A great place to start is to find out how much you may be able to afford. We have two mortgage calculators, our affordability calculator will help you work out how much, in total, we may be able to lend you. If you know which mortgage you'd like, try our repayment calculator to work out what your monthly repayments might be.
Try our affordability calculator
Try our repayment calculator
Making sure you can afford your mortgage is vital. You will need to compare all of your income and outgoings to see exactly what you could afford as your mortgage repayments.
Lenders will look closely at how much you can afford to pay back each month. If you have any loans, credit card repayments or children who are financially dependent on you, these will all be taken into consideration within your application.
The difference in monthly mortgage payments may be significant depending on the size or your deposit. You may get better interest rates with a bigger deposit so, as always, it's worth going away and doing your sums to see how much you can afford.
You'll sometimes see lenders using the term 'LTV', this stands for loan-to-value ratio. This is the percentage of the property value that you're borrowing from your lender. The whole property value is your LTV plus your deposit.
Other costs of buying a home
As well as your mortgage and monthly costs such as home insurance and utility bills, there are other costs to factor in when you work out your home-buying budget.
Product fee: Many mortgages come with a product fee. You can pay this upfront or it can be added to the loan.
Valuation fee: This covers a basic inspection of the property on behalf of the lender so they can see whether it’s suitable for them to lend money on.
Survey fee: Many borrowers get a HomeBuyer survey or full structural survey on the property they want to buy.
Solicitor’s fees: When buying a property you’ll need a solicitor to act on your behalf.
Stamp Duty: Stamp Duty is a tax on all property purchases above £125,000. Different rates apply depending on the price of the property. If you are a first time buyer you may not need to pay Stamp Duty. For full details on Stamp Duty, see HMRC
Moving costs: You may need to hire a van or removal company to help you with your move.