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What are you looking to do?

Buy your first home

Remortgage

Move home

Buy to let

Compare mortgage rates from 90+ lenders across the whole of market

How to find the best mortgage deal for you

Choose your mortgage type

Tell us what type of mortgage you are looking for to narrow down the deals shown to you.

Compare mortgage deals

Find and select a deal from hundreds of mortgages across the whole of market.

Secure your deal

Contact the lender directly or work with a broker to secure your new mortgage.

First-time buyer

If you’re buying a home and have never owned a property anywhere in the world before, you’re classed as a first-time buyer. Saving up enough of a deposit to be eligible for a first-time buyer mortgage can be daunting. But lenders often have 90% LTV mortgage and even 95% LTV mortgage deals available, so you may only need a 5 or 10% deposit to get on the property ladder.

You may even be able to borrow up to 100% with a guarantor mortgage, where someone, usually a family member, agrees to pay the mortgage if you can’t. However, these mortgage deals are quite hard to come by - even saving a small deposit will give you access to a greater range of mortgages.

Remortgage

If you’re at the end of your initial deal, which could be a fixed-rate mortgage or variable-rate mortgage, you should consider remortgaging to a new deal to avoid paying your lender’s higher standard variable rate (SVR).

If you need money for something specific, like a home renovation project, you can also borrow against your property by remortgaging to increase the size of your mortgage.

You can either remortgage to a new lender or change to a different deal from the same bank or building society (this is known as a product transfer).

Moving-home mortgage

This is also known as a home-mover mortgage. It’s used if you can’t take your existing mortgage with you (known as porting a mortgage) when you move to a new home and therefore need to take out a new mortgage.

Make sure you take any charges for leaving your existing mortgage early into account when calculating your moving costs. Most mortgages have early repayment charges (ERCs) if you switch to a new deal before the initial deal ends.

Buy-to-let mortgage

A buy-to-let mortgage is required if you are looking to buy a property to rent out as an investment. These are usually interest-only mortgages, which means you only repay the interest each month. This means you need to pay back the amount borrowed (the capital) at the end of the term.

Often lenders will require a minimum deposit of 20-25% (although sometimes they may require more) and the amount you can borrow depends on the rental income you will get for the property each month. Typically, it will have to cover your monthly interest payment by at least 125%, although the exact figures depend on the lender.

How much can you borrow?

There are many different factors that lenders will look at when working out how much you can borrow. These include your salary, your spending, any regular outgoings and debts. Use our affordability calculator to see how much lenders might be willing to lend you.

Calculate affordability

What are the different mortgage types?

Fixed rate mortgages

A fixed rate mortgage has an interest rate that is set for a specific period of time. This means your mortgage repayments won’t change during the duration of your fixed rate. This can bring peace of mind when it comes to budgeting and means you can lock in a good interest rate if the Bank of England base rate is low. However, if the base rate drops during your fixed rate period, you won’t benefit from lower interest rates. You can typically get a 2-year fix, 5-year fix or a 10-year fix.

Variable rate mortgages

A variable rate mortgage has an interest rate which can go up or down depending on the base rate or at the lender’s discretion. This means your repayments will change throughout the course of your mortgage term - sometimes a variable rate mortgage may beat a fixed rate mortgage, but you could also end up paying more. The two most common types of variable rate mortgage are tracker mortgages and standard variable rate mortgages.

Tracker mortgages

As the name suggests, a tracker mortgage sets a fixed interest rate and tracks it to the base rate. For example, you might get a tracker mortgage which is set to track 2 points above the base rate. This means when the base rate fell to historic lows of 0.1%, your mortgage rate would have become 2.1%. When the base interest rate rises again, your tracker mortgage will adjust to the new base rate plus two percentage points.

Standard Variable Rate mortgages

If you have a fixed rate mortgage that is coming to the end of it’s initial period, you will move onto your lender’s standard variable rate. These tend to be more loosely tracked to the base rate and will usually cost more. If you don’t want your repayments to increase after your fixed rate deal ends, you should consider remortgaging to a new fixed rate.

Run a mortgage comparison

Use our whole of market mortgage comparison tables to find deals from the entire market and compare across all the available rates.

Keep an eye on the base rate

If the Bank of England base rate drops or looks set to rise, it might be a good time to lock in a lower mortgage interest rate.

