Written by Mark Langshaw Reviewed by Lee Trett
Sources
25 July 2026
Lowest rate is currently 3.99% - 2 years tracker interest only mortgage at 60% LTV
24 July 2026
Lowest rate is currently 4.45% - 2 years tracker interest only mortgage at 75% LTV
20 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
6 July 2026
Lowest rate is currently 3.96% - 27 months tracker interest only mortgage at 60% LTV
11 January 2024
First Published
Mortgages of £150k are readily available, but it’s important to be prepared before you apply for one. In this guide, you'll learn how to calculate the repayments on a mortgage of this amount, and what to do after you’ve worked them out.
How much is a £150,000 mortgage per month?
The monthly repayments on a £150,000 mortgage are roughly £792 on average. This is based on a 4% interest rate, 25 year term and a mortgage taken out on a capital repayment basis, all of which is representative of the UK market at the time of writing.
Paying this amount on your mortgage would mean that you will have repaid a total of £237,527 by the end of the term, provided you make no changes to the agreement.
The exact amount you will repay on a £150,000 mortgage will depend on a number of factors, including the rate and product type, which we will fully explore in this article.
Calculate your mortgage repayments
You can use our mortgage calculator below to work out what your mortgage repayments could look like. Simply enter an interest rate and term length then hit 'calculate', and the tool will provide you with some quick results.
Factors that will impact your repayments
The exact amount your £150,000 mortgage will cost each month and overall will depend on the interest rate you qualify for, the term length and the mortgage type. In this section, we will explore how these variables can shape repayments, with relevant examples.
Interest rate
The table below shows how mortgage repayments can vary based on the interest rate you qualify for. These calculations are based on a repayment mortgage with a 25-year term.
|
Mortgage Amount |
Interest Rate |
Monthly Repayments |
Overall Repayment |
|
£150k |
3.5% |
£751 |
£225,281 |
|
£150k |
4% |
£729 |
£237,527 |
|
£150k |
4.5% |
£834 |
£250,125 |
|
£150k |
5% |
£877 |
£263,066 |
|
£150k |
5.5% |
£921 |
£276,339 |
|
£150k |
6% |
£966 |
£289,936 |
The interest rate you are offered will depend on how much deposit you have, the overall strength of your application and the type of mortgage you choose.
Term length
While 25-year terms are standard for UK mortgages, most lenders will give you the option to take out a longer or shorter deal if you wish. Spreading the cost of a £150,000 mortgage over a longer term means paying less each month, but more overall in interest.
The table below highlights how mortgage payments can vary based on term length. These example results are based on a capital repayment mortgage with a 4% interest rate.
|
Mortgage Amount |
Term Length |
Monthly Repayments |
Overall Repayment |
| £150k | 10 years | £1,519 | £182,241 |
|
£150k |
15 years |
£1,110 |
£199,716 |
|
£150k |
20 years |
£909 |
£218,153 |
|
£150k |
25 years |
£792 |
£237,527 |
|
£150k |
30 years |
£716 |
£257,804 |
|
£150k |
35 years |
£664 |
£278,948 |
|
£150k |
40 years |
£627 |
£300,916 |
Repayment type
Most mortgages in the UK are taken out on capital repayment basis but most lenders will give you the option of interest-only as an alternative. The table below shows how your monthly and overall payments could look if you were to take out a £150,000 interest-only mortgage, based on a range of different rates and a standard term of 25 years.
|
Mortgage Amount |
Interest Rate |
Interest-only Payments (Monthly) |
Overall Repayment |
|
£150k |
3.5% |
£438 |
£281,250 |
|
£150k |
4% |
£500 |
£300,000 |
|
£150k |
4.5% |
£563 |
£318,750 |
|
£150k |
5% |
£625 |
£337,500 |
|
£150k |
5.5% |
£688 |
£356,250 |
|
£150k |
6% |
£750 |
£375,000 |
Your mortgage product type will also have a bearing on the exact amount you pay as there are different rates for fixed rate and variable rate mortgages, depending on how long you lock in for, the LTV ratio and whether you pay a product fee.
