Repayments on a £450,000 Mortgage

Here we help you calculate what your repayments might be on a £450,000 mortgage and what you need to consider when applying.

No impact on credit score

4.8 out of 5 stars across Trustpilot, Feefo and Google! Our customers love Online Mortgage Advisor

Pete Mugleston Nathan Porter

Author: Pete Mugleston - Mortgage Advisor, MD

Reviewed By: Nathan Porter - Independent Mortgage Advisor

Updated: November 30, 2023
September 26, 2022

If you’re looking to borrow £450,000 for a mortgage, you’ll want to know how much that potentially costs you each month. You can find out right now by using our mortgage repayment calculator below.

In this article, we also outline what factors will directly impact how much the mortgage repayments are on a £450,000 mortgage, and how a broker can help you find the most competitive interest rate deals.

Calculator Icon

Mortgage Repayment Calculator

Our mortgage repayment calculator can tell you how much your mortgage will cost you each month and overall. Enter the amount you’re borrowing, the term length and interest rate, and our calculator will do the rest.

Enter the amount you're borrowing
2.5% is an average figure but the rate you get may vary
25 years is average, but most lenders offer longer and shorter terms

Monthly Repayments:

Total amount paid at end of term:

Get started with an expert broker to find out how much they could help you save on your mortgage repayments.

How much does a £450,000 mortgage cost per month?

As a general example, using a standard repayment mortgage, based on a typical interest rate available at the time of writing (October  2023) of 5.5% and a 25-year term the repayments would be £2,763 per month.

However, there is no ‘one size fits all’ answer to this question. That’s because there are a number of variant factors that can alter this amount. 

Factors that affect your monthly repayments

Interest Rates

Qualifying for the lowest interest rates available means your repayments will also be lower.

The general strength of your application and creditworthiness will determine which interest rates you end up with, as it will influence how many mortgage lenders offering the most competitive deals will consider your application.

This is where seeking advice and practical support from a good mortgage broker can make all the difference, because their input might result in securing better rates, therefore lowering repayments.

Term Lengths

The duration of your loan will also make a difference to your monthly repayments.

If you take a loan over 20 years, for example – using the same interest rate (5.5%) as above – the monthly cost would be £3,095 whereas for 30 years it would be £2,555.

However, bear in mind that the overall total amount repayable will be greater over longer periods than shorter. Lenders might cap your term length at a certain age, so you might not have a choice.

Mortgage Type

Different types of mortgages will mean different monthly repayment amounts. For example, will you be on a tracker mortgage, which tracks the Bank Of England base rate? In this case, your monthly repayments will fall and rise in line with the base rate’s movements. Or will you want a fixed-rate mortgage, which means you know exactly what your repayments will be for a certain number of years?

You could choose an interest-only mortgage, which means your monthly repayments will be lower but you won’t be paying any capital off during this term, leaving you with the original amount to be repaid at the end of the term using a separate repayment vehicle.

There are also discount mortgages, offset mortgages and guarantor mortgages, all of which come with their own unique variables.

Example calculations

Let’s look at how those different factors affect monthly repayments on a mortgage of this size, for both capital repayment and interest-only (the repayments for this method remain the same regardless of the term you choose):

Interest Rate 2% 3% 4% 5% 6%
5 Years £7,887 £8,086 £8,287 £8,492 £8,700
10 Years £4,141 £4,345 £4,556 £4,773 £4,996
15 Years £2,896 £3,108 £3,329 £3,559 £3,797
20 Years £2,276 £2,496 £2,727 £2,970 £3,224
25 Years £1,907 £2,134 £2,375 £2,631 £2,899
30 Years £1,663 £1,897 £2,148 £2,416 £2,698
Interest-Only £750 £1,125 £1,500 £1,875 £2,250

For the purpose of the table above we are assuming the interest rate stays the same for the entire length of the mortgage. Interest rates can change if you decide to remortgage on to a different rate or move from either a fixed or variable-rate deal to the lender’s standard variable rate (SVR).

With the Bank of England base rate currently at 5.25% (October 2023) and the average mortgage rates between 5%-6%the repayment figures for these columns in the table would be the most realistic at present. However, this will change as and when the base rate falls in the future and mortgage lenders follow suit.

Find out how a mortgage broker can help you secure the best rates

Get Started Phone Icon 0808 189 2301

How a broker can help

Getting an experienced and impartial mortgage broker on your side can make all the difference to the mortgage offer you can secure, with far more likelihood of a more favourable interest rate.

Using our free broker-matching service you can speak straight away to the right broker by simply making an enquiry online. They’ll be able to help with:

  • Establishing exactly how much you can borrow using the latest mortgage lender salary multiple calculations
  • Confirming how much deposit you’ll need for a mortgage of this size
  • Downloading and optimising your credit reports – so you can identify any bad credit issues that may exist or remove any inaccuracies before you apply
  • Finding the right lender and securing the best deal from across the whole market
  • Gathering all the necessary paperwork and documentary evidence – proof of income, copies of bank statements etc. – required for your application

Access your credit report through a free trial

Credit rating illustration
Get my FREE report

Other costs to consider

Bear in mind that you will have other costs to factor into your mortgage repayments as well as the loan itself and interest, unless you pay these upfront, such as: 

  • Mortgage arrangement fees
  • Booking fee
  • Valuation fees
  • Conveyancing and homebuyer survey
  • Broker fees (if you decide to use their services)
  • Buildings insurance
  • Life insurance and mortgage protection

You can find more information on all the typical fees and charges that can apply in our dedicated article.

Get matched with the right broker

Working with an experienced advisor from the beginning of your mortgage application can make the whole process feel much more seamless.

Opportunities to lower your monthly repayments and find the most competitive rates on a £450,000 mortgage are far more likely with professional help.

Get in touch today for a free, no-obligation initial consultation to find out more. Call us on 0808 189 2301 or make an enquiry online.

Ask a quick question

We can help!
We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Mortgage Repayments.
Ask us a question and we'll get the best expert to help.

Our Brokers

Get in touch today

Make an enquiry and we'll arrange for an experienced mortgage broker we work with to contact you straight away.

1 of 3
2 of 3
3 of 3 Send!

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

Maximise your chances of approval, whatever your situation - Find your perfect mortgage broker