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Mortgage Best Buys

Our best buys supply the Daily & Sunday Times, Telegraph, Independent, Express, Mirror, Sun, What Mortgage & Your Mortgage

Remortgage

Mortgages suitable for those remortgaging, ranked on lowest payrate. Where a provider's logo is displayed products may be applied for directly.

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
HSBC	1.99%	2 Years	£1499	3.8% APR	60%
HSBC	Our opinion: DISCOUNT – HSBC are offering this discount rate at 1.99% for 2 Years. A deposit of 40% is required and there is a £1499 arrangement fee payable. There will be an Early Repayment Charge payable during the discount period.
Leeds BS	2.45%	2 Years	£999	5.4% APR	75%
Leeds BS	Our opinion: DISCOUNT – Leeds BS have released this 2 year discount at only 2.45%. The arrangement fee is £999 and you will require a 25% deposit. An early repayment charge applies for the discount period.
first direct	1.99%	2 Years	£1499	3.6% APR	65%
first direct	Our opinion: TRACKER - This variable mortgage charges 1.49% above base rate for two years, giving a current pay rate of 1.99%. The arrangement fee is £1499 and a minimum deposit of 35% is required. There is no Early Repayment Charge on this product.
HSBC	2.39%	Term	£999	2.5% APR	60%
HSBC	Our opinion: TRACKER - This variable mortgage charges 1.89% above base rate for the term of the mortgage, giving a current pay rate of 2.39%. There is a £999 arrangement fee and a minimum deposit of 40% is required. There is no Early Repayment Charge on this product.
Chelsea BS	2.39%	March 2014	£1495	5.4% APR	70%
Chelsea BS	Our opinion: TRACKER– This variable mortgage charges 1.89% above base rate until March 2014, giving a current pay rate of 2.39%. The fee £1,495 and a 30% deposit is required. An early repayment charge applies.
NatWest	2.45%	March 2014	£999	3.9% APR	60%
NatWest	Our opinion: TRACKER -This variable mortgage charges 1.95% above base rate for two years, giving a current pay rate of 2.45%. The arrangement fee is £999 and a minimum deposit of 40% is required. An early repayment charge is payable until 31/03/2014.
HSBC	2.24%	May 2014	£1999	3.8% APR	60%
HSBC	Our opinion: FIXED – HSBC are offering this low 2 year fixed rate at only 2.24%, the fee is £1999 and a 40% deposit is needed. An early repayment charge applies for the fixed rate period.
Hanley Economic BS	2.69%	April 2014	£1495	5.1% APR	60%
Hanley Economic BS	Our opinion: FIXED – Hanley Economic BS are offering this 2 year fixed rate at only 2.69%, the fee is £1495 and a 40% deposit is needed. An early repayment charge is payable until 30/04/2014.
first direct	2.88%	3 Years	£1499	3.7% APR	65%
first direct	Our opinion: FIXED – first direct are offering this low 3 year fixed rate at 2.88%, a deposit of 35% is required. An early repayment charge is payable for the first 3 years.
Chelsea BS	3.19%	March 2017	£1495	4.9% APR	70%
Chelsea BS	Our opinion: FIXED – Chelsea BS are offering this 5 year fixed rate at 3.19%, the fee is £1,495 and a 30% deposit is required. An early repayment charge applies for the fixed period.

Fixed

Mortgages with a fixed rate for an initial term, ranked on lowest payrate. Where a provider's logo is displayed products may be applied for directly.

