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Compare 1000s of mortgage rates & deals

We're here to save you money and time too! Use our mortgage finder below then call our qualified advisers for a more personalised search of the market and advice. We’ll make sure you qualify for any deal before you apply. Not only that, you'll get expert support throughout the whole mortgage process.

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L&C annual cost

Comparing mortgages isn’t easy. Sometimes deals look attractive because they have a low initial rate, but you also need to take into account any fees that come with the mortgage deal. We recommend annual cost as the best way to see which mortgage deal offers the best value for the size of mortgage you’re looking to take.

This is how we calculate the annual cost:

  • We add up all the fees associated with the mortgage deal and deduct any cash back to find total fees
  • We then divide the total fees by the number of months the initial mortgage rate lasts to find the total fees per month
  • We add the total fees per month to your monthly mortgage payment and multiply by 12 to calculate the annual cost

By comparing mortgage deals looking at annual cost you can see which one would be cheapest for you taking into account fees as well as the interest rate. The annual cost only applies to the initial deal as its always best to consider switching once the initial deal is over to see if you could save money.

Provider

Who is lending the money and what sort of mortgage is it.

Details

About your borrowing ability

Calculating exactly how much you can borrow depends on a number of things, such as:

  • How much you spend each month on regular commitments
  • Whether you're paid a basic salary, a basic salary plus bonus, commission or overtimeIf you're self employed
  • The amount of deposit you have
  • Your age and whether you are looking to borrow beyond your retirement date

One of the most important factors in determining how much you can borrow is the lender. Each lender has different criteria and as brokers who, last year successfully placed mortgages with 59 different lenders, we are perfectly placed to match the right lender to your borrowing requirements.

What if I need to borrow more?

Sometimes it can be possible to borrow more than the calculator on our website shows you and that's where our expertise comes in. We are sometimes able to arrange higher borrowing by taking your own individual circumstances into account.

* All potential borrowing is subject to affordability checks and credit status

Initial rate

The rate you will pay at the start of your mortgage.

Monthly repayments

Your monthly payment when your mortgage starts, based on the loan amount you entered.

Scheme fees

The total of the lender's booking, arrangement and valuation fees.

Annual cost

The annualised cost of this mortgage.

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APRC stands for Annual Percentage Rate of Charge. It shows you the total cost of a mortgage, including fees, over the entire term of the loan.

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Our mortgage best buys

When compiling our best buy tables we compare the best mortgage rates from across the UK market, including deals that are exclusive to us. It's important to remember that the best mortgage deals are not necessarily about getting the lowest mortgage rate possible, you also need to take into account all the fees and charges associated in setting up your new mortgage deal.

By choosing L&C to find your next mortgage deal our advisers will research the market for you, looking at criteria, set up fees and the rate to help you compare the best mortgage deal for your circumstances, saving you time and effort. Our best buy tables above show you the mortgage deals currently available, both fixed rates and variable rates, whether you are looking to purchase or remortgage to a better deal.

After taking out a mortgage or another financial product, 93% of L&C customers would recommend us based on 1465 Reviews.co.uk respondents. Read our reviews

Find your perfect mortgage deal with L&C

Our best buy tables and online Mortgage Finder make it easier than ever to find the right mortgage to suit your needs.

Whether you’re buying a property for the first time, moving home, purchasing a property to let out, or remortgaging, we’re here to help you find the best mortgage deal, offering you fee free mortgage advice whenever you need it.

You might prefer to opt for a fixed rate mortgage if you want peace of mind that your payments won’t change, or you may be happy going for a variable rate deal, where your payments can move up or down. We do all the legwork on your behalf, recommending the best mortgage for you based on your individual circumstances, and supporting you through the application process.

Why apply for a mortgage with L&C?

If you need to take out a mortgage, the huge choice of deals available combined with lots of confusing jargon can be enough to make anyone nervous. After all, this is likely to be one of the biggest financial decisions of your life, so you’ll want to get it right. That’s why it’s a good idea to seek expert help to compare the best UK mortgage rates and find the right deal to suit your individual needs. Here at L&C, the process of getting a mortgage couldn’t be simpler.

