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  • Barclays Mortgage's logo'

    Barclays Mortgage 2 Year Variable

    • Cashback Available
    • Initial Rate
      0.85% Variable (collared at 0.75%) for 2 years
    • APRC
      3.20%
    • Product Fee
      £999
    • Monthly Repayment
      £444.15
    Continue on Fluent Mortgages' website + More info
  • Barclays Mortgage's logo'

    Barclays Mortgage 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.86% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £999
    • Monthly Repayment
      £444.68
    Continue on Fluent Mortgages' website + More info
  • HSBC's logo'

    HSBC 2 Year Fixed

    • Initial Rate
      0.89% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £999
    • Monthly Repayment
      £446.30
  • Santander's logo'

    Santander 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.89% Fixed to 02/01/2024
    • APRC
      2.90%
    • Product Fee
      £999
    • Monthly Repayment
      £446.30
    Continue on Fluent Mortgages' website + More info
  • Halifax's logo'

    Halifax 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.90% Fixed to 30/11/2023
    • APRC
      3.50%
    • Product Fee
      £995
    • Monthly Repayment
      £446.84
    Continue on Halifax's website + More info
  • Yorkshire Building Society's logo'

    Yorkshire Building Society 2 Year Fixed

    • Initial Rate
      0.90% Fixed to 31/10/2023
    • APRC
      3.60%
    • Product Fee
      £1,495
    • Monthly Repayment
      £446.84
    Continue on Fluent Mortgages' website + More info
  • NatWest's logo'

    NatWest 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.92% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £995
    • Monthly Repayment
      £447.91
  • Royal Bank of Scotland's logo'

    Royal Bank of Scotland 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.92% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £995
    • Monthly Repayment
      £447.91
  • NatWest's logo'

    NatWest 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.93% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £995
    • Monthly Repayment
      £448.45
  • Royal Bank of Scotland's logo'

    Royal Bank of Scotland 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.93% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £995
    • Monthly Repayment
      £448.45
  • Santander's logo'

    Santander 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.94% Fixed to 02/01/2024
    • APRC
      3.00%
    • Product Fee
      £999
    • Monthly Repayment
      £449
    Continue on Fluent Mortgages' website + More info
  • Virgin Money's logo'

    Virgin Money 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.94% Fixed to 01/02/2024
    • APRC
      3.70%
    • Product Fee
      £995
    • Monthly Repayment
      £449
    Continue on Fluent Mortgages' website + More info
  • Barclays Mortgage's logo'

    Barclays Mortgage 2 Year Variable

    • Cashback Available
    • Initial Rate
      0.95% Variable (collared at 0.85%) for 2 years
    • APRC
      3.20%
    • Product Fee
      £999
    • Monthly Repayment
      £449.54
    Continue on Fluent Mortgages' website + More info
  • Barclays Mortgage's logo'

    Barclays Mortgage 2 Year Fixed

    • Cashback Available
    • Initial Rate
      0.96% Fixed to 30/11/2023
    • APRC
      3.20%
    • Product Fee
      £999
    • Monthly Repayment
      £450.08
    Continue on Fluent Mortgages' website + More info
  • HSBC's logo'

    HSBC 5 Year Fixed

    • Initial Rate
      0.96% Fixed to 30/11/2026
    • APRC
      2.70%
    • Product Fee
      £1,499
    • Monthly Repayment
      £450.08
  • Leeds BS's logo'

    Leeds BS 2 Year Fixed

    • Initial Rate
      0.96% Fixed to 31/12/2023
    • APRC
      4.40%
    • Product Fee
      £999
    • Monthly Repayment
      £450.08
    Continue on Fluent Mortgages' website + More info
  • NatWest's logo'

    NatWest 5 Year Fixed

    • Cashback Available
    • Initial Rate
      0.97% Fixed to 30/11/2026
    • APRC
      2.70%
    • Product Fee
      £995
    • Monthly Repayment
      £450.62
  • Royal Bank of Scotland's logo'

    Royal Bank of Scotland 5 Year Fixed

    • Cashback Available
    • Initial Rate
      0.97% Fixed to 30/11/2026
    • APRC
      2.70%
    • Product Fee
      £995
    • Monthly Repayment
      £450.62
  • Yorkshire Building Society's logo'

    Yorkshire Building Society 2 Year Fixed

    • Initial Rate
      0.97% Fixed to 31/10/2023
    • APRC
      3.70%
    • Product Fee
      £1,495
    • Monthly Repayment
      £450.62
    Continue on Fluent Mortgages' website + More info
  • NatWest's logo'

    NatWest 5 Year Fixed

    • Cashback Available
    • Initial Rate
      0.98% Fixed to 30/11/2026
    • APRC
      2.70%
    • Product Fee
      £995
    • Monthly Repayment
      £451.16
  • Royal Bank of Scotland's logo'

    Royal Bank of Scotland 5 Year Fixed

    • Cashback Available
    • Initial Rate
      0.98% Fixed to 30/11/2026
    • APRC
      2.70%
    • Product Fee
      £995
    • Monthly Repayment
      £451.16
  • Barclays Mortgage's logo'

    Barclays Mortgage 3 Year Fixed

    • Cashback Available
    • Initial Rate
      0.99% Fixed to 30/11/2024
    • APRC
      3.00%
    • Product Fee
      £999
    • Monthly Repayment
      £451.70
    Continue on Fluent Mortgages' website + More info
  • first direct's logo'

    first direct 2 Year Fixed

    • Initial Rate
      0.99% Fixed for 2 years
    • APRC
      3.10%
    • Product Fee
      £490
    • Monthly Repayment
      £451.70

Your home may be repossessed if you do not keep up repayments on your mortgage.

