What are your mortgage options?

You have several options when looking at mortgages, so you can choose one that’s a perfect fit for you. Take your time to compare these options, because a mortgage is usually a long-term commitment.

For many people, the first decision is between a fixed-rate mortgage or a variable-rate mortgage. Fixed-rate mortgages give you certainty over your monthly payments because they stay the same for a set period. Variable-rate mortgages work differently because your monthly payments can go up or down depending on what’s happening to interest rates.

Other options include offset mortgages, which use your savings to reduce the interest you pay, and interest-only mortgages, where you only pay the interest each month and need a plan to repay the loan at the end. It’s all about making sure you have a great fit with the mortgage you choose.

Why are you looking for a mortgage?

Finding the right mortgage helps you hit your financial goals, whether that’s keeping payments manageable, paying off your loan quicker, or tracking interest rates.

First-time buyer

First-time buyer

The right mortgage and deal can get you on the property ladder sooner.

Buying a second home

Buying a second home

Make owning a holiday home, commuter pad or student flat a reality.

Remortgaging

Remortgaging

Switching to a new deal or lender could work for you.

Buy-to-let investor

Buy-to-let investor

Specialist mortgages for new and experienced landlords.

Releasing equity

Releasing equity

Over 55? Unlock the value in your home with a lifetime mortgage.

I’ve got a guarantor

I’ve got a guarantor

Boost your chances of approval with a guarantor mortgage.

Specialist mortgages

How much can you borrow with a mortgage?

Before diving into mortgage deals, it’s worth figuring out how much you could potentially borrow. No one wants to fall in love with a house only to realise it’s out of reach!

Lenders will check a few key things before deciding how much they’ll lend you, including:

  • Your income: You can generally borrow around four and a half times your income, or your combined income if buying with a partner. Some lenders will offer more than this depending on your financial situation.

  • Your deposit: You’ll need to put some of your own money down too, usually at least 5-10%. A bigger deposit typically means better deals.

  • Your age: You need to be over 18 to get a UK mortgage, but lenders often set an upper age limit too; this varies depending on who you apply to. If you’re older, it may impact how much you can borrow or how long your term will be. As an alternative, equity release might be worth exploring.

  • Your outgoings: Bills, utilities, childcare – lenders need to see what you owe and what you’re spending each month.

  • Your credit score: Whilst there isn’t a specific credit score required for a mortgage, having a higher score can improve your chances of being accepted.

Don’t forget, buying a home comes with extra costs – surveys, solicitor fees, stamp duty and so on. These all add up, so it’s good to budget for them too.

One more thing… your home could be repossessed if you don’t keep up repayments on your mortgage, so make sure you’re comfortable with what you can afford before taking the plunge.

Mortgage rates: what you need to know

Your mortgage rate is the interest you’ll pay on your home loan, and it plays a big role in how much your repayments will be. Mortgage rates can vary based on a few key factors, including:

Loan-to-value (LTV) ratio

How much of the property’s value you’re borrowing.

Mortgage term

The length of time you’ll take to repay the loan.

Bank of England base rate

Lenders typically adjust their rates in response to changes in the base rate. Some may use other base rates, so bear this in mind.

Fixed or variable rate

Fixed rates stay the same for a set period, while variable rates can go up or down.

Mortgage Guides

Answering your questions about mortgages

Our mortgage calculators

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Page updated on 15th October 2025, Reviewed by Richard Groom