Generally-speaking, you may be able to borrow between three and four and a half times your salary. So, if you earn £30,000 a year, that means you could borrow between £90,000 and £135,000.

But be aware that lenders decide how much they’ll lend based on your particular circumstances, such as your income and your outgoings.

You'll need to be prepared for lenders to assess your bank statements to work out if you can afford a mortgage. Your credit score can also have a big impact.

A standard variable rate (SVR) is an interest rate set by your mortgage lender that you’ll usually move to when your current mortgage deal ends – unless you take out a new deal. Unlike a fixed rate mortgage, an SVR can change, which means your monthly payments could go up or down; your lender will always notify you of a change before it happens. An SVR is usually more expensive than other mortgage deals. But, early repayment charges may not apply, allowing greater flexibility to make overpayments. Check with your lender before making an overpayment. If you don’t want to move to an SVR, you’ll usually have the option to switch to a new deal or remortgage to a different mortgage provider.

A decision in principle shows what a lender could be prepared to lend you. It’s also known as a mortgage in principle or an agreement in principle. It’ll give you an idea of what you can afford – handy for when you start house hunting.

However, you have to complete a mortgage application form to secure a formal mortgage offer. That bit comes once you’ve found the home you want to buy.

The loan to value – often shortened to LTV – is the size of the mortgage compared to how much your property is worth. It’s usually expressed as a percentage figure.

For example, if a mortgage is offered at 90% LTV, you’ll need to find a deposit of 10%. The lower the LTV, the lower the mortgage interest rate tends to be.