Save a bit more

You’ll unlock better deals at lower loan to value bands. If you have a deposit that covers 12% of a property, try saving a bit more to reach 15%.

Reduce any existing debts

High consumer debt will limit the number of mortgage deals available to you. Keeping debts low will also improve your credit score.

You may be tempted to go directly to your bank to secure your mortgage, but not shopping around could cost you thousands in the long run. To ensure you get the best mortgage rates, you should compare mortgages across the whole market.”

Nisha Vaidya, Mortgage Editor

Mortgage FAQs

What is the best mortgage rate?

The best mortgage rate for you will depend on your personal circumstances and the wider economic situation.

In 2022, mortgage rates have risen significantly compared to previous years. However, there are still mortgage deals out there.

It's important to be aware that sometimes the deals with the lowest interest rates are the cheapest but make sure you factor in additional product fees before choosing one as they can make your mortgage more expensive overall.

A mortgage broker can explain any additional fees to you to make sure you're getting the right deal for you.

How do mortgage interest rates work?

Mortgage rates tend to follow the Bank of England base rate – the higher the base rate is, the higher mortgage rates tend to be. You can fix your rate if you think rates are going to go up or you want the peace of mind of knowing how much your mortgage payments will be throughout the initial deal.

How much could I borrow?

The amount that you can borrow for a mortgage is based on a number of factors, including your salary, your monthly outgoings, your credit score, and any existing debt or loan agreements you may have in place. Normally you can borrow around 4-4.5 times your annual income.

You can use our calculator to get an idea of how much banks and other mortgage companies may be willing to lend you.

Do I need a deposit?

Lenders usually expect you to provide at least 5-10% of the property price as a deposit. There are a few mortgages available without a deposit, but you usually need a guarantor.

For first-time buyers, there are some buying schemes you can use to help you get on the property ladder with a 5% deposit.

The bigger the deposit, normally the better the deals you'll have access to. So, try to save up as large as deposit as you can.

How much will it cost to buy a house?

On top of your deposit and mortgage, there are many fees and costs associated with buying a home, including solicitor fees, arrangement fees, property surveys and Stamp Duty.

It's worth budgeting for all the fees that are involved, to make sure you have enough money side. It's also wise to include an emergency budget for unexpected costs.

Do I need a new mortgage if I move house?

It depends on your mortgage. Most mortgages are portable, meaning you can keep them if you move. However, this isn't always the cheapest option and you may be able to find better mortgage rates if you switch.

If you're planning on moving and locked into your current deal, it could be worth speaking to a mortgage adviser as they can likely advise you on the best option for your circumstances.

How can I save up a deposit?

It can be really hard to save up a house deposit, particularly as a first-time buyer. If you're struggling, consider opening a Lifetime ISA. The government will boost your savings by 25% (you can save a maximum of £4,000 per year) as long as you use the money for your first home or retirement. There are terms and conditions involved though so do your research before deciding if it's right for you.

If you haven't already, it's also worth setting up a standing order to divert money into savings as soon as you get paid. Plus, it may be worth doing a financial review to see if there are any expenses you could cut back on.

Can I get a mortgage through a broker?

Yes, you can contact a mortgage broker for help choosing a mortgage deal that suits your circumstances.

In the current market, speaking to an expert can be particularly helpful as they can advise you about the best options available to you and offer guidance about changing rates and deals.

How do mortgage repayments work?

With a repayment mortgage, each monthly payment pays off some of the capital (the loan itself) and some of the interest applied to the loan.

This means that by the end of the mortgage term, you should have repaid the entire loan plus interest so will own the property outright.

With an interest-only mortgage, you'll only repay the interest each month. The amount you borrowed won't be repaid until the end of the mortgage term.

The vast majority of residential mortgages are on a repayment basis. This is because interest-only mortgages are much riskier. Buy-to-let mortgages are, however, often interest-only, so if you're purchasing a property to rent out, this may be a good option for you.

What is a mortgage in principle?

A mortgage in principle (MIP) is a document that outlines what a lender would be willing to let you borrow.

While it isn't a guarantee that you will successfully get that mortgage, it is very useful when determining your budget for a property. Estate agents may also ask you for it to check you're a serious buyer.

It's also called an agreement in principle (AIP) or decision in principle (DIP).