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
HSBC	2.24%	May 2014	£1999	3.8% APR	60%
HSBC	Our opinion: FIXED – HSBC are offering this low 2 year fixed rate at only 2.24%, the fee is £1999 and a 40% deposit is needed. An early repayment charge applies for the fixed rate period.
Market Harborough BS	2.69%	February 2014	£1595	5.1% APR	75%
Market Harborough BS	Our opinion: FIXED – Market Harborough BS are offering this 2 year fixed rate at 2.69%, the fee is £1595 and a 25% deposit is needed. An early repayment charge applies until 28/02/2014.
Hanley Economic BS	2.69%	April 2014	£1495	5.1% APR	60%
Hanley Economic BS	Our opinion: FIXED – Hanley Economic BS are offering this 2 year fixed rate at only 2.69%, the fee is £1495 and a 40% deposit is needed. An early repayment charge is payable until 30/04/2014.
first direct	2.88%	3 Years	£1499	3.7% APR	65%
first direct	Our opinion: FIXED – first direct are offering this low 3 year fixed rate at 2.88%, a deposit of 35% is required. An early repayment charge is payable for the first 3 years.
Chelsea BS	2.94%	March 2015	£1895	5.3% APR	70%
Chelsea BS	Our opinion: FIXED – Chelsea BS are offering this 3 year fixed rate at only 2.94%, the fee is £1,895 and a 30% deposit is required. An early repayment charge applies for the fixed period.
Leeds BS	2.95%	April 2015	£999	5.3% APR	75%
Leeds BS	Our opinion: FIXED – Leeds BS are offering this 3 year fixed rate at 2.95%, a deposit of only 25% is required. An early repayment charge is payable until 30/04/2015. You will need to take out the providers home insurance to qualify for this rate.
Chelsea BS	3.19%	March 2017	£1495	4.9% APR	70%
Chelsea BS	Our opinion: FIXED – Chelsea BS are offering this 5 year fixed rate at 3.19%, the fee is £1,495 and a 30% deposit is required. An early repayment charge applies for the fixed period.
first direct	3.24%	5 Years	£1999	3.7% APR	65%
first direct	Our opinion: FIXED – first direct are offering this low 5 year fixed rate at 3.24%, a deposit of 35% is required. An early repayment charge applies for the fixed rate period.
Post Office	3.38%	March 2017	£995	4.2% APR	75%
Post Office	Our opinion: FIXED – Post Office are offering this 5 year fixed rate at 3.38%, a deposit of 25% is required and there is a £995 arrangement fee. An early repayment charge is payable until 31/03/2017.
Britannia BS	3.39%	April 2017	£999	4.1% APR	75%
Britannia BS	Our opinion: FIXED – Britannia BS are offering this 5 year fixed rate at 3.39%, the fee is £999 and a 25% deposit is required. An early repayment charge is payable until 30/04/2017.
Chelsea BS	3.64%	March 2019	£395	4.8% APR	70%
Chelsea BS	Our opinion: FIXED – Chelsea BS are offering this 7 year fixed rate at 3.64%, a deposit of 30% is required, the arrangement fee is only £395 and the product comes with £200 cashback. An early repayment charge applies for the fixed rate period.

Trackers & Discounted

Mortgages where the rate either tracks the Bank of England base rate or lender base rate and mortgages that are discounts off the lenders SVR, ranked on lowest payrate. Where a providers logo is displayed products may be applied for directly.

