How much can you borrow?
This depends on a number of factors, including how much you can put down as a deposit, the value of the property you are looking to buy, the equity you have in your current home, your credit history and your income.
Generally, the larger the deposit you can put down and the less you need to borrow, the better the mortgage deal you will be able to get. A complete guide to mortgages will help you work out what you can afford.
Our guide explains your options if you are a first time buyer without a deposit, and Negative Equity But Need to Sell: Your Options has the answer if you have been adversely affected by falling house prices.
If you are an existing home owner then How to get a remortgage walks you through switching deals, and 9 Easy Ways to Add Value to Your Home has top tips for boosting the selling price of your property if you are looking to move.
What type of mortgage deal should you get?
If you want the security of paying the same amount each month a fixed rate deal could be right for you. The longer the term you choose to fix for, the higher the interest rate you will pay, but this can often be worthwhile. Should you get a fixed tracker or variable rate mortgage? explains more.
If you would prefer a lower interest rate and are willing and able to pay more if rates rise, you may want to consider a tracker or discount mortgage.
If you have money in savings or are self-employed you may want to consider an offset or current account mortgage because it could mean you pay a lot less interest; How do offset mortgages work? explains more.
Most mortgages are now offered on a repayment basis, where you pay a little bit off the capital each month and fully own your property at the end of the term. Interest only deals are rarer because they are seen as more risky. Should you get an interest only or repayment mortgage? explains what the difference is and why it is so important to choose the right option.
Whatever type of mortgage you choose, it is important to check that you can move house without penalty, make overpayments if you have more cash to spare, and take a payment holiday if you need to.
Which mortgages will you be eligible for?
Each mortgage provider sets their own eligibility criteria, and you need to make sure you satisfy all their requirements before you apply.
If you want to improve your chance of getting a mortgage application approved it pays to get organised. That means checking your credit history and taking other simple steps that show you will be a reliable borrower. 10 Steps to Improve Your Credit Rating explains how.
If you are applying for a joint mortgage remember that both applicants will still need to satisfy the eligibility criteria.
How much are mortgage fees?
This really depends on which mortgage deal you go for. Some of the most competitive deals come with fees in the thousands so it is important to check before you apply as they can really push up the cost.
You will also need to factor in fees for surveys and solicitors and look at how much you will pay in stamp duty on your property too.
It is also important to check the Early Repayment Charges you will face if you want to switch or pay off your mortgage before the end of the term. Should You Switch Your Mortgage Deal Mid-Term? explains how these work.
Compare mortgage interest rates
Once you know exactly what you want, finding a lender that offers you the best mortgage rate for the amount you want to borrow and does not charge extortionate fees is the most important way to make sure you get a good deal.
Use our mortgage comparison to see which mortgage lenders are offering the cheapest rates for your circumstances today.
You can either apply for a mortgage online or speak to a mortgage broker using our enquiry form if you need help working out which mortgage is best for you.