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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Mortgage Rates UK November 2024

by Tim Leonard

Edited by Adam French

Updated 21 November 2024

The mortgage rate you pay is key to keeping your mortgage costs lower. It’s also why you should shop around if you’re looking for a new mortgage deal. Whether you’re ready to compare mortgages right now or want to keep tabs on the latest mortgage rates in the UK, everything you need is here. 

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Compare Mortgage Rates

Tell us what you’re looking for and see current UK mortgages available, including rates, repayments and product information. Continue online to our partner L&C for fee-free mortgage help and advice.

Loan Type

Repayment

Interest Only

Property Value

Mortgage Term

Mortgage Amount

Repayment Amount

Interest-only Amount

UPDATE RESULTS

Showing 10 of 50 results

Lender Name	Initial Rate	Monthly Repayments	Product Fees	Annual Cost
Allied Irish Bank	4.53% initial rate Fixed to 30/11/29 then 7.35% (variable) Max LTV 90%	£1,254.00 Monthly Repayments	£200.00 Product Fees 6.5% APRC	£15,093.52 Annual Cost
Representative Example more info	6.5% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £0 Other fees £0 Valuation fee £200 Cashback £ 0 Flexibility & Other info Overpayments allowed? Early Repayment Charge 6 months interest until 30/11/29 Exit fee £55 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? Arrangement fee £0 Early Repayment Charge 6 months interest until 30/11/29 Other fees £ 0 Exit fee £55 Valuation fee £200 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.53% and then on a variable rate of 7.35% for the remaining 20 years would require 60 payments of £1,254 and 240 payments of £1,575. The total amount payable would be £453,440 made up of the loan amount plus interest (£228,240) and fees (£200). The overall cost for comparison is 6.5% APRC representative.
Nationwide	4.64% initial rate Fixed for 5 years then 7.49% (variable) Max LTV 90%	£1,269.00 Monthly Repayments	£999.00 Product Fees 6.72% APRC	£15,422.64 Annual Cost
Representative Example more info	6.72% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £999 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 1% for 5 years Exit fee £65 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £999 Early Repayment Charge 5% reducing to 1% for 5 years Other fees £ 0 Exit fee £65 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.64% and then on a variable rate of 7.49% for the remaining 20 years would require 60 payments of £1,269 and 240 payments of £1,595. The total amount payable would be £459,939 made up of the loan amount plus interest (£233,940) and fees (£999). The overall cost for comparison is 6.7% APRC representative.
Virgin Money	4.69% initial rate Fixed to 01/02/30 then 8.24% (variable) Max LTV 90%	£1,275.00 Monthly Repayments	£995.00 Product Fees 7.09% APRC	£15,499.12 Annual Cost
Representative Example more info	7.09% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £995 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 2% until 01/02/30 Exit fee £99 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £995 Early Repayment Charge 5% reducing to 2% until 01/02/30 Other fees £ 0 Exit fee £99 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.69% and then on a variable rate of 8.24% for the remaining 20 years would require 60 payments of £1,275 and 240 payments of £1,688. The total amount payable would be £482,615 made up of the loan amount plus interest (£256,620) and fees (£995). The overall cost for comparison is 7.1% APRC representative.
Virgin Money	4.73% initial rate Fixed to 01/01/30 then 8.24% (variable) Max LTV 90%	£1,280.00 Monthly Repayments	£1,209.00 Product Fees 7.1% APRC	£15,543.96 Annual Cost
Representative Example more info	7.1% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £995 Other fees £0 Valuation fee £214 Cashback £ 300 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 2% until 01/02/30 Exit fee £99 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £995 Early Repayment Charge 5% reducing to 2% until 01/02/30 Other fees £ 0 Exit fee £99 Valuation fee £214 Basic legals Payable Cashback £ 300 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.73% and then on a variable rate of 8.24% for the remaining 20 years would require 60 payments of £1,280 and 240 payments of £1,690. The total amount payable would be £483,309 made up of the loan amount plus interest (£257,400) and fees (£909). The overall cost for comparison is 7.1% APRC representative.
Virgin Money	4.75% initial rate Fixed to 01/02/30 then 8.24% (variable) Max LTV 90%	£1,283.00 Monthly Repayments	£0.00 Product Fees 7.08% APRC	£15,393.12 Annual Cost
Representative Example more info	7.08% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £0 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 2% until 01/02/30 Exit fee £99 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £0 Early Repayment Charge 5% reducing to 2% until 01/02/30 Other fees £ 0 Exit fee £99 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.75% and then on a variable rate of 8.24% for the remaining 20 years would require 60 payments of £1,283 and 240 payments of £1,690. The total amount payable would be £482,580 made up of the loan amount plus interest (£257,580) and fees (£0). The overall cost for comparison is 7.1% APRC representative.
