Six ways to get on the ladder more easily and pay thousands less interest over the life of your mortgage.
A mortgage is the biggest financial commitment most people ever make, so small improvements have huge effects. Shaving even a fraction off your interest rate, or overpaying a little each month, can save tens of thousands over the years.
Lenders price mortgages by loan-to-value (LTV) — the proportion you're borrowing against the property's value. The minimum deposit is usually 5%, but rates improve at key thresholds: 90%, 85%, 80%, 75% and 60% LTV. Pushing your deposit just over one of these lines (say from 91% to 90% LTV) can drop you into a cheaper rate band and save money every month.
Your credit profile heavily influences the rates you're offered. In the months before applying: get on the electoral roll, pay everything on time, reduce card balances, and avoid new credit applications. Avoid big financial changes (like switching jobs) right before applying if you can. See our credit score guide.
A fixed rate (often 2 or 5 years) keeps payments predictable — ideal for tight budgets. A tracker or variable rate can start cheaper but rises and falls with interest rates. There's no universally "right" answer: pick based on how much certainty you need and what you could cope with if rates moved.
When a fixed or tracker deal ends, you're moved to the lender's Standard Variable Rate (SVR), which is usually much more expensive. Start looking for a new deal around 3–6 months before your current one ends — offers can often be held that long. Remortgaging (or asking your lender for a product transfer) at the right time is one of the biggest savings a homeowner can make.
Because mortgage interest compounds over decades, overpaying early is powerful. Most lenders let you overpay up to 10% of the balance each year penalty-free — check your terms first. Even a modest regular overpayment can knock years off the term and save thousands. Just keep an emergency fund and clear pricier debts first.
If you're buying your first home, look into:
Lenders typically offer around 4 to 4.5 times your income, subject to affordability checks on your outgoings and an interest-rate "stress test". A mortgage in principle gives you a personalised estimate.
Not always, but a good broker can save time and money, especially if your situation is less standard (self-employed, smaller deposit, or first-time buyer). Check whether they cover the whole market and how they're paid.
Beyond the deposit: valuation and survey fees, conveyancing (legal) fees, mortgage arrangement fees, Stamp Duty (where applicable), moving costs and a buffer for repairs.