Mortgage amount
For many borrowers, £150k is a ballpark borrowing amount, so the table below shows how the repayments will change if you were to take out a mortgage for slightly more or less. These calculations are for a capital repayment mortgage with a 4% rate and a 25-year term.
|
Mortgage Amount |
Monthly Repayments |
Overall Repayments |
|
£140k |
£739 |
£221,691 |
|
£150k |
£792 |
£237,527 |
|
£160k |
£845 |
£253,362 |
|
£170k |
£897 |
£269,197 |
|
£180k |
£950 |
£285,032 |
|
£190k |
£1,003 |
£300,867 |
Overpayments
Making small monthly overpayments on your mortgage can make a surprising difference to the length of your loan repayment, as well as how much interest you'll pay in total. This table illustrates the impact of consistent overpaying on a £150,000 mortgage based on 4.5% interest and a 25-year term.
| Monthly Overpayment | Total Interest Saved | Years Cut Off Mortgage | New Total Term |
|---|---|---|---|
| £0 (Standard) | £0 | 0 Years | 25 Years |
| £50 | £12,254 | 2 Years, 1 Month | 22 Years, 11 Mos |
| £100 | £22,045 | 3 Years, 11 Months | 21 Years, 1 Mo |
| £200 | £37,130 | 6 Years, 11 Months | 18 Years, 1 Mo |
You can also use our overpayments calculator to see how much different overpayment amounts would impact your loan.
Begin your mortgage journey
How much do you need to earn to get a mortgage of this amount?
All of the mortgage applicants will need combined annual income of between £33,333 and £37,500 to get approved for a mortgage of £150,000. This is because most mortgage lenders cap their borrowing at 4-4.5 times annual salary.
You may have options if you don’t earn this much, as a smaller number of lenders offer mortgages based on 5-6 times income and allow you to declare other sources of capital.
Enter your household income into our affordability calculator below to get an idea of whether you earn enough to qualify.
Tips to help you reduce your repayments
There are several ways you could lower the repayments on a £150,000 mortgage. Take a read through the tips below for some helpful suggestions on this:
- Increase your deposit size: A larger deposit reduces your loan-to-value (LTV) ratio, which can make you eligible for a wider range of mortgage products, often with more attractive rates. The most competitive deals on the market typically become available at an LTV of 60% (a 40% deposit) or lower.
- Check your credit files: Lenders will scrutinise your credit history, so it's vital to review it yourself beforehand. You can use services like Checkmyfile to see your reports, and correcting any inaccuracies can directly improve your credit standing, giving you access to better mortgage deals.
- Extend your mortgage term: Opting for a longer mortgage term spreads the repayments over a greater number of years. While this increases the total amount of interest you'll pay over the life of the loan, it lowers your monthly outgoings, which can be a valuable option if you need to maximise your affordability now.
- Engage a mortgage broker: A broker can navigate the entire market to find a suitable deal and can often secure more competitive rates. They frequently have access to lender-exclusive products that aren't available to the public, potentially saving you a significant amount of money on your repayments in the long run.
- Part and part repayments: Opting for part and part mortgage repayments can reduce the monthly repayment amount you'll need to pay now, but you'll have less to repay at the end of the mortgage than if you take out a full interest-only mortgage.
Our part and part mortgage calculator can help you to see how much you could reduce your payments and decide whether this is the right option for you
Compare £150K mortgage rates online
You can compare the latest rates on £150,000 mortgages using our free mortgage sourcing tool below. We have set this tool to display results for a 60% LTV (40% deposit) mortgage by default but you can manually change this by altering the mortgage amount and property value to match your personal circumstances. More options are available via the filters menu in the bottom left.
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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.
Speak to a broker about £150k mortgages
Now that you have a better idea of how much your £150,000 mortgage will cost, your next step should be to speak to one of our brokers so they can find the best deal for you.
Get started here to book in a free, no-obligation chat with one of our advisers so they can guide you through the application process.
FAQs
In addition to the repayments on your £150k mortgage, there will also be extra fees to factor into the overall cost. They include:
- 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: See our stamp duty guide to find out how much your bill will be and whether you qualify for exemption.
- 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 amount of deposit you need will be based on the value of the property, not the mortgage amount. You will need at least 5-10% of the property’s value to get approved for a mortgage of any amount.
Most mortgage lenders offer a range of different term length options, higher and lower than the standard 25-year agreement. The deal you enter and are approved for will give you a firm idea of how long it will take to pay off your mortgage, but keep in mind that most lenders will allow you to make monthly overpayments of 10% if you want to pay it off sooner.
Most borrowers also remortgage at least several times during the term, and when the time comes to refinance, you will have the option to make uncapped overpayments before you lock back in, to reduce the debt and repayment term further, if you wish to.
You will need to put down at least 5% of the property's value as a deposit, which amounts to £7,500. You would therefore need a mortgage of £142,500.
In very rare case, it may be possible to borrow 100% of the house's £150,000 purchase price. See our guide to 100% LTV mortgages for more information.
While the property type doesn't change the interest rate directly, it affects lender risk anlysis. For example, high-rise flats, listed buildings, or non-standard construction properties may have fewer lenders available. Fewer lenders mean less competition, which could result in you being stuck with a slightly higher interest rate than on a standard brick house.