Nationwide	4.75% initial rate Fixed for 5 years then 7.49% (variable) Max LTV 90%	£1,283.00 Monthly Repayments	£0.00 Product Fees 6.75% APRC	£15,393.12 Annual Cost
Representative Example more info	6.75% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £0 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 1% for 5 years Exit fee £65 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £0 Early Repayment Charge 5% reducing to 1% for 5 years Other fees £ 0 Exit fee £65 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.75% and then on a variable rate of 7.49% for the remaining 20 years would require 60 payments of £1,283 and 240 payments of £1,598. The total amount payable would be £460,500 made up of the loan amount plus interest (£235,500) and fees (£0). The overall cost for comparison is 6.8% APRC representative.
Natwest	4.78% initial rate Fixed to 31/03/30 then 7.74% (variable) Max LTV 90%	£1,287.00 Monthly Repayments	£995.00 Product Fees 6.78% APRC	£15,638.80 Annual Cost
Representative Example more info	6.78% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £995 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 20% p/a Early Repayment Charge 4.5% reducing to 1% until 31/03/30 Exit fee £0 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 20% p/a Arrangement fee £995 Early Repayment Charge 4.5% reducing to 1% until 31/03/30 Other fees £ 0 Exit fee £0 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.78% and then on a variable rate of 7.74% for the remaining 20 years would require 60 payments of £1,287 and 240 payments of £1,629. The total amount payable would be £469,175 made up of the loan amount plus interest (£243,180) and fees (£995). The overall cost for comparison is 6.8% APRC representative.
Clydesdale	4.78% initial rate Fixed to 31/01/30 then 8.24% (variable) Max LTV 90%	£1,287.00 Monthly Repayments	£1,499.00 Product Fees 7.13% APRC	£15,739.60 Annual Cost
Representative Example more info	7.13% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £1499 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 2% until 31/01/30 Exit fee £99 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £1499 Early Repayment Charge 5% reducing to 2% until 31/01/30 Other fees £ 0 Exit fee £99 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.78% and then on a variable rate of 8.24% for the remaining 20 years would require 60 payments of £1,287 and 240 payments of £1,691. The total amount payable would be £484,559 made up of the loan amount plus interest (£258,060) and fees (£1,499). The overall cost for comparison is 7.1% APRC representative.
Cumberland	4.78% initial rate Fixed to 01/02/30 then 7.84% (variable) Max LTV 90%	£1,287.00 Monthly Repayments	£999.00 Product Fees 6.85% APRC	£15,639.60 Annual Cost
Representative Example more info	6.85% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £999 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 1% until 01/02/30 Exit fee £125 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £999 Early Repayment Charge 5% reducing to 1% until 01/02/30 Other fees £ 0 Exit fee £125 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.78% and then on a variable rate of 7.84% for the remaining 20 years would require 60 payments of £1,287 and 240 payments of £1,641. The total amount payable would be £472,059 made up of the loan amount plus interest (£246,060) and fees (£999). The overall cost for comparison is 6.9% APRC representative.
Buckinghamshire	4.79% initial rate Fixed to 30/11/29 then 8.59% (variable) Max LTV 90%	£1,288.00 Monthly Repayments	£1,204.00 Product Fees 7.36% APRC	£15,696.20 Annual Cost
Representative Example more info	7.36% APRC Max LTV 90%		CHECK IF YOU QUALIFY
Fees and Charges Booking fee £0 Arrangement fee £999 Other fees £0 Valuation fee £205 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 1% until 30/11/29 Exit fee £100 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £999 Early Repayment Charge 5% reducing to 1% until 30/11/29 Other fees £ 0 Exit fee £100 Valuation fee £205 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.79% and then on a variable rate of 8.59% for the remaining 20 years would require 60 payments of £1,288 and 240 payments of £1,735. The total amount payable would be £494,884 made up of the loan amount plus interest (£268,680) and fees (£1,204). The overall cost for comparison is 7.4% APRC representative.

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Think carefully before securing other debts against your home.  You home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.

Important Information:
This mortgage product comparison service is provided by L&C Mortgages. Information is updated up to twice daily from L&C’s whole of market mortgage database, however some products may be excluded such as those only available directly with a lender or specialist products. Products are initially shown in order of initial rate but can be reordered. By selecting to Continue Online you will introduced to L&C Mortgages and their qualified advisors a Nerdwallet brings you this mortgage rate comparison as a guide. Information does not constitute advice or recommendation. Rates should be considered with all fee’s and charges. Mortgage suitability is specific to your own personal and financial circumstances.

