% or even 5%.


When considering a mortgage, you’ll likely need to account for additional insurance costs. These may include:

  • Home insurance: Covers your property against damage or loss.
  • Life insurance: Provides coverage for the mortgage in case of your death.
  • Income protection: Helps if you’re unable to work due to illness or injury.
  • Critical illness cover: Assists if you’re diagnosed with a serious medical condition

Why use Online Mortgage Advisor?

A £180,000 mortgage shouldn’t be costing you any more than it has to and the only way to ensure you’ve got the cheapest mortgage on the market is to engage with an experienced broker who knows which lenders currently offer the best rates.

The brokers we work with have specific experience in obtaining the best possible mortgage deals and will be able to provide tailored advice to save you money in the long run.

Call 0808 189 2301 or make an enquiry today to be matched with a broker who will support you in securing the mortgage amount you need.

Get an expert to confirm the lowest repayments available to you today

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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