The mortgage data above was supplied by Moneyfacts Group Plc and is updated at the time of mortgage search. The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.

Our mortgage comparison service is partnered with Fluent Mortgages for selections made outside of our featured lenders. Featured lenders are firms with whom we have a direct commercial relationship.

Award-winning comparisons you can trust

It's always nice to know you're on the right track. Over the years, as we have striven to improve the services we provide to our clients and users, we have been pleased to receive recognition for our efforts from both industry and consumer bodies.

Information written by Holly Bennett Last updated on 13 May 2021.

What is a mortgage?

A mortgage is a loan you take out to help you buy a property you don’t have the money to pay for upfront, whether you’re a first-time buyer, remortgaging, securing a buy-to-let, or moving to your next home. You pay the loan back in monthly instalments, after putting down a deposit.

Your mortgage term is how long you’ll make repayments for. The usual maximum term in the UK is 25 years, but you can choose a shorter or longer period, with some providers offering extended terms of up to 40 years. If you have a longer term, your monthly repayments will be lower, but the debt will take longer to pay off and you’ll pay more interest overall.

The amount you need to borrow will depend on the purchase price of the property, and how much you can put down as a deposit.

The loan is secured against the property, which means your home is at risk if you don’t meet the repayments.

How to choose a mortgage

Getting the right mortgage deal is important. After all, it’s a long-term financial commitment and monthly expense you’ll need to keep up for years to come.

A good first step to choosing a mortgage is using our comparison table, where you can see how different fees, rates and terms from leading lenders affect your monthly repayment. Just fill in the property value, mortgage amount, initial period and mortgage term to get filtered results.

What to know about mortgage rates

Mortgage rates are the rate of interest the lender charges on your mortgage balance, which affects how much you pay each month. A lower interest rate can mean lower monthly payments. These rates can be fixed or variable during the agreed mortgage term.

  • Fixed-rate mortgages have a fixed interest rate for a set period of time, so your monthly payments and interest rate will stay the same. When that initial term ends, the interest rate usually moves to the lender’s standard variable rate.

  • Variable rate mortgages, on the other hand, come with an interest rate that can rise and fall, usually in line with the Bank of England base interest rate. Tracker mortgages are variable rate mortgages that follow at a certain percentage above the base rate.

To choose between a fixed rate and a variable rate, ask yourself:

  • Do I want to know exactly what my mortgage will cost each month?
  • Do I mind if my repayments increase and decrease without warning?
  • Do I want to take advantage of potential drops in the base interest rate?
  • Am I willing to remortgage after my fixed-rate period expires?

Why loan-to-value ratio matters

The loan-to-value (LTV) ratio is how much you borrow against the property’s total price, after your deposit amount is deducted.

So, say you want to buy a home worth £200,000 and have a 10% deposit of £20,000. It’s no good applying for a mortgage that only offers a maximum 70% loan-to-value, requiring a 30% deposit. Instead, you’ll need to find a lender who will offer you 90% LTV.

The LTV can also affect the interest rate you’re charged. You’ll usually get better rates from lenders if you have a lower LTV.

Interest-only vs repayment mortgages

A mortgage has two parts: capital, which is the money you borrow, and interest, which is what the lender charges on the amount you owe.

With interest-only mortgages, your monthly repayment covers just the interest that you owe on the debt, not the amount borrowed. So you’ll still owe the full amount borrowed at the end of the mortgage term, as you’re not paying back any of the capital borrowed over time. Interest-only residential mortgages have fewer options than repayment mortgages. Also, you may not be able to borrow as much and will need to demonstrate how you will repay the capital at the end of the term.

With a repayment mortgage, you gradually repay all the money you borrowed, over your chosen mortgage term, plus interest. Your mortgage balance will get smaller every month and at the end of the agreed term, there will be no outstanding debt if you’ve met the payments. It’s the most common option.

Factor in mortgage fees

When you compare mortgages, it’s important to consider any fees the lender charges for arranging the mortgage, or if you choose to make overpayments. You should also keep an eye out for other potential costs, like penalties for late payment or missed payments. And if you want to repay the entire loan early, the penalty is usually a percentage of the outstanding mortgage whilst the loan is in its initial deal period.

