In the UK, mortgages typically come with either fixed or variable interest rates. Fixed-rate mortgages offer stability with consistent monthly payments, while variable-rate mortgages may fluctuate based on the Bank of England's base rate.
Most UK mortgages are repayment mortgages, where you pay off both the interest and part of the capital each month. This ensures that by the end of the term, you've fully paid off the loan.
Remember, this calculator provides an estimate. For accurate figures and personalized advice, consult with a qualified mortgage advisor or your bank.