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
Discount & Variable Mortgages
HSBC	1.99%	2 Years	£1499	3.8% APR	60%
HSBC	Our opinion: DISCOUNT – HSBC are offering this discount rate at 1.99% for 2 Years. A deposit of 40% is required and there is a £1499 arrangement fee payable. There will be an Early Repayment Charge payable during the discount period.
Leeds BS	2.45%	2 Years	£999	5.4% APR	75%
Leeds BS	Our opinion: DISCOUNT – Leeds BS have released this 2 year discount at only 2.45%. The arrangement fee is £999 and you will require a 25% deposit. An early repayment charge applies for the discount period.
Tracker Mortgages
first direct	1.99%	2 Years	£1499	3.6% APR	65%
first direct	Our opinion: TRACKER - This variable mortgage charges 1.49% above base rate for two years, giving a current pay rate of 1.99%. The arrangement fee is £1499 and a minimum deposit of 35% is required. There is no Early Repayment Charge on this product.
Chelsea BS	2.39%	March 2014	£1495	5.4% APR	70%
Chelsea BS	Our opinion: TRACKER– This variable mortgage charges 1.89% above base rate until March 2014, giving a current pay rate of 2.39%. The fee £1,495 and a 30% deposit is required. An early repayment charge applies.
HSBC	2.39%	Term	£999	2.5% APR	60%
HSBC	Our opinion: TRACKER - This variable mortgage charges 1.89% above base rate for the term of the mortgage, giving a current pay rate of 2.39%. There is a £999 arrangement fee and a minimum deposit of 40% is required. There is no Early Repayment Charge on this product.
NatWest	2.45%	March 2014	£999	3.9% APR	60%
NatWest	Our opinion: TRACKER– This variable mortgage charges 1.95% above base rate for 2 years, giving a current pay rate of 2.45%. The fee is £999 and a 40% deposit is required. An early repayment charge is payable until 31/03/2014.
Market Harborough BS	2.48%	2 Years	£845	5% APR	75%
Market Harborough BS	Our opinion: TRACKER - This variable mortgage charges 1.98% above base rate for two years, giving a current pay rate of 2.48%. The arrangement fee is £845 and a minimum deposit of 25% is required. There is no Early Repayment Charge on this product.
Yorkshire BS	2.49%	February 2014	£995	4.7% APR	75%
Yorkshire BS	Our opinion: TRACKER - This variable mortgage charges 1.99% above base rate for 2 years, giving a current pay rate of 2.49%. There is a £995 arrangement fee and a minimum deposit of 25% is required. There is an Early Repayment Charge on this product.
Post Office	2.49%	March 2014	£995	4.3% APR	65%
Post Office	Our opinion: TRACKER -This variable mortgage charges 1.99% above base rate for two years, giving a current pay rate of 2.49%. The arrangement fee is £995 and a minimum deposit of 35% is required. An early repayment charge is payable until 31/03/2014.
Vernon BS	2.6%	2 Years	£499	4.7% APR	70%
Vernon BS	Our opinion: TRACKER - This variable mortgage charges 2.10% above base rate for two years, giving a current pay rate of 2.60%. The arrangement fee is £499 and a minimum deposit of 30% is required. An Early Repayment Charge is payable for the first 2 years.

Fees Free

Mortgages with no booking or arrangement fees to pay, ranked on lowest payrate. Where provider's logo is displayed, products may be applied for directly

