Before you start looking at properties, it’s a good idea to talk to a mortgage lender or take a look at our how much can I borrow tool to get an idea of how much you may be able to borrow. You’ll also need to work out how much your monthly mortgage repayments may be. Remember, the larger your deposit, the more likely it is that you’ll pay a lower rate of interest or maybe less fees.
Don’t forget you’ll also need to set aside some savings to pay for other costs like legal fees, surveys and Stamp Duty (or LBTT in Scotland).
It’s a good idea to ask your lender for a ‘Agreement in Principle’ now too. Even though it’s not a guaranteed offer, it shows agents that you could be serious about getting a mortgage.