Work out your budget.

The amount you can borrow depends on the “loan to value”, which varies between lenders, and how much the lender believes you can afford.  A 70% “LTV” on a £300,000 house means that a lender would lend up to £210,000 and you would have to fund the other £90,000.

Have a look on Zoopla and Rightmove to get an idea of what similar houses in your area are selling for and therefore the funds you will have.

Our Affordability Checker calculates how much you are likely to be able to borrow given your income and outgoings.

In the amount you need to borrow, make sure you

  • calculate all the fees and costs including stamp duty and early redemption penalties
  • contact your lender at an early stage to get the amount of money required to pay off your existing mortgage.
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Simpler Tip

Complete our Affordability Checker to illustrate the amount you are likely to be able to borrow