Mortgage basics

Everything you need to understand how mortgages work

Mortgages can seem complicated and with so many different options to choose from, it’s not always easy to know where to begin. Working out how much you can afford to borrow, understanding which deals you’ll be eligible for, and how your circumstances might affect your options can all make the process seem daunting.

That’s where we can help. Our mortgage basics guides are designed to give you all the fundamental knowledge you need to get started.

If you’re looking for mortgage advice, you can speak to a Rest Less Mortgages advisor and get high quality advice** on standard, retirement interest-only and buy-to-let mortgages.

If you’re looking for mortgage rates available today or to get an idea of the sort of mortgage you might be able to afford – take a look at our free mortgage rates comparison calculator. Enter a few basic details to compare deals available from the whole of the market today. Update your options as you go, if you’d like to try out a few different scenarios.

Types of mortgages

There are numerous different types of mortgage to choose from. The right kind of mortgage for you will depend on how much budgeting certainty you need, your income and how much you can afford to repay each month, and why you need a mortgage. For example, you might want to buy a property to let out, remortgage your existing home, or be a first-time buyer. Whatever you’re looking for, our guides can help guide you through the mortgage maze.

Get expert mortgage advice**

If you’d like to talk to someone about your mortgage, you can get high quality advice on standard, retirement interest-only and buy-to-let mortgages from a Rest Less Mortgages advisor.

Get expert mortgage advice**

When you apply for a mortgage, lenders will want to see proof that you’ll be able to comfortably afford your mortgage payments, both now and if interest rates rise. We explain what sort of information you’ll need to provide and look at some of the costs and fees you may need to pay.

Our mortgage affordability calculator gives you an idea of what you could borrow, based on your income and outgoings.

Mortgages and deposits

Your deposit is the amount of savings you need to put down when buying a home or, if you’re remortgaging, it is the amount of equity you own in your property (along with various other criteria) which will determine which mortgages you have access to. Here, we explain how much you’re likely to be able to borrow, some of the ways you might be able to boost your deposit, and how to pay down your mortgage. 

Managing your mortgage

Getting a mortgage is just the start of your home ownership journey. You’ll need to review it regularly to make sure you’re on the best possible deal, and there may be times when you struggle to make your monthly payments. We explain everything you need to know about managing your mortgage.

Get expert mortgage advice**

If you’d like to talk to someone about your mortgage, you can get high quality advice on standard, retirement interest-only and buy-to-let mortgages from a Rest Less Mortgages advisor.

Get expert mortgage advice**

Head over to our money community forum and ask a question, or see what other Rest Less members are posting.

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