Mortgage guides & explainers

Plain-English explainers on how mortgages actually work across the UK, US, Canada and Australia — the rules, the maths, and the numbers behind the calculators.

A red brick Victorian house in Toronto with grey-blue painted trim, a bay window and maple branches across the roofline

FHSA Contribution Room and What Delay Costs in 2026

FHSA room starts only when you open the account. Why the deadline to open is five calendar years before you buy, and what opening later costs to the dollar.

A self-employed carpenter smiling as he planes a length of timber in his workshop, surrounded by stacked boards and tools

Self-Employed Home Loans in Australia: What Counts as Income

Lenders assess your assessable income, not your taxable income. What add-backs are worth, why the two-year rule is softening, and what alt-doc costs in deposit.

An open hand holding a set of house keys with a small house-shaped keyring, in front of a white front door with a lock

Guarantor Mortgages UK: Liability, JBSP and Stamp Duty

A guarantor pays only after a missed payment. A joint borrower is liable from day one. And who goes on the deeds can cost £20,000 in stamp duty.

A row of London brick terraced houses with white stucco ground floors, sash windows, wrought-iron balconies and chimney pots, under a bright sky

What an EPC and Gas Safety Certificate Cost in 2026

An EPC runs £45 to £120, a gas safety record £60 to £150, an EICR £100 to £350. Annualised, the certificate everyone searches for is the cheapest.

A blue weatherboard house with a white porch, front steps and a small garden, the kind of first home a KiwiSaver withdrawal is typically put towards

Using KiwiSaver for a First Home Deposit in 2026

You can withdraw all but $1,000 after three years in KiwiSaver. What that gives you, why the First Home Grant no longer exists, and the 5% deposit route.

Column chart of CMHC premiums on a 700,000 dollar Canadian home, 26,600 dollars at a 5 per cent down payment, 19,530 at 10 per cent, 16,660 at 15 per cent and nil at 20 per cent

How Much Is CMHC Insurance? Cost by Down Payment

CMHC premiums run 0.60% to 4.00% of the mortgage. What each down payment costs, and why capitalising it costs 1.67 times the premium.

Column chart of illustrative total LMI cost on a 700,000 dollar Australian property by deposit size, nil at a 20 per cent deposit, 5,837 dollars at 15 per cent, 8,927 at 10 per cent and 18,846 at 5 per cent

How Much Is LMI in Australia? Cost by Deposit Size

LMI applies above 80% LVR. What it costs at a 15%, 10% and 5% deposit, and why crossing 90% costs 2.6 times the extra you borrow.

Column chart of the total repayment on a 200,000 dollar balance. Keeping the 15-year term at 6.5 percent totals 313,599 dollars; resetting to a fresh 30-year term at 6 percent totals 431,676 dollars, an increase of 118,078 dollars from the longer term despite the lower rate.

Why a Lower Mortgage Rate Can Still Cost You $118,000

Refinance $200,000 at 6% and the payment drops $543 a month, but a fresh 30-year term adds $118,078. Keep the term and the same cut saves you.

Horizontal bar chart comparing maximum loan size for two self-employed borrowers with identical $100,000 profit and identical $20,000 deductions. The borrower whose deduction was rent, payroll and materials qualifies for $372,315 at a 36% DTI ceiling, while the borrower whose deduction was depreciation qualifies for $465,394. The gap persists at the 45% and 50% ceilings.

Self-Employed? How Mortgage Lenders Read Your Income

Lenders use taxable net income, not revenue. Which deductions come back, why averaging never favours you, and the $93,000 difference.

Grouped bar chart comparing, at a 5% deposit, the limited guarantee a parent carries against the indicative LMI it replaces. At a $500,000 purchase the guarantee is $75,000 against $22,325 of LMI; at $750,000 it is $112,500 against $33,488; at $900,000 it is $135,000 against $40,185. The guarantee is roughly three times the LMI at every price.

Family Guarantee Home Loans: What Your Parent Really Risks

A limited guarantee caps a parent's liability at the slice above 80% LVR. See that figure beside the LMI it saves, and why it is roughly three times larger.

A low single-storey timber house with a shallow metal roof standing among coastal sand dunes and marram grass, backed by a dense stand of pine trees under an overcast New Zealand sky

NZ Mortgage Break Fees: How Banks Calculate What You Owe

Break fees track wholesale swap rates, not the rate you were paying. What that means, when the fee is zero, and the term mistake that overstates it 30-fold.

Grouped bar chart of Ontario land transfer tax by purchase price, comparing anywhere in Ontario against inside the City of Toronto. At $500,000 the tax is $6,475 outside Toronto and $12,950 inside. At $800,000 it is $12,475 against $24,950, and at $1.2 million it is $20,475 against $40,950. The Toronto figure is exactly double at every price shown.

Ontario Land Transfer Tax: Why Toronto Costs Twice as Much

Ontario land transfer tax rates, and why crossing into Toronto doubles the bill. On an $800,000 home that boundary is worth $12,475 in cash at closing.

A suburban street in Brisbane at dusk lined with jacaranda trees in purple bloom, illustrating an article on Australian borrowing power after the RBA held the cash rate at 4.35 per cent

Borrowing Power in Australia After the RBA's August Hold

The RBA held at 4.35% on 11 August. Your bank still tests you at your rate plus three points, and that buffer decides the loan, not the cash rate.

A quiet residential street lined with mature leafy trees and detached homes, the kind of neighbourhood a $300,000 to $600,000 mortgage typically buys into

What Income Do You Need for a $300,000 Mortgage Loan?