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
Fixed Rate Mortgages
Principality BS	3.14%	March 2014	£0	4.9% APR	75%
Principality BS	Our opinion: FIXED – Principality BS are offering this 2 year fixed rate at 3.14%, there is no arrangement fee payable and a 25% deposit is needed. An early repayment charge is payable until 31/03/2014.
NatWest	3.15%	March 2014	£0	4% APR	60%
NatWest	Our opinion: FIXED – NatWest are offering this 2 year fixed rate at 3.15%, there is no arrangement fee payable and a 40% deposit is needed. An early repayment charge applies for the fixed rate period.
first direct	3.19%	2 Years	£0	3.7% APR	65%
first direct	Our opinion: FIXED – first direct are offering this 2 year fixed rate at 3.19%, there is no arrangement fee payable and a 35% deposit is needed. An early repayment charge applies for the fixed rate period.
HSBC	3.29%	May 2014	£0	3.9% APR	70%
HSBC	Our opinion: FIXED – HSBC are offering this 2 year fixed rate with a 70% loan to value and a current rate of 3.29%. There is no arrangement fee payable and an early repayment charge is payable until 31/05/2014.
Halifax	3.39%	March 2014	£0	4% APR	60%
Halifax	Our opinion: FIXED – Halifax are offering this 2 year fixed rate with a 60% loan to value and a current rate of 3.39%. There is no arrangement fee payable and an early repayment charge is payable until 31/03/2014.
Tracker Mortgages
HSBC	2.49%	Term	£0	2.5% APR	60%
HSBC	Our opinion: TRACKER - This variable mortgage charges 1.99% above base rate for the term of the mortgage, giving a current pay rate of 2.49%. There is no arrangement fee and a minimum deposit of 40% is required. There is no Early Repayment Charge on this product.
first direct	2.69%	2 Years	£0	3.6% APR	65%
first direct	Our opinion: TRACKER -This variable mortgage charges 2.19% above base rate for two years, giving a current pay rate of 2.69%. There is no arrangement fee payable and a minimum deposit of 35% is required. No early repayment charge is payable.
Cumberland BS	2.85%	5 Years	£0	3.8% APR	75%
Cumberland BS	Our opinion: TRACKER -This variable mortgage charges 2.35% above base rate for 5 years, giving a current pay rate of 2.85%. There is no arrangement fee payable and a minimum deposit of 25% is required. There is an Early Repayment Charge payable for 5 years.
NatWest	2.85%	March 2014	£0	3.9% APR	60%
NatWest	Our opinion: TRACKER -This variable mortgage charges 2.35% above base rate for two years, giving a current pay rate of 2.85%. There is no arrangement fee payable and a minimum deposit of 40% is required. There is an early repayment charge payable until 31/03/2014.
Santander 0800 028 4035	3.34%	2 Years	£0	4.2% APR	60%
Santander 0800 028 4035	Our opinion: TRACKER -This variable mortgage charges 2.84% above base rate for two years, giving a current pay rate of 3.34%. There is no arrangement fee payable and a minimum deposit of 40% is required. There is an early repayment charge payable for 2 years.

Low Deposit

Mortgages suitable for those with a deposit of 10% or more, ranked on lowest payrate. Where a provider's logo is displayed products may be applied for directly.

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
Discount & Variable Mortgages
Share to Buy Graduates only. Joint applicants only	3.79%	Term	£0	3.9% APR	90%
Share to Buy Graduates only. Joint applicants only	Our opinion: DISCOUNT – FOR JOINT APPLICATIONS BY GRADUATES ONLY. Competitive discount deal with no arrangement or valuation fees. What sets this deal apart is that it is not only a fee free low rate deal, but there are no early repayment charges. The minimum loan is £75,000.
HSBC	3.84%	2 Years	£0	4% APR	90%
HSBC	Our opinion: DISCOUNT – HSBC are offering this low 2 year discount rate at 3.84%. There is no arrangement fee and a minimum deposit of only 10% is required. An Early Repayment Charge is payable.
Fixed Rate Mortgages
Lloyds TSB	4.09%	March 2015	£1094	4.2% APR	95%
Lloyds TSB	Our opinion: FIXED - Lloyds TSB are offering this Lend a Hand product exclusive for first time buyers. Buyers need a 5% deposit along with a helper who is prepared to offer another 20% of the property value (to be held in a special Lend a Hand savings account and on which they will earn 3.70% interest) as additional security for the mortgage.
first direct	4.19%	2 Years	£999	4% APR	90%
first direct	Our opinion: FIXED – first direct are offering this fixed rate at 4.19% for 2 years. A deposit of only 10% is required and the arrangement fee is £999. An Early Repayment Charge is payable for the fixed rate period.
Chelsea BS	4.29%	March 2014	£1495	5.8% APR	90%
Chelsea BS	Our opinion: FIXED– Chelsea BS are offering this 2 year fixed rate at 4.29%. The fee is £1495 and a 10% deposit is required. An early repayment charge is payable until 31/03/2014.
Yorkshire BS	4.79%	February 2017	£995	5.1% APR	90%
Yorkshire BS	Our opinion: FIXED – Yorkshire BS are offering this fixed rate at 4.79% for 5 years. A deposit of only 10% is required and the arrangement fee is £995. An Early Repayment Charge is payable until 28/02/2017.
HSBC	4.89%	May 2017	£599	4.5% APR	90%
HSBC	Our opinion: FIXED – HSBC are offering this fixed rate at 4.89% for 5 years. A low deposit of only 10% is required and the fee is £599. An Early Repayment Charge is payable for the fixed rate period.
Tracker Mortgages
HSBC	4.59%	Term	£599	4.8% APR	90%
HSBC	Our opinion: TRACKER -This variable mortgage charges 4.09% above base rate for the term of the mortgage, giving a current pay rate of 4.59%. The arrangement fee is £599 and a minimum deposit of only 10% is required. There is no Early Repayment Charge payable.
first direct	4.79%	2 Years	£0	4% APR	90%
first direct	Our opinion: TRACKER -This variable mortgage charges 4.29% above base rate for 2 years, giving a current pay rate of 4.79%. There is no arrangement fee payable and a minimum deposit of only 10% is required. There is no early repayment charge.
NatWest	4.89%	March 2014	£999	4.4% APR	90%
NatWest	Our opinion: TRACKER -This variable mortgage charges 4.39% above base rate for 2 years, giving a current pay rate of 4.89%. The arrangement fee is £999 and a minimum deposit of 10% is required. An Early Repayment Charge is payable with this product.

