Before you start the process of searching for a property, it is important to consider how much you can afford to spend on your mortgage each month. You need to ensure that you can comfortably afford the repayments and any additional household bills such as council tax and utilities like water and electric, whilst leaving yourself enough disposable income to enjoy your new home. It is a great idea to draw up a monthly budget for your new property using an excel spreadsheet or one of the many apps that are available now.

To help you work out what your monthly repayments would be on your mortgage, we have developed this quick and easy repayment calculator, simply play around with the sliders until you find a repayment that works for you. We suggest stress testing your repayments based on an interest rate of 7 or 8% to ensure that you could still afford your mortgage if interest rates started to increase again in the future.