Written by Mark Langshaw Reviewed by Lee Trett
Sources
7 November 2026
Lowest rate is currently 4.24% - 2 years tracker interest only mortgage at 60% LTV
6 November 2026
Article reviewed by Lee Trett and rewritten for accuracy. Key facts added
6 November 2026
Lowest rate is currently 4.08% - 26 months tracker interest only mortgage at 60% LTV
22 July 2026
Lowest rate is currently 3.99% - 2 years tracker interest only mortgage at 60% LTV
16 July 2026
Lowest rate is currently 3.96% - 26 months tracker interest only mortgage at 60% LTV
31 July 2024
First Published
If you're planning to borrow £220,000, one of the first things you'll want to know is how much it will cost you each month.
In this guide, we'll show you the typical repayments on a £220,000 mortgage, how the interest rate, term, repayment type and deposit can change them, and how much you'll need to earn to borrow this amount.
Key facts
- About £1,161 a month: that's the cost of a £220,000 repayment mortgage at 4% over 25 years. You'd repay around £348,400 in total. At 5%, it rises to about £1,286 a month.
- The term makes a big difference: at 4%, a 35-year term cuts the monthly payment to about £974, but you'd repay over £409,000 in total. A 15-year term costs about £1,627 a month but saves around £55,500 compared with 25 years.
- Interest-only is cheaper each month but not overall: it costs about £733 a month at 4%. You'd still owe the full £220,000 at the end of the term, so you'd need a plan to repay it.
- You'll need an income of around £48,900: that's what it takes to borrow £220,000 at 4.5 times your salary. This can be a joint income. Some lenders offer 5 or 6 times income.
- A bigger deposit can cut your costs: using the example rates in this guide, borrowing £220,000 at 60% loan-to-value could cost around £218 a month less than at 95%.
How much are the repayments on a £220,000 mortgage?
The monthly repayments on a £220,000 mortgage would be around £1,161. This is based on a capital repayment mortgage with an interest rate of 4% and a 25-year term.
Over the full 25 years, you'd repay around £348,372 in total, which includes £128,372 in interest. In reality, most people switch to a new deal every few years, so the rate you pay is likely to change over the life of your mortgage.
The exact amount you pay will depend on the rate you're offered, how long you take to pay the mortgage back, and whether you choose a repayment or interest-only mortgage.
Calculate your mortgage repayments
Use our calculator below to work out your repayments on a £220,000 mortgage. You can change the amount, term, interest rate and repayment type to see how each one affects what you'd pay.
What factors will determine your mortgage repayments?
There are three main things that will affect how much you pay each month:
- The interest rate: the higher the rate, the more you'll pay each month and overall.
- The term length: a longer term lowers your monthly payments but means you pay more interest overall.
- The repayment type: interest-only mortgages have lower monthly payments, but you won't pay off any of the loan itself.
The size of your deposit matters too, as it affects the rates lenders will offer you. We've shown how each of these factors changes your repayments below.
Interest rate
The interest rate on a £220,000 mortgage will depend on your deposit, your credit history and the type of deal you choose. Even a small difference in rate can have a big impact on what you pay.
The table below shows how the repayments on a £220,000 mortgage change with the interest rate. These figures are based on a capital repayment mortgage over 25 years.
| Mortgage Amount | Interest Rate | Monthly Repayments | Overall Repayment |
|---|---|---|---|
| £220k | 3.5% | £1,101 | £330,412 |
| £220k | 4% | £1,161 | £348,372 |
| £220k | 4.5% | £1,223 | £366,849 |
| £220k | 5% | £1,286 | £385,829 |
| £220k | 5.5% | £1,351 | £405,298 |
| £220k | 6% | £1,417 | £425,239 |
Every half a percentage point adds roughly £60 to your monthly repayments, and around £18,000 to £20,000 to the total you'll pay over 25 years.
Term length
Most mortgages are taken out over 25 years, but you can choose a shorter or longer term. A shorter term means higher monthly payments, but you'll be mortgage-free sooner and pay much less interest.
