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A mortgage comparison from our experts could save you £326 a month*

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*Average savings are based on Mojo Mortgages residential remortgage sales data, compared to the average SVR in November 2025. Actual savings will depend on individual circumstances.

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What mortgage do I need?

There are several different mortgages types out there, each suited to people at different stages of home ownership:

First-time buyer mortgage

A first-time buyer mortgage is for those looking to buy their first property. Some lenders have products specifically for first-time buyers which may have certain incentives. But the vast majority of deals available to you are also available to current homeowners.

Remortgage

A remortgage is when you change from your existing deal to another one. When your initial deal period comes to an end, you're moved to your lender's standard variable rate (SVR) which is normally more expensive. At this point, many people choose to remortgage, either to a new lender or to a different deal with their existing one (known as a product transfer).

Home mover

If you're a home mover, you may be able to port your current mortgage to your new property. Or you can remortgage to a new deal, but you may have to pay exit fees for leaving your existing mortgage early.

Buy-to-let mortgage

A buy-to-let mortgage is suitable if you’re looking to invest in a property to rent out to tenants rather than live in it yourself. Most buy-to-let mortgages aren't regulated by the FCA as they are seen as products for businesses.

What mortgage can I afford?

When determining what mortgage you can afford, a lender looks at the following:

Your income - You can normally borrow around 4.5 times your annual income
Your deposit - It must be at least 5% of the property value or price (whichever is lower)
Your spending habits - Lenders look at outgoings to check you can afford the repayments
Your credit history - Banks and building societies use your credit history to see if you can manage debt

It's important to do a financial review yourself to make sure you can afford a mortgage before taking it on. This may give you a chance to identify any spending habits you could cut back on, helping you when you apply.

Our mortgage calculators

Stamp duty calculator

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Mortgage repayment calculator

See how much your future monthly repayments could be.

How much are mortgage fees?

Mortgage fees can vary depending on the lender and the type of mortgage deal you choose. Common fees include:

Arrangement fee – a charge for setting up your mortgage, usually between £0 and £2,000+. Some lenders let you add this to your loan, and some mortgage brokers may waive their fee or roll it into your mortgage.
Booking fee – a smaller upfront fee to secure a mortgage offer.
Valuation fee – the cost of having the property valued, usually £100 - £200+ depending on the lender.
Legal/conveyancing fees – solicitor or licensed conveyancer fees for handling the property transfer, typically £1,200 - £2,500+.
Early repayment charge (ERC) – a penalty if you leave your mortgage or overpay more than allowed during a fixed or discounted period.

It’s important to factor these fees into the total cost of your mortgage. Some deals advertise lower interest rates but may include higher fees, so comparing the total cost,not just the rate, can help you find the best overall deal.

Mortgage fees and other home buying costs with our broker partner, Mojo Mortgages

Types of mortgage rates

Choosing the right mortgage rate is an important step in getting a good deal. Some mortgages have fixed interest rates, and some have variable, so might change regularly.

It’s important you understand the different types so you can choose one suited to your financial situation.

A fixed rate mortgage has an interest rate that’s fixed for an agreed term. If you have a strict budget, a fixed-rate mortgage could work for you as you don't have to worry about your rate (and repayments) rising. But you won't benefit from lower repayments if rates fall.
A variable rate mortgage is different to a fixed rate deal as the interest rate can change during the deal period. It can go either up or down meaning your repayments are subject to change. The 3 main types of variable rate deals are standard variable rate (SVR) mortgages, discount mortgages and tracker mortgages.

A standard variable rate mortgage (SVR) is what your lender switches you to when your introductory period ends. Each bank or building society sets their own SVR and it tends to be a higher interest rate compared to other types of mortgages. So many people remortgage to another deal at this point.
A discount mortgage rate is set at a fixed amount below the lender's SVR and rises and falls alongside it. With discount and tracker mortgages, you may also get floors (the rate can't fall below a certain amount) or, more rarely, caps (the rate can't rise above a certain amount).
Tracker mortgage rates are tied directly to an external financial indicator, normally the Bank of England base rate. Your rate is normally set at a fixed amount above the base rate and changes alongside it.
An offset mortgage links your savings to your mortgage deal. You pay less interest on the debt as your savings amount offsets the mortgage loan, meaning you only pay interest on the difference. Offset mortgages are available with fixed or variable rates.