Offset

Mortgages with an offset facility attached, ranked on lowest payrate. Where a provider's logo is displayed products may be applied for directly.

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
Fixed Rate Mortgages
first direct	2.88%	3 Years	£1999	3.7% APR	65%
first direct	Our opinion: FIXED – first direct are offering a 3 year fixed product at a rate at 2.88%. You will require a deposit of 35% and an early repayment charge applies for the fixed rate period.
Coventry BS	2.95%	December 2013	£999	4.5% APR	65%
Coventry BS	Our opinion: FIXED – For those with a 35% deposit, Coventry BS are offering a 2-year rate of 2.95%, the rate reverts to the SVR, currently 4.74%, for 3 years and then to a variable rate of 4.49% for the term of the mortgage. The arrangement fee is £999 and there is an early repayment charge payable.
Chelsea BS	2.99%	March 2014	£1895	5.5% APR	70%
Chelsea BS	Our opinion: FIXED – A 2 year fixed product is on offer from Chelsea building society at a rate of 2.99%. You will require a deposit of 30% and an early repayment charge applies for the fixed rate period.
Yorkshire BS	3.04%	February 2014	£995	4.8% APR	75%
Yorkshire BS	Our opinion: FIXED – Yorkshire BS are offering a 2 year fixed product at a rate of 3.04%. You will require a deposit of 25% and an early repayment charge is payable until 28/02/2014.
Norwich & Peterborough BS 0845 508 1884	3.09%	2 Years	£795	4.8% APR	75%
Norwich & Peterborough BS 0845 508 1884	Our opinion: FIXED – Norwich & Peterborough BS are offering this 2 year fixed product at a rate of 3.09%. You will require a deposit of 25% and an early repayment charge applies for 2 years.
Tracker Mortgages
first direct	2.28%	2 Years	£1499	3.7% APR	65%
first direct	Our opinion: TRACKER -This variable mortgage charges 1.78% above base rate for two years, giving a current pay rate of 2.28%. The arrangement fee is £1499 and a minimum deposit of 35% is required. There is no Early Repayment Charge payable on this product.
Chelsea BS	2.59%	March 2014	£1495	5.5% APR	70%
Chelsea BS	Our opinion: TRACKER– This variable mortgage charges 2.09% above base rate for 2 years, giving a current pay rate of 2.59%. The fee is £1,495 and a 30% deposit is required. An early repayment charge applies on this product.
Coventry BS	2.59%	December 2013	£999	4.4% APR	65%
Coventry BS	Our opinion: TRACKER -This variable mortgage charges 2.09% above base rate for two years, giving a current pay rate of 2.59%. The rate reverts to the SVR, currently 4.74%, for 3 years and then to a variable rate of 4.49% for the term of the mortgage. The arrangement fee is £999 and a minimum deposit of 35% is required. . There is an Early Repayment Charge payable on this product.
Yorkshire BS	2.69%	February 2014	£995	4.7% APR	75%
Yorkshire BS	Our opinion: TRACKER -This variable mortgage charges 2.19% above base rate for two years, giving a current pay rate of 2.69%. The arrangement fee is £995 and a minimum deposit of 25% is required. . An early repayment charge applies on this product.
Market Harborough BS	2.75%	2 Years	£645	3.8% APR	80%
Market Harborough BS	Our opinion: TRACKER -This variable mortgage charges 2.25% above base rate for two years, giving a current pay rate of 2.75%. The arrangement fee is £645 and a minimum deposit of only 20% is required. There is no early repayment charge with this mortgage.