The table below shows the repayments on a £220,000 capital repayment mortgage at 4% over different terms.
| Mortgage Amount | Term Length | Monthly Repayments | Overall Repayment |
|---|---|---|---|
| £220k | 10 years | £2,227 | £267,287 |
| £220k | 15 years | £1,627 | £292,916 |
| £220k | 20 years | £1,333 | £319,958 |
| £220k | 25 years | £1,161 | £348,372 |
| £220k | 30 years | £1,050 | £378,113 |
| £220k | 35 years | £974 | £409,124 |
| £220k | 40 years | £919 | £441,343 |
Stretching your mortgage from 25 to 35 years would save you around £187 a month, but you'd pay over £60,000 more in total.
£220k interest-only mortgage repayments
With an interest-only mortgage, your monthly payments only cover the interest. You won't pay off any of the £220,000 you borrowed, so you'll still owe the full amount at the end of the term.
The table below shows the repayments on a £220,000 interest-only mortgage over 25 years. The overall repayment includes the interest paid over the term plus the £220,000 you'd need to repay at the end.
| Mortgage Amount | Interest Rate | Monthly Repayments | Overall Repayment |
|---|---|---|---|
| £220k | 3.5% | £642 | £412,500 |
| £220k | 4% | £733 | £440,000 |
| £220k | 4.5% | £825 | £467,500 |
| £220k | 5% | £917 | £495,000 |
| £220k | 5.5% | £1,008 | £522,500 |
| £220k | 6% | £1,100 | £550,000 |
At 4%, an interest-only mortgage would cost around £428 a month less than a repayment mortgage. But you'd pay over £90,000 more overall, and you'll need a plan to repay the loan at the end of the term, such as savings, investments or selling the property. Lenders will want to see this plan before they agree to lend.
Similar mortgage amounts
If you're not sure exactly how much you'll need to borrow, the table below shows the repayments on similar amounts. These figures are based on a capital repayment mortgage at 4% over 25 years.
| Mortgage Amount | Monthly Repayments | Overall Repayment |
|---|---|---|
| £218k | £1,151 | £345,205 |
| £219k | £1,156 | £346,789 |
| £220k | £1,161 | £348,372 |
| £221k | £1,167 | £349,956 |
| £222k | £1,172 | £351,539 |
| £223k | £1,177 | £353,123 |
| £224k | £1,182 | £354,706 |
Each extra £1,000 you borrow adds around £5 to your monthly repayments and around £1,600 to the total you'll pay.
How your deposit affects your monthly cost
Lenders usually offer lower rates the more you put down as a deposit. This is measured using your loan-to-value (LTV) ratio, which is the size of your mortgage as a percentage of the property's value.
The table below shows how much deposit you'd need to borrow £220,000 at different LTVs, along with the repayments at an example rate for each. The figures are based on a capital repayment mortgage over 25 years.
| Property Value | Deposit | LTV | Example Rate | Monthly Repayments | Total Interest Paid |
|---|---|---|---|---|---|
| £231,579 | £11,579 | 95% | 5.80% | £1,391 | £197,207 |
| £244,444 | £24,444 | 90% | 5.20% | £1,312 | £173,559 |
| £258,824 | £38,824 | 85% | 4.80% | £1,261 | £158,178 |
| £293,333 | £73,333 | 75% | 4.40% | £1,210 | £143,113 |
| £366,667 | £146,667 | 60% | 4.10% | £1,173 | £132,027 |
The example rates are for illustration only. The rate you're offered will depend on the lender, the deal and your circumstances. Most lenders save their lowest rates for borrowers at 60% LTV or below.
Overpaying your £220,000 mortgage
Paying a little extra each month can take years off your mortgage and save you thousands in interest. Most lenders let you overpay up to 10% of your balance each year without paying an early repayment charge, but check your mortgage terms first.
The table below shows the effect of overpaying on a £220,000 capital repayment mortgage at 4% over 25 years, where the standard monthly payment is £1,161.
| Monthly Overpayment | New Mortgage Term | Total Interest Paid | Total Interest Saved |
|---|---|---|---|
| £0 | 25 years | £128,372 | £0 |
| £50 | 23 years, 4 months | £118,494 | £9,878 |
| £100 | 21 years, 10 months | £110,085 | £18,287 |
| £200 | 19 years, 5 months | £96,509 | £31,863 |
| £300 | 17 years, 6 months | £85,997 | £42,375 |
How much salary do you need to get approved?
Most lenders will let you borrow up to 4.5 times your annual income. This means you'd need an income of around £48,900 to borrow £220,000. If you're buying with someone else, this can be your combined income.
