Mortgage quote checklist: deposit, term and total costs

Work out what you would borrow

Start with the property price and the down payment you intend to contribute. The difference is the loan amount used by our estimate. Enter all amounts in the same currency. Changing currency in the calculator clears the entered money amounts rather than treating them as a conversion.

The loan-to-value figure expresses that loan amount as a percentage of the entered property price. It is a calculation, not a statement about a lender's deposit requirement or willingness to lend. Valuation, eligibility and permitted borrowing depend on the actual product and lender.

Match the rate to the whole repayment term

Record the annual interest rate, its calculation method and how long it is fixed. Our estimate uses an annual nominal reducing-balance rate with equal monthly repayments over the entire entered term. It does not treat APR or a flat-rate percentage as that nominal rate.

Compare each quote's term as well as its monthly amount. A longer term changes both the payment and total interest. If the quoted rate is fixed for only part of the mortgage, the result cannot predict the payment after that period. Interest-only, balloon-payment and adjustable-rate arrangements need a different calculation.

Separate repayments from other ownership costs

The displayed monthly figure includes principal and interest only. Property taxes, insurance, service charges and other recurring housing costs are excluded. Confirm these separately using the actual property's location and provider terms; the tool does not assume an amount for them.

Enter fees paid separately upfront in each quote. Fees added to the loan balance, deposit requirements, legal charges and other closing or purchase costs need their own review. The down-payment-plus-fees figure includes only the down payment and the fees you entered, not every cost required to complete the purchase.

Keep the written quote and its conditions

Save the lender's written repayment schedule and the date or expiry of the quote. Ask what changes if the purchase completes later, you repay early or a payment is missed. Our estimates are private calculations and do not assess affordability, eligibility or whether a mortgage suits you.

• Property price, currency, down payment and lender valuation
• Nominal rate, fixed period and full repayment term
• Upfront charges, financed charges and recurring ownership costs
• Repayment schedule, early-repayment conditions and any final lump sum