The final thing to consider is your deposit. Although it is possible to get a 100% mortgage, these are not always the most competitive deals on the market. It is best to try to put down a 5% deposit on the value of the property – more if possible.

The smaller your deposit, the more your lender will charge you for the greater risk. This is called a mortgage indemnity guarantee fee, or MIG. This will usually be charged for any loan of more than 75% of the property value, although this changes depending on each lender.