The annual percentage rate of charge (APRC) takes into account the initial rate, additional fees and charges, like valuation fees, and the follow-on, standard variable charge rate. Our comparison tables show the APRC as well as the initial rate, so you can see how affordable deals are, relative to each other.

Can I get a mortgage?

Mortgage lenders have rules about who they’ll lend to. They’ll have a minimum age for applying, usually 18, and a maximum age you can be when your mortgage term is due to end.

You'll usually need to have been a UK resident for at least three years and have the right to live and work in the UK.

Lenders will check your finances, so they’re confident you can afford the repayments. So they’ll look at documents like your payslips to verify how much you earn, bank statements to see how much you spend each month, and they’ll ask about any debts you’re paying off, like car finance loans. They’ll also look at your credit record. Lenders want to be sure you’ll be able to afford your mortgage now and in the future.

Work out how much mortgage you can afford

You’ll get a good idea of how much mortgage you can genuinely afford to pay each month, and how much you’d be comfortable spending on the property, by taking a close look at your bank statements. What is your income – and your partner’s, if it’s a joint mortgage – and what are your regular outgoings? What can you cut back on, and what are non-negotiable expenses? And consider how much you'd be able to put down as a house deposit.

Consider how much you should borrow

While it may be possible to borrow much as four or five times your salary, lenders will look closely at your personal finances before they come to a decision.

As well as your income, they’ll look at your other earnings, such as investments, and run a credit check to see your repayment history and credit score to evaluate how much to lend you, taking your house deposit into consideration. The higher your deposit, the more favourable the interest rates become because you’ll need to borrow less as a percentage of the total property price, which makes your loan less of a risk to the lender.

Lenders also look at your debt-to-income ratio, which compares your monthly income to your monthly debt repayments as a measure of affordability. If your outgoings are too high each month relative to your monthly pay, a lender likely won’t approve your for a mortgage.

Knowing how much you can afford can be more important than what you can borrow. You should be left with some disposable income and breathing space in case interest rates rise.

» MORE: How much can I borrow on a mortgage?

How to calculate your mortgage

A quick and simple way to get a ballpark figure is to use our free mortgage calculator. Just adjust your loan amount, interest rate and repayment term, and you’ll see what the monthly repayment would be.

You can also calculate what might happen to your mortgage repayments when interest rates rise and fall, and how much money you might save if you make regular overpayments.

How to find the best mortgage deal

Once you have an estimated figure for the amount you can afford and qualify to borrow, you can start to compare mortgages using our comparison table.

You’ll see each mortgage product’s initial rate, APRC, product fee and monthly repayment. So it’s easy to compare deals at a glance and click through to the one that might be best for you.

How to apply for a mortgage

You can apply for a mortgage with a bank or building society. You can apply directly with the lender, telling them which mortgage you’re interested in, or through a mortgage broker. You’ll need to provide identification documents and a proof of address, which might be your passport, driving license or utility bills.

Lenders will also want to see proof of income and evidence of where your deposit is coming from, including recent bank statements and payslips. If you can, have these documents ready before you apply.

Mortgage FAQs

How much will my mortgage cost?

The cost of your mortgage will depend on various factors, such as how much you borrow, the size of your deposit, how long your mortgage term is, the interest rate you’re paying, and whether you can afford to make overpayments. Your mortgage lender must provide you with the full cost of the mortgage before you apply.

» MORE: Costs of buying a house

Can I get a first-time buyer mortgage?

You should be able to get a mortgage as a first-time buyer, as long as you have a deposit and a steady income. Lenders will take your financial situation into account, but many have dedicated first-time buyer mortgages, which may offer higher LTVs and let you have a fixed rate for a number of years. This may help you plan your future finances and make the first step onto the property ladder a little less daunting

» MORE: Find first-time buyer mortgage deals

How do I get a buy-to-let mortgage?

Many providers offer dedicated buy-to-let mortgages for properties you rent out to a tenant, rather than live in yourself. These tend to come with extra lending criteria and certain limits. You’ll usually need a larger deposit than for a residential mortgage, and interest rates are often higher. You may also need to already own your own home or have a residential mortgage on another property.

» MORE: Find buy-to-let mortgage deals

Can I get a mortgage with bad credit?

Lenders use credit scores to help decide if they should approve mortgage applications. So a mortgage can be difficult to get if you have a poor credit history, or have been bankrupt in the past. But you may be able to get a mortgage through a specialist lender, or with the help of a guarantor.

Should I remortgage?

You may want to remortgage once your initial fixed-rate period expires, or if your home has increased in value. This can save you money, if you find the right mortgage deal and meet the lending criteria.

If you stay with your provider and get a new agreement with a different interest rate, it’s likely only your monthly repayment amount will change. Switching mortgage providers may require added fees, so it’s worth checking if your current lender can offer you the mortgage deal you’re looking for first.

» MORE: Top remortgage deals

About the author:

Holly champions clear, jargon-free writing. She’s been creating finance content for leading organisations for over 10 years, with expertise in insurance, wills and probate, and all things health. Read more