The Single Most Important Decision
Getting mortgage quotes from multiple lenders is the single most effective way to reduce the cost of buying a home. The difference between the cheapest and most expensive mortgage for the same loan can be 0.5% to 1.5% on the rate, which translates to £15,000 to £50,000 in interest over a 25-year term. Spending a week getting three quotes is the highest-paid work you'll ever do.
This calculator puts all offers on the same footing — same amortisation formula, same fee treatment — so the only variables are the ones the lender controls: the rate, the term, and the product fee. The single most important column is Total Cost, not the monthly payment. A lower monthly payment over a longer term almost always means more interest overall.
Where to Get Mortgage Quotes
- Mortgage brokers: A whole-of-market broker (like London & Country, L&C, or Habito) can access every lender and give you a comparison for free — they're paid by the lender.
- Direct from banks: Your own bank, plus high-street lenders like Halifax, Barclays, HSBC, NatWest, Santander.
- Comparison sites: MoneySuperMarket, Compare the Market — useful for research but a broker is better for the actual application.
What to Compare
- Initial rate: The rate for the fixed period (2, 5, or 10 years). This is what you'll actually pay.
- Revert rate (SVR): What you'll pay after the fix ends. Most people remortgage before this kicks in.
- Product fee: £0 to £2,000. A fee-free deal at a slightly higher rate can be cheaper for smaller mortgages.
- Overpayment allowance: Most allow 10% per year. Check the terms.
- Early Repayment Charge: 1-5% if you leave during the fixed period. Matters if you might move.
Related Tools
- Mortgage Calculator — see the repayment on a single offer.
- Mortgage Affordability — how much you could borrow.
- Overpayment Calculator — see how overpaying saves you money.
Disclaimer: Finance Atlas is not regulated by the FCA. Estimates only, not financial advice. Always consult a qualified, FCA-regulated adviser.