Great question! Beyond your mortgage payment, budget for: buildings insurance (£200-500+ annually), life insurance, household bills (gas, electric, water, council tax), maintenance and repairs, and potentially mortgage insurance if your deposit is under 20%. These can easily add £200-400+ per month to your housing costs.

Your deposit size dramatically affects your monthly payments because it changes how much you need to borrow. For example, on a £300,000 property, a 5% deposit (£15,000) means borrowing £285,000, while a 20% deposit (£60,000) means borrowing only £240,000. That £45,000 difference in borrowing significantly reduces your monthly payments.

With a capital repayment mortgage, you pay both the interest and gradually pay off the loan amount each month - you'll own the property outright at the end of the term.
With an interest-only mortgage, you only pay the interest each month, so the loan amount stays the same and you'll need to repay the full amount at the end of the term (usually through investments, property sale, or remortgaging).

Our calculator provides estimates based on standard mortgage formulas used by lenders. However, your actual monthly payment may vary depending on your credit score, income, and the specific lender.
We recommend using this as a starting point and speaking to our mortgage advisors for precise quotes tailored to your situation.