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On this page

• Are mortgage rates going down?
• What are current UK mortgage rates?
• How rate changes could affect your mortgage payments
• What other mortgage costs, fees and charges should you be aware of?
• Mortgage rates FAQs

How to get the best mortgage rates and deals

Mortgage rates vary depending on the type of mortgage you’re looking for, your financial situation and your credit score. But when we talk about getting the best mortgage rate, it’s important to find the best rate among the mortgage deals that suit you and your circumstances. 

Mortgage fees and the features you want in a mortgage should always be considered alongside the mortgage rate when making mortgage comparisons and shopping around for any mortgage deal. 

If you’re in any way unsure or want help finding the best mortgage deal for you we recommend you seek mortgage advice.  

Are mortgage rates going down?

Mortgage rates have continued to rise over the last week, but the pace of increases has slowed. Fixed mortgage rates generally have been rising for much of the past six weeks. With many lenders raising rates the week before, NatWest is the only major provider to announce increases in recent days. 

As a result, Nationwide currently offers the lowest two-year fixed-rate mortgage at 4.22%. The best five-year fixed mortgage rate of 4.14% is available from both Nationwide and Santander. 

As at 21 November, the average two-year fixed mortgage rate stands at 5.08%, slightly up from 5.07% a week earlier. The average rate on five-year fixed-rate mortgages has increased to 4.85%, from 4.83%. The mortgage rate data is reported by Rightmove. 

It had been hoped that mortgage rate cuts would resume in November. However, following the Autumn budget and the US election, the cost to lenders of borrowing has increased. Confirmation that inflation increased by more than had been expected in October could create more upwards pressure. If this happens, lenders may be forced to pass these increases on to borrowers.  

The recent increases are a reminder that a decrease in the base rate, as happened on 7 November, won’t necessarily result in a fall in fixed rates. However, borrowers with tracker mortgages and standard variable rate mortgages, which do tend to follow the base rate, can still expect to see their rates drop.   

What are current UK mortgage rates? 

The average rate on a two-year fixed-rate mortgage if you have a 40% deposit or equity increased to 4.37% over the past week, rising from 4.30%. On an equivalent five-year fixed-rate mortgage the average rate rose to 4.31% from 4.24%. For mortgages that require a 10% deposit or equity, the average two-year fixed rate increased to 5.49% from 5.47%, and the average five-year rate edged higher to 5.07% from 5.06%. All rates are according to Rightmove as at 21 November 2024.

Latest average two-year fixed-rate mortgage rates

Latest average five-year fixed-rate mortgage rates

Data sourced from Rightmove/Podium. Correct as at 21 November 2024.

Average rates are based on 95% of the mortgage market and products with a fee of around £999.

Tim Leonard, Lead Writer and Mortgages Expert at NerdWallet

What Our Nerds Say

“When mortgage rates are falling, it can be tempting to wait for even lower rates before making your move. However, things can change quickly, and in the blink of an eye, rates may be rising fast. If you’ve found a mortgage suitable for you, reserving that deal straight away can protect you against rates going up. The good thing is that if a better option emerges before you must finally commit to that original deal, you may be able to opt for that one instead. Just check if fees are payable for reserving that initial deal that you may not get back.”

What mortgage do I need?

If you’re looking for a mortgage, you’ll usually fall into one of the following categories of mortgage borrower.

How mortgage rates work 

Mortgage rates are the interest rate you pay to a lender on the mortgage balance you have outstanding. The lower your mortgage rate, the lower your monthly mortgage repayments tend to be, and vice versa.  

Different types of mortgage

The type of mortgage you take out can affect the mortgage rate you pay, and whether it may change going forward.  

Fixed-rate mortgage

A fixed-rate mortgage guarantees that your mortgage rate, and therefore your monthly repayments, won’t change during the set fixed-rate period that you choose. 

This can help with budgeting and means you are protected against a rise in mortgage costs if interest rates begin to increase. However, you’ll miss out if interest rates start to fall while you are locked into a fixed-rate mortgage.  

Variable rate mortgages

With a variable rate mortgage, your mortgage rate has the potential to rise and fall and take your monthly repayments with it. This may work to your advantage if interest rates decrease, but means you’ll pay more if rates increase. Variable rate mortgages can take the form of:  

• a tracker mortgage, where the mortgage rate you pay is typically set at a specific margin above the Bank of England base rate, and will automatically change in line with movements in the base rate. 
• a standard variable rate, or SVR, which is a rate set by your lender that you’ll automatically move on to once an initial rate period, such as that on a fixed-rate mortgage, comes to an end. SVRs tend to be higher than the mortgage rates on other mortgages, which is why many people look to remortgage to a new deal when a fixed-rate mortgage ends. 
• a discount mortgage, where the rate you pay tracks a lender’s SVR at a discounted rate for a fixed period.

