Mortgage calculator

Paying a little extra each month cuts the interest and the years. Most lenders let you overpay up to 10% of the balance a year without a fee.

Lenders usually lend about 4.5 to 5 times your yearly income before tax. Some go higher for first-time buyers or certain professions, including some NHS roles.

Not sure of your take-home? Use the take-home pay calculator.

Typical amounts to start with. Ask for real quotes and change them.

Deposit

The part of the price you pay yourself. The bigger it is, the cheaper your mortgage rate usually is.

LTV (loan to value)

How much you're borrowing as a share of the price. Borrowing £270,000 on a £300,000 home is 90% LTV. Rates usually get better at 85%, 75% and 60%.

Fixed rate

Your rate stays the same for a set time, usually 2 or 5 years. After that you move to the lender's standard rate, so most people switch to a new deal (remortgage) before it ends.

Standard variable rate (SVR)

The lender's default rate after your deal ends. It's usually much higher, so don't let your deal run out without a plan.

Term

How many years you take to pay the mortgage back. Longer means smaller payments but more interest overall.

Stamp duty

A tax when you buy a home. In England and Northern Ireland it's Stamp Duty Land Tax. Scotland and Wales have their own versions with different rates.

Stress test

Lenders check you could still afford payments if rates went up. We show you the same thing, at 3% higher.

Overpayment

Paying more than you have to. It goes straight off the loan, so you pay less interest and finish sooner.