Mortgage Repayments
Mortgage Repayments on £300,000 Over 15 Years
Monthly repayments on a £300,000 UK mortgage over 15 years at a representative 4.5% interest rate are £2,294.98. Total cost over the term: £413,096.38, of which £113,096.38 is interest.
Monthly
£2,294.98
Total paid
£413,096.38
Interest
£113,096.38
Monthly Payment at Different Rates
UK mortgage rates change frequently. See how the monthly cost varies at typical fixed-rate levels:
| Interest rate | Monthly | Total cost | Total interest |
|---|---|---|---|
| 3.50% | £2,144.65 | £386,036.57 | £86,036.57 |
| 4.00% | £2,219.06 | £399,431.48 | £99,431.48 |
| 4.50% | £2,294.98 | £413,096.38 | £113,096.38 |
| 5.00% | £2,372.38 | £427,028.56 | £127,028.56 |
| 5.50% | £2,451.25 | £441,225.07 | £141,225.07 |
| 6.00% | £2,531.57 | £455,682.69 | £155,682.69 |
Highlighted: representative current rate (4.5%). Your actual rate depends on LTV, credit score, term and lender.
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FAQs
How much is the monthly payment on a £300,000 mortgage over 15 years?
Monthly repayments on £300,000 over 15 years at a representative 4.5% interest rate are £2,294.98. Over the full term you would pay £413,096.38, of which £113,096.38 is interest.
How much interest do I pay in total?
On a £300,000 mortgage over 15 years at 4.5%, total interest comes to £113,096.38 — that's 37.7% of the original loan amount on top.
Can I overpay to reduce interest?
Yes — most UK mortgages allow overpayments of 10% per year without early-repayment charges. Even small regular overpayments can save thousands. For example, paying £200 extra per month on this mortgage could shorten the term by several years.
What deposit would I need for a £300,000 mortgage?
Most UK lenders require at least 5% deposit (95% LTV). A 10% deposit (90% LTV) typically unlocks better rates. For a property where the mortgage is £300,000, you'd need roughly £15,789 (5% deposit) to £33,333 (10% deposit) on top.
Related
Disclaimer: Repayment figures assume an interest-only flat rate over the term. Your actual mortgage may include rate changes (after fixed period), product fees, and varying overpayments. Always get a Decision in Principle from a lender or broker for exact figures.