Offset mortgages

With an offset mortgage, your savings are ‘offset’ against your mortgage amount to reduce the interest you pay. You can still access your savings, but won’t receive interest on them. Offset mortgages are available on either a fixed or variable rate basis. 

Interest-only mortgages

An interest-only mortgage allows you to make repayments that cover the interest you’re charged each month but won’t pay off any of your original mortgage loan amount. This helps to keep monthly repayments low but also requires that you have a repayment strategy in place to pay off the full loan amount when your mortgage term ends. Interest-only mortgages can be arranged on either a fixed or variable rate.   

» MORE: Should I get an interest-only or repayment mortgage?

How rate changes could affect your mortgage payments

Depending on the type of mortgage you have, changes in mortgage rates have the potential to affect monthly mortgage repayments in different ways. 

Fixed-rate mortgage

If you’re within your fixed-rate period, your monthly repayments will remain the same until that ends, regardless of what is happening to interest rates generally. It is only once the fixed term expires that your repayments could change, either because you’ve moved on to your lender’s SVR, which is usually higher, or because you’ve remortgaged to a new deal, potentially at a different rate. 

Tracker mortgage

With a tracker mortgage, your monthly repayments usually fall if the base rate falls, but get more expensive if it rises. The change will usually reflect the full change in the base rate and happen automatically, but may not if you have a collar or a cap on your rate. A collar rate is one below which the rate you pay cannot fall, while a capped rate is one that your mortgage rate cannot go above.    

Standard variable rate mortgage

With a standard variable rate mortgage, your mortgage payments could change each month, rising or falling depending on the rate. SVRs aren’t tied to the base rate in the same way as a tracker mortgage, as lenders decide whether to change their SVR and by how much. However, it is usually a strong influence that SVRs tend to follow, either partially or in full.  

» MORE: How are fixed and variable rate mortgages different? 

Mortgage Calculators

Playing around with mortgage calculators is always time well-spent. Get an estimate of how much your monthly mortgage repayments may be at different loan amounts, mortgage rates and terms using our mortgage repayment calculator. Or use our mortgage interest calculator to get an idea of how your monthly repayments might change if mortgage rates rise or fall.

Can I get a mortgage?

Mortgage lenders have rules about who they’ll lend to and must be certain you can afford the mortgage you want. Your finances and circumstances are taken into account when working this out.

The minimum age to apply for a mortgage is usually 18 years old (or 21 for a buy-to-let mortgage), while there may also be a maximum age you can be when your mortgage term is due to end – this varies from lender to lender. 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 to get a mortgage. 

Checks will be made on your finances to give lenders reassurance you can afford the mortgage repayments. You’ll need to provide proof of your earnings and bank statements so lenders can see how much you spend. Any debts you have will be considered too. If your outgoings each month are considered too high relative to your monthly pay, you may find it more difficult to get approved for a mortgage.

Lenders will also run a credit check to try and work out if you’re someone they can trust to repay what you owe. If you have a good track record when it comes to managing your finances, and a good credit score as a result, it may improve your chances of being offered a mortgage. 

If you work for yourself, it’s possible to get a mortgage if you are self-employed. If you receive benefits, it can be possible to get a mortgage on benefits. 

Mortgages for bad credit

It may be possible to get a mortgage if you have bad credit, but you’ll likely need to pay a higher mortgage interest rate to do so. Having a bad credit score suggests to lenders that you’ve experienced problems meeting your debt obligations in the past. To counter the risk of problems occurring again, lenders will charge you higher interest rates accordingly. You’re likely to need to source a specialist lender if you have a poor credit score or a broker that can source you an appropriate lender.

» MORE: What credit score is needed for a mortgage?

What mortgage can I afford?

Getting a mortgage in principle from a lender will give you an idea of how much you may be allowed to borrow before you properly apply. This can usually be done without affecting your credit score, although it’s not a definite promise from the lender that you will be offered a mortgage. It is sometimes also called an agreement or decision in principle.

You’ll also get a good idea of how much mortgage you can afford to pay each month, and how much you would be comfortable spending on the property, by looking 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 would be able to put down as a house deposit. It may be possible to get a mortgage on a low income but much will depend on your wider circumstances. 

