If you are buying your first home, you’ll need to save up a 10% deposit to get a 90% LTV mortgage.
Once you’ve saved up enough, you can start comparing the mortgage options available to you. Work out how much each mortgage costs overall by checking the fees and charges as well as the interest rate.
Fixed-rate mortgages often have higher initial rates but offer the security of knowing that the interest rate – and your monthly repayments – will remain the same for the term of the deal, making them a good option for those on a budget.
Variable-rate mortgages tend to be cheaper, but the interest rate – and therefore your monthly repayments – can go up or down, so they may not be the right choice if money is tight.
Learn more about first-time buyer mortgages.