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While the amount you can borrow for a mortgage will vary depending on your circumstances and the lender, you can typically expect to borrow up to 4.5x your annual salary/income.

For example, if you earn £30,000, you may be eligible for a mortgage of £135,000. Some lenders may use a higher or lower income multiple. It’s important to remember that lenders will consider several other factors besides salary when assessing how much you can afford, such as your age, monthly expenses, employment status and deposit size.

When getting a mortgage, you’ll typically need a minimum deposit of 5% to get a mortgage with an LTV of 95%. If you’re able to provide a deposit of around 10%, 15%, or 20%, you’ll have access to better rates and deals which could make your mortgage cheaper in the long term. The cheapest mortgage deals available usually apply to those with a deposit of at least 40%.

There are some 100% mortgage products available from a few lenders but you’ll have to meet their specific criteria to be eligible.

Mortgage interest rates are what lenders charge people for borrowing money. They’re generally expressed as an annual percentage rate or APR. The lender adds the interest rate to the principal amount borrowed, which you generally then pay back over the life of a repayment mortgage with monthly sums.

Interest rates typically vary depending on your credit score, deposit size, mortgage term and market conditions. Fixed rate mortgages have a fixed interest rate for a specific period, usually 2 – 5 years before you go onto your lender’s SVR (standard variable rate) which is often much more expensive. Variable interest rates can fluctuate, and the amount of interest you pay on your mortgage can go up and down. You would typically remortgage or take out a product transfer when your fixed rate comes to an end to avoid paying more interest than you have to. Our mortgage advisers can help you arrange a remortgage or product transfer up to 6 months before the end of your deal.