Some lenders will go higher, usually for borrowers with higher incomes, bigger deposits or certain professions. The table below shows the income you'd need at different multiples.
| Income Multiple | Income Needed to Borrow £220,000 | Availability |
|---|---|---|
| 4.5x | £48,889 | Most lenders |
| 5x | £44,000 | Some lenders |
| 5.5x | £40,000 | Fewer lenders, usually with conditions |
| 6x | £36,667 | A small number of lenders |
Your income isn't the only thing lenders look at. They'll also check your regular outgoings, debts and credit history to make sure you can afford the repayments, both now and if rates rise.
Calculations all done? Here are your options now...
How much salary do you need to get approved?
Most mortgage lenders will let you borrow up to 4.5 times your annual salary, so you would need household income of around £48,890 to get approved for a £220,000 mortgage. If you don’t earn this much, there are lenders who offer mortgages of 5-6 times salary, under the right circumstances, and also providers who accept supplemental income on top of a wage.
You can use our mortgage affordability calculator below to get an idea of whether your income stretches far enough:
Compare £220K mortgage rates online
Use our comparison tool below to see the latest rates on a £220,000 mortgage. You can enter your property value and deposit to see deals at your LTV, and filter by deal type, term and lender.
Rates shown are for illustration only and aren't guaranteed. The rate you're offered will depend on your circumstances.
Top
Rates last updated
Fetching the latest mortgage rates…
This usually takes a few seconds.
No matching rates found
Try widening your filters or adjusting the loan amount.
Interest rate
%
Full product details
%
- Lender
- Product ID
- Term
- Type
- Repayment method
- Max LTV
- %
- Min deposit
- %
- Monthly cost
- Total payable
- APR
- %
- Lender fee
- Rate after deal ends
- %
Early repayment charge
Speak to your adviser
Representative example
A repayment mortgage of over year, APR %. Total payable (incl. product fees of ). Repayments: months at (%), then months at (%, variable). Early repayment charges apply. Rates not guaranteed.
About these rates
Rates shown are illustrative based on the property value, mortgage amount, and term you entered above. Actual rates and total cost depend on your credit profile, deposit, and lender assessment. APR figures include product fees where applicable. Early repayment charges may apply. Rates are not guaranteed and may change before you apply - speak to an adviser to confirm what's available to you today. For a per-product representative example, open Show full details on any card above.
How to apply for a £220,000 mortgage
Applying for a mortgage usually follows these steps:
- Check your credit report: fix any errors and make sure you're on the electoral roll before you apply.
- Get an agreement in principle: this shows estate agents and sellers how much a lender is likely to let you borrow.
- Find a property and make an offer: once your offer is accepted, you can make a full mortgage application.
- Send your documents: lenders will usually ask for payslips, bank statements and proof of ID and address.
- Get your mortgage offer: once the lender has valued the property and checked your application, it will send you a formal offer.
A mortgage broker can help you through each step and compare deals from across the market to find one that suits you. Speak to one of our brokers today for a free, no-obligation chat.
FAQs
Your monthly mortgage payments aren’t the only cost that comes with a £220,000 mortgage. You should also factor in the fees below when working out your budget:
- Product fees: Can range between nothing and £2,000. Fee-free deals often come with higher rates, but the fee itself can sometimes be added to the mortgage.
- Valuation fee: Some lenders will expect you to foot the cost of having the property you’re buying valued, and this can set you back between £250-1,500.
- Legal fees: Can range from a few hundred to several thousand pounds.
- Stamp duty: You can find out exactly how much your bill will be in our stamp duty guide.
- Admin costs: This includes the booking fee, telegraphic transfer fee and the account fee. All in all, admin costs for a mortgage application can cost around £1,000.
The mortgage amount of £220k is irrelevant here as the amount of deposit you will need is determined purely by the property's purchase price. You will need a minimum of 5% to put down, under most circumstances.
You would be unlikely to be able to secure a mortgage for 100% of the property’s purchase price, as 100% LTV mortgages are rare. To buy a residential property valued at £220,000, you would need to put down a deposit of at least 5%, which in this case is £11,000.
With an £11,000 deposit, you would need to borrow £209,000 on a mortgage to buy a home of this value.
Yes, your employment style has no direct bearing on the maximum amount you can borrow. However, if you're self-employed lenders will usually average your net profit over the last two or three years. If you had one bad year, it might lower the amount you can borrow. You will typically need to provide your SA302 forms from HMRC as proof of income.