Buy to Let

Mortgages suitable for those with a 40% deposit who are looking for a buy to let mortgage, ranked on lowest payrate. Where a provider's logo is displayed products may be applied for directly.

Lender	Initial Rate	Until	Fees	Overall Cost for Comparison	Max Loan To Value
Fixed Rate Mortgages
Nottingham BS	3.59%	January 2014	£1999	6.2% APR	60%
Nottingham BS	Our opinion: FIXED – Nottingham BS are offering a 2 year fixed rate at 3.59%. The arrangement fee is £1999 and you will require a deposit of 40%, an early repayment charge applies for the fixed rate period.
Coventry BS	3.75%	March 2014	£2249	4.9% APR	65%
Coventry BS	Our opinion: FIXED – Coventry BS are offering this 2 year fixed rate at 3.75%. You will require a deposit of 35% and an Early Repayment Charge is payable until 31/03/2014.
BM Solutions	3.79%	March 2014	2.5%	5.1% APR	60%
BM Solutions	Our opinion: FIXED – A 2 year fixed rate product is being offered by BM Solutions with a rate of 3.79%. The fee is 2.5% of the loan and an early repayment charge applies for the fixed rate period.
The Mortgage Works	3.89%	March 2014	3.5%	5.4% APR	65%
The Mortgage Works	Our opinion: FIXED – A fixed rate product is being offered by The Mortgage Works at a rate of 3.89% until March 2014. The fee is 3.5% and you will need a deposit of 35%. An early repayment charge applies for the fixed rate period.
Leeds BS	3.89%	April 2014	£1499	6% APR	60%
Leeds BS	Our opinion: FIXED – Leeds BS have released this 2 year fixed rate at 3.89%, the fee is £1,499 and you will need a 40% deposit to qualify. An early repayment charge is payable until 30/04/2014.
Tracker Mortgages
Principality BS	2.74%	March 2014	2.5%	4.8% APR	60%
Principality BS	Our opinion: TRACKER -This variable mortgage charges 2.24% above base rate for two years, giving a current pay rate of 2.74%. The arrangement fee is 2.5% of the loan and a minimum deposit of 40% is required. An Early Repayment Charge is payable until 31/03/2014.
Nottingham BS	3.29%	2 Years	£1299	6.1% APR	60%
Nottingham BS	Our opinion: TRACKER - This variable mortgage charges 2.79% above base rate for two years, giving a current pay rate of 3.29%. A minimum deposit of 40% is required. An Early Repayment Charge is payable with this product.
Coventry BS	3.49%	March 2014	£1499	4.7% APR	65%
Coventry BS	Our opinion: TRACKER -This variable mortgage charges 2.99% above base rate for two years, giving a current pay rate of 3.49%. The arrangement fee is £1249 and the booking fee is £250. A minimum deposit of 35% is required and an Early Repayment Charge is payable until 31/03/2014.
The Mortgage Works	3.49%	March 2014	3.5%	5.2% APR	65%
The Mortgage Works	Our opinion: TRACKER -This variable mortgage charges 2.99% above base rate for two years, giving a current pay rate of 3.49%. The arrangement fee is 3.5% and a minimum deposit of 35% is required. An Early Repayment Charge is payable with this product.
Skipton BS	3.59%	2 Years	£1240	5% APR	60%
Skipton BS	Our opinion: TRACKER -This variable mortgage charges 3.09% above base rate for two years, giving a current pay rate of 3.59%. The product fee is £1240 and a minimum deposit of 40% is required. An Early Repayment Charge is payable for 2 years.