  • If you’re just getting started, we’ve got lots of useful guides to help you get to grips with mortgages and understand the differences between the various mortgage types.
  • We’ll compare 1000s of deals from over 90 lenders to find the deals you qualify for, filtering down your choices by selecting the type of mortgage you want and how long you want the term to be.
  • Our online Mortgage Finder has been designed for both desktop and mobile devices, making it possible for you to start your journey whether you’re at home or on the go.
  • We’ll ask for essential details about your income and outgoings, along with information such as how much you’re looking to borrow, and we’ll let you know what deals you might qualify for.
  • At L&C we have experts on hand to offer advice, completely free of charge. How do we offer advice for free? Like all other brokers, we get a payment from the lender when your mortgage completes. However, unlike other mortgage brokers, we choose not to charge you a fee on top of this. You’ll pay no more applying through us than you would going directly to the lender on the same deal.

Understanding which mortgage is right for you

The right mortgage for you will depend on your individual circumstances.

If you have a small deposit, for example, you may need a mortgage that allows you to borrow as much as 95% of the property value, or you may want to use a Government scheme such as shared ownership to purchase your home.

If you have a larger deposit, then you’ll generally have access to a much wider range of mortgage deals.

Lenders will look at lots of different factors when assessing whether you’re eligible for a mortgage. These include your credit score, as they’ll want evidence you’ve managed any borrowing responsibly in the past.

It’s worth noting that different lenders take different approaches when it comes to who they’ll offer mortgages to, so if you’re not certain which lenders might look favourably on your individual circumstances, we can point you in the right direction.

What types of mortgage deals are available?

There are numerous different mortgage options to choose from, and we’re here to help you choose the right mortgage deal to suit your needs.

Here are some of the main mortgage types:

  • Fixed rate mortgages
    A fixed rate mortgage, as the name suggests, has a fixed interest rate for a set term. This term typically varies from two to ten years, although sometimes even longer terms are available. The main benefit of a fixed rate mortgage is that they provide peace of mind that your monthly payments won’t change during the term of the deal, so this type of mortgage usually appeals to those who need budgeting certainty.
  • Tracker mortgages
    With a tracker mortgage, the interest rate usually tracks the Bank of England base rate plus a set percentage. If interest rates fall, then homeowners will benefit from cheaper monthly payments, but if they rise, mortgage costs will increase.
  • Offset mortgages
    An offset mortgage enables you to offset any savings you have against the amount you owe on your mortgage, reducing the amount of interest you’re charged. So, if you have a £200,000 mortgage and £40,000 in savings, you can offset these savings against your mortgage, meaning you’re only charged on £160,000 of your mortgage. You can still get your hands on your savings whenever you want. Rates on offset mortgages tend to be slightly higher than on standard mortgages.
  • Capped mortgages
    A capped rate mortgage will have a variable interest rate, so your payments can go up or down, but it will never exceed a certain ceiling, or cap. This type of mortgage may appeal to you if you think interest rates could have further to fall, but want some protection that there is a limit beyond which your monthly payments can’t rise.
  • Discounted mortgages
    A discounted mortgage gives you a discount from the lender’s standard variable rate for a set period of time. Bear in mind that if your lender raises or lowers their standard variable rate, your monthly payments will go up or down too.
  • Mortgages if you’ve got a small deposit
  • Only having a small deposit to put down needn’t be a barrier to getting a mortgage. There are plenty of lenders offering a range of mortgage deals for those with a 5% deposit. There are also Government schemes such as shared ownership which are designed to help those with smaller deposits get onto the property ladder.

Additional considerations when looking for the right mortgage deal

There are several other things you need to think about when choosing a mortgage.