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

Joint mortgages

Joint mortgages come with the same rates as those you’ll find on a single person mortgage. However, if you get a mortgage jointly with someone else, you may be able to access lower mortgage rates than if you applied on your own. This is because a combined deposit may mean you can borrow at a lower LTV where rates tend to be lower. Some lenders may also consider having two borrowers liable for repaying a mortgage as less risky than only one.

» MORE: How much house can I afford?

The importance of loan to value

Your loan-to-value (LTV) ratio is how much you want to borrow through a mortgage shown as a percentage of the value of your property. So if you’re buying a home worth £100,000 and have a £10,000 deposit, the mortgage amount you need is £90,000. This means you need a 90% LTV mortgage. 

The LTV you’re borrowing at can affect the interest rate you’re charged. Mortgage rates are usually lower at the lowest LTVs when you have a larger deposit. Sometimes, saving a bigger deposit while keeping a close watch on property prices could push you into a lower LTV bracket, where rates may be better.

» MORE: What is happening to UK house prices?   

What other mortgage costs, fees and charges should you be aware of?

It’s important to take into account the other costs you’re likely to face when buying a home, and not just focus on the mortgage rate alone. These may include:

Stamp duty

Stamp duty is a tax you may have to pay to the government when buying property or land. At the time of publication, if you’re buying a residential home in England or Northern Ireland, stamp duty only becomes payable on properties worth over £250,000. Different thresholds and rates apply in Scotland and Wales, and if you’re buying a second home. You may qualify for first-time buyer stamp duty relief if you’re buying your first home. 

» MORE: Stamp duty calculator

Mortgage deposit

Your mortgage deposit is the amount of money you have available to put down upfront when buying a property – the rest of the purchase price is then covered using a mortgage. Even a small deposit may need to be several thousands of pounds, though if you have a larger deposit this can potentially help you to access lower mortgage rate deals.

Mortgage fees

Whether you’re taking out your first mortgage or switching to another deal, there are several charges, fees and remortgage costs which are directly related to mortgages that you may need to pay, including: 

Government schemes to help you buy a home

There are several government initiatives and schemes designed to help you buy a home or get a mortgage.   

95% Mortgage Guarantee Scheme 

The mortgage guarantee scheme aims to persuade mortgage lenders to make 95% LTV mortgages available to first-time buyers with a 5% deposit. It is currently due to finish at the end of June 2025.

Shared Ownership 

The Shared Ownership scheme in England allows you to buy a share in a property rather than all of it and pay rent on the rest. Similar schemes are available in Scotland, Wales and Northern Ireland.   

Help to Buy

The Help to Buy equity loan scheme, designed to help buyers with a smaller deposit, is still available in Wales, but not in England, Scotland and Northern Ireland. 

Forces Help to Buy

The Forces Help to Buy Scheme offers eligible members of the Armed Forces an interest-free loan to help buy a home. The loan is repayable over 10 years.  

First Homes Scheme 

Eligible first-time buyers in England may be able to get a 30% to 50% discount on the market value of certain properties through the First Homes scheme.

Right to Buy

Under this scheme, eligible council tenants in England have the right to buy the property they live in at a discount of up to 70% of its market value. The exact discount depends on the length of time you’ve been a tenant and is subject to certain limits. Similar schemes are available in Wales, Scotland and Northern Ireland, while there is also a Right to Acquire scheme for housing association tenants.

Lifetime ISAs 

To help you save for a deposit, a Lifetime ISA will see the government add a 25% bonus of up to £1,000 per year to the amount you put aside in the ISA.

How to apply for a mortgage

You may be able to apply for a mortgage directly with a bank, building society or lender, or you may need or prefer to apply through a mortgage broker. You’ll need to provide identification documents and proof of address, such as 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. It will save time if you have these documents ready before you apply.  

» MORE: Best mortgage lenders    

Would you like mortgage advice?

Taking out a mortgage is one of the biggest financial decisions you’ll ever make so it’s important to get it right. Getting mortgage advice can help you find a mortgage that is suitable to you and your circumstances. It also has the potential to save you money. 

If you think you need mortgage advice, we’ve partnered with online mortgage broker London & Country Mortgages Ltd (L&C) who can offer you fee-free expert advice. 

Key mortgage terms explained 

More from NerdWallet UK

• Best mortgage lenders UK
• Mortgage affordability calculator
• Mortgage interest rate calculator
• Stamp duty calculator
• All mortgage calculators

About the Author

Tim Leonard

Tim is a writer and spokesperson at NerdWallet and holds the Chartered Insurance Institute (CII) Level 3 Certificate in Mortgage Advice. He has over 20 years’ experience writing about almost…

Read more about Tim Leonard and explore their articles

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