Other Types of Mortgages

What the expert says about getting your best mortgage rate

"Getting the best mortgage rate isn’t just about choosing the lowest headline deal. Lenders look closely at factors like your deposit size, credit history and overall affordability. Improving your loan-to-value, keeping your finances stable, and comparing deals across the whole market can make a significant difference to the rate you’re offered. It’s also worth reviewing your mortgage regularly, as switching deals when your fixed rate ends could help you avoid higher standard variable rates"

Ashlyn Trojnacki Mortgage Expert

Mortgage terms explained

Mortgages come with a lot of jargon, and some of the most important terms aren’t always clearly explained. The table below breaks down complicated mortgage terms you’re likely to come across:

Mortgage term	What it means
Loan to Value (LTV)	How much you borrow compared to the property’s value, shown as a percentage.
Early repayment charge (ERC)	A fee you may pay if you leave a mortgage deal or overpay more than allowed during a fixed period.
Standard Variable Rate (SVR)	The lender’s default interest rate, which you usually move onto when your initial deal ends and is often higher.
Stress testing	A lender’s way of checking whether you could still afford repayments if rates increased.
Negative equity	When your mortgage is worth more than the value of your property.
Capital	The original amount you borrow, not including interest.
Interest rate	The percentage a lender charges on the money you borrow. It affects your monthly repayments and total cost.
Base rate	The Bank of England interest rate that influences many mortgage rates.

Need more help?

How can I improve my chances of getting the best mortgage deal?

Improving your chances of getting the best mortgage deal comes down to a few key factors that lenders look at:

Boost your deposit – A larger deposit lowers your loan-to-value (LTV) ratio, which can unlock cheaper mortgage rates.
Check your credit score – Make sure your credit history is accurate and avoid taking on new debt before applying.
Manage your finances – Lenders review your income, outgoings, and affordability, so keeping stable finances helps.
Compare mortgage types – Look at fixed-rate, tracker, and variable deals to find the option that suits your situation.
Consider remortgaging – Switching deals when your fixed rate ends can prevent you moving onto a more expensive standard variable rate (SVR).
Use a mortgage broker – They can access deals across the market, including exclusive rates that aren’t available directly.

Focusing on these areas increases your chances of being offered a competitive rate and helps you avoid costly mistakes.

How much deposit do I need for a mortgage?

You normally need at least a 5% deposit for a property. This would give you a 95% LTV mortgage, but the lower the LTV ratio, generally the better deals you get access to.

This means some may choose to put down a larger deposit if they can afford to. The best rates tend to be available for those with 40% deposits or more.

There are also a very limited number of 100% mortgages on the market, which don't require a deposit like Skipton Building Society, but they have a strict criteria. Most no-deposit mortgages require a family member to act as a guarantor or put up their savings as a deposit.

How long does it take to get a mortgage?

According to HomeOwners Alliance, you can expect to wait around 2 to 4 weeks between applying for a mortgage and it getting approved.

But this might not be the case for you – it could take longer. It depends on your individual circumstances and a mortgage broker can keep you updated on your application.

Can I pay off my mortgage early?

If you’re thinking about paying off your mortgage early, some lenders might let you make increased monthly payments. Or you might be able to put down a lump sum as a single large mortgage overpayment.

Most lenders have limits on how much you can overpay before being charged ERCs, though. Get in touch with your mortgage provider to check what rules they have around overpaying on your mortgage.

If you're currently on the SVR, you won't face any ERCs. This is also the case for certain tracker products.

Tips & guides on mortgages

The Bank of England base rate explained

The Bank of England base rate can affect how much interest you pay on your mortgage. Here’s how it works.

Loan to value explained

What is loan-to-value (LTV) and what does it mean for buying a house?

How do you save for a deposit

We look at the different ways you can make a mortgage more affordable

Mortgages in principle

Let us take you through what you need to know about a mortgage agreement in principle.

Tips for viewing a house before you buy

Buying a new home is a huge decision and it's important to know what to look for when viewing a house.

How to make an offer on a house

After what seems like an eternity of searching, you've finally picked the house you want. Now you need to buy it.

See all mortgage guides

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Rich - Mojo Mortgages customer (June 2025)

“I cannot rate Mojo Mortgages enough from start to finish the reps I have dealt with were all exceptional. My house buying process has been extremely long and drawn out which also meant I lost a mortgage offer. However Mojo were quickly able to find me an even better deal.”

Claire - Mojo Mortgages customer (May 2025)

“Great customer care. Prompt and reliable. Would highly recommend.”

Olivia - Mojo Mortgages customer (May 2025)

Mojo is rated

Mojo mortgages have a 4.8 rating based on 7000 reviews
as of 04/06/2025

Reviewed by Ashlyn Trojnacki Mortgage Expert Updated on 29 January 2026

YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties.

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