  • Length of mortgage
    How long do you want your mortgage to be? Remember that the shorter the mortgage term you choose, the less interest you will pay overall and the faster you will pay off what you owe, although your monthly payments will be more expensive than if you opt for a longer term. When remortgaging, make sure you factor in how long you have already had your mortgage and reduce your term by that length of time. For example, if you originally took out a 25-year mortgage and have just come to the end of a five-year fixed rate, when you remortgage you should do so over a 20-year term if you can, as you’ve already been paying off your mortgage for five years.
  • Deal term
    If you are signing up for a fixed, tracker, capped or discounted mortgage deal, think about how long you want to tie yourself in for. Mortgage deals will usually impose early repayment charges (ERCs) if you leave them before they finish, so if you think a move could be on the cards in a couple of years it probably makes more sense to lock into a two-year deal rather than a five-year one.
    Although most mortgage deals are portable, you will still have to go through the application process again to move your mortgage across to a new property, and if the amount you are borrowing is increasing, you may have to accept that part of your mortgage will be on a different rate.
  • Repayment or interest-only
    When you choose a repayment mortgage, your monthly payments go towards paying off the interest you owe and the capital you have borrowed. If you choose an interest-only mortgage, however, you only pay off the interest you owe each month, and none of the capital. Instead, you will need to have a plan in place to repay the capital in full at the end of the mortgage term.
    If you are set on going for an interest-only mortgage, you will usually only be able to get one if you have a large deposit to put down if you are buying, or if you have a significant amount of equity in your property if you are remortgaging.

Finding a mortgage and applying with L&C is a simple four-step process.

Step 1 See how much you could borrow and what your monthly payments are likely to cost using our L&C calculators or the online Mortgage Finder.

Step 2 Answer a few more questions online, or speak to an adviser to find out which deals you are likely to qualify for and get expert advice on the best deal for you.

Step 3 Apply easily for your mortgage online – we’ll pre-populate the application form with the information you’ve given us already, so there’s no need to tell us twice.

Step 4 Once you’ve submitted your application you can keep track of the whole process online 24/7. Our experts are on hand to offer free advice if you need help or support at any stage, and we’ll appoint a dedicated case manager who’ll do all the legwork for you.

Mortgage Rates & Deals FAQs

How much can I afford to borrow for a mortgage?

The amount you can afford to borrow will depend on your income and on your other outgoings. Lenders will want to check that you can comfortably afford your monthly payments both now and if interest rates rise in future. Use our mortgage calculator to find out how much you might be able to afford to borrow.

What mortgage can I get?

The mortgage you can get will depend on how much deposit you can afford to put down and on your monthly income and commitments. There are lots of different types of mortgage to choose from. Having a bigger deposit gives you access to a wider choice of deals, but there are still plenty of mortgage options if you have a small deposit.

How much can I borrow for my mortgage?

The amount you can borrow will depend on your income and outgoings. Some lenders will allow you to borrow up to four or sometimes five times your income. Our mortgage calculator can help you work out how much you might be able to borrow, or for a more accurate picture, try the online Mortgage Finder.

How does a mortgage work?

A mortgage is a loan you take out to purchase a property. You must put down a deposit, and the lender will lend you the remaining amount of money you need to buy the property. Mortgages typically have a 25 year term, although you can borrow over a shorter or longer period. Find out more about how mortgages work.

How much deposit do I need for a mortgage?

You usually need a deposit of at least 5% of the property value to secure a mortgage. The bigger the deposit you can afford to put down, the wider the choice of mortgage options you’ll have available to you, so it’s worth trying to save as much as possible. Read our guide on deposits to find out more about how much you should put down.

How long does a mortgage application take?

It can take around a month for a mortgage application to go to offer, but it can be quicker. This can vary depending on your individual circumstances, including how long it takes you to gather all the documents you need to support your application, and how long it takes the lender to arrange a valuation and approve your application. Learn more in our guide how long does it take to get a mortgage?

How long does a mortgage offer last?

A mortgage offer will usually last for at least three months, although some offers will last for six months. Check your lender as they often take different approaches. Find out more about mortgage offers in our guide to mortgage offers and decisions in principle.

What is a mortgage in principle?

A ‘mortgage in principle’ or ‘Decision in Principle’ is a statement from a lender showing how much they may be prepared to lend you. It is not the same as a mortgage offer, which is official confirmation they will provide you with a mortgage. Our guide to mortgage offers and decisions in principle explains everything you need to know about how mortgages in principle work.