What are the monthly repayments on a £250,000 mortgage?

Many UK lenders lend around 4 to 4.5 times income, so a £250,000 mortgage usually needs a household income of roughly £55,556 to £62,500. Some lenders go higher for certain professions or larger deposits, and your outgoings and credit history also count.

Over 25 years, moving from 4.5% to 5.5% takes the payment on £250,000 from £1,390 to £1,535 a month, about £145 more, and adds around £43,691 in interest over the term.

At 4.5%, about £937.50 a month. You'd still owe the full £250,000 at the end of the term, so lenders want a credible plan to repay it.

It depends on the property price. Borrowing £250,000 with a 10% deposit means buying at about £277,800; with a 20% deposit, about £312,500. A bigger deposit usually gets you a lower rate.

At 4.5%, a £250,000 repayment mortgage costs about £1,267 a month over 30 years and £1,183 over 35, against £1,390 over 25. A longer term lowers the payment but adds a lot of interest: £246,920 over 35 years against £166,874 over 25.

On £250,000 at 4.5% over 25 years, an extra £200 a month would save about £38,458 in interest and clear the mortgage 5 years 1 month early.