Guide to first time buyer mortgages

	What mortgages are available to first time buyers? Theoretically, first time buyers can apply for any residential mortgage. However, whether you will qualify will depend largely on the size of your deposit and your credit score. Are there specific mortgages for first time buyers? There are still a few deals around aimed specifically at the first time buyer market, but nothing like the number that were available a few years ago. Before the onset of the credit crunch a number of lenders offered mortgages aimed at helping those seeking to get a foothold on the housing ladder. You could get a mortgage with no deposit - there were even products which allowed you to borrow more than the property's value. The financial crisis and downturn in the housing market has put pay to all that though. How can I get a mortgage? The key thing is to save a deposit. In the current market you will really need at least 10% to put down in order to qualify for a mortgage (there are a handful of deals available with a 5% deposit but the rates aren't competitive). If possible, aim to save a deposit of at least 25% - that will give you access to a much wider choice of mortgages, and lower rates of interest. How much can I borrow? Traditionally, the amount a lender was willing to lend was based on salary multiples. Many now use more complex affordability models where they evaluate all your incomings and outgoings to work out how much you can realistically afford to borrow. They have also become more conservative in the amount they will lend as a result of the economic downturn as many leant irresponsibly in the pre-credit crunch years and are now paying the price because many of those they leant to have been unable to keep up with repayments. Generally speaking, as long as you have a good credit history, you should be able to borrow around three times your salary - perhaps a little more, but it will all depend on your existing borrowing commitments. It is therefore worth seeking guidance as to what size of mortgage you will realistically be able to get before you start house hunting - the last thing you want is to miss out on a property you fall in love with because you can't borrow enough.

What mortgages are available to first time buyers?

Theoretically, first time buyers can apply for any residential mortgage. However, whether you will qualify will depend largely on the size of your deposit and your credit score.

Are there specific mortgages for first time buyers?

There are still a few deals around aimed specifically at the first time buyer market, but nothing like the number that were available a few years ago.

Before the onset of the credit crunch a number of lenders offered mortgages aimed at helping those seeking to get a foothold on the housing ladder. You could get a mortgage with no deposit - there were even products which allowed you to borrow more than the property's value.

The financial crisis and downturn in the housing market has put pay to all that though.

How can I get a mortgage?

The key thing is to save a deposit. In the current market you will really need at least 10% to put down in order to qualify for a mortgage (there are a handful of deals available with a 5% deposit but the rates aren't competitive).

If possible, aim to save a deposit of at least 25% - that will give you access to a much wider choice of mortgages, and lower rates of interest.

How much can I borrow?

Traditionally, the amount a lender was willing to lend was based on salary multiples. Many now use more complex affordability models where they evaluate all your incomings and outgoings to work out how much you can realistically afford to borrow.

They have also become more conservative in the amount they will lend as a result of the economic downturn as many leant irresponsibly in the pre-credit crunch years and are now paying the price because many of those they leant to have been unable to keep up with repayments.

Generally speaking, as long as you have a good credit history, you should be able to borrow around three times your salary - perhaps a little more, but it will all depend on your existing borrowing commitments.

It is therefore worth seeking guidance as to what size of mortgage you will realistically be able to get before you start house hunting - the last thing you want is to miss out on a property you fall in love with because you can't borrow enough.

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