A $300,000 mortgage costs $1,933.84 a month at 6.69%. The income qualifying at Fannie Mae's 36%, 45% and 50% ceilings, and why $600,000 doubles.

Line chart of total UK stamp duty payable against purchase price from 1 April 2025. The standard buyer's bill rises in steps from nothing at £125,000 to £15,000 at £500,000. The first-time buyer's line stays at zero to £300,000 and then runs £5,000 below it, reaching £10,000 at £500,000, where it jumps vertically to £15,000 because relief is lost entirely one pound over the cap.

Stamp Duty Bands Explained: What Each Slice Really Costs

The UK stamp duty bands from 1 April 2025, what each one costs on a real price, and why first-time buyer relief ends as a £5,000 cliff at £500,000.

Line chart of the home price a 2,500 dollar monthly principal-and-interest budget supports as the 30-year rate falls, with 20 percent down: 485,785 dollars at 6.67 percent, 521,224 dollars at 6 percent, and 550,381 dollars at 5.5 percent, so a lower rate lifts buying power by about 64,600 dollars across the range.

Inflation Cooled to 3.4%. Why Is Your Rate Still 6.67%?

July inflation eased to 3.4%, but the 30-year rate held at 6.67% and is forecast near 6.5%. What the gap costs your buying power, and the rate to plan around.

A modest two-storey white clapboard house at dusk, porch light on under a small red awning, set back from a stone path across a lawn with woodland behind, the kind of older starter home that sits below the median US price

The $22,000 Gap: America Has Two Housing Markets, Not One

Redfin says you need $109,796 for the typical US home. It also said you need $70,693 for a starter home. The median household clears one and misses the other.

Table of UK monthly mortgage repayments from £50,000 to £500,000 at 4.25% over 20, 25 and 30 years

Monthly Cost of a £70,000, £150,000 or £250,000 Mortgage

Monthly repayments for every common UK mortgage size from £40,000 to £500,000, at 20, 25 and 30 years, with the income and deposit each one needs.

Diagram showing that the Fed funds rate of 3.50 to 3.75 percent moves credit cards, auto loans and HELOCs, while the 30-year mortgage of about 6.5 percent is driven by the 10-year Treasury yield of 4.66 percent plus a lender spread of roughly 1.8 percentage points, with a crossed-out arrow marking that the Fed does not set mortgage rates directly

Does the Fed Set Mortgage Rates? What the Hold Really Means

The Fed held rates at 3.50-3.75% on 29 July in a 9-3 vote. Mortgage rates track the 10-year Treasury instead, which rose the same day. Here is the maths.

Horizontal bar chart of monthly payments on a £250,000 UK mortgage over 25 years in late July 2026: lender SVR at 7.13% costs £1,788, average fixes around 5.6% cost about £1,560, and best-buy fixes at 4.13% and 4.25% cost £1,338 and £1,354, a gap of £450 a month between the SVR and the best two-year fix

Bank of England Holds at 3.75%: What It Means for Mortgages

The Bank of England held Bank Rate at 3.75% on 30 July in a 6-3 vote. What it changes for tracker, SVR and fixed borrowers, and what waiting costs.

A row of white terraced houses on a London street, illustrating an article on how much mortgage you can get on your salary in the UK

How Much Mortgage Can You Get on Your Salary? UK Guide

UK lenders start at about 4.5 times salary. See what you could borrow on a £30,000 to £100,000 salary, what it costs monthly, and what shrinks the figure.

Ranked bar chart of land transfer tax on a $700,000 Canadian home: Toronto $20,950, British Columbia $12,000, Ontario outside Toronto $10,475, and Alberta and Saskatchewan nothing, with the first-time buyer rebate shown as a pale segment

Does Canada Have Stamp Duty? Land Transfer Tax Explained

Canada has no stamp duty, but most provinces charge land transfer tax. See what a $700,000 home costs in Ontario, Toronto, BC, and Alberta, and the rebates.

Line chart for a £250,000 UK mortgage over 25 years showing the interest-only payment rising in a straight line from £729 at 3.5% to £1,354 at 6.5%, while the repayment payment rises from £1,252 to £1,688, with the gap between them narrowing from £522 to £334

Interest-Only Mortgage Payments: How They Are Calculated

An interest-only payment is the balance times the rate over twelve. What £250,000 costs at each rate, the rules, and retirement interest-only.

A modern two-storey American house with a front porch and attached garage, illustrating an article on how private mortgage insurance is calculated on a US conventional loan

How Is PMI Calculated? Cost, Rates, and When It Ends

PMI is an annual percentage of your loan, usually 0.3% to 1.5%. See how it is calculated on a $400,000 home, what drives the rate, and when it must end.

Two-panel bar chart for a £250,000 UK mortgage at 4.5%: paying £200 a month saves £38,458 versus £36,875 for a £2,400 lump each December, only £1,582 apart, while a £10,000 lump sum saves £19,584 if you cut the term but only £6,675 if you cut the payment, £12,909 apart

Overpay Mortgage Monthly or Lump Sum? What Saves More

Overpaying monthly or as a lump sum barely differs. See what each saves on a £250,000 UK mortgage, and the overpayment choice that matters far more.

A contemporary American suburban home with a front porch under a clear blue sky, illustrating an article on making extra principal payments on a US mortgage

Extra Principal Payments: What $100 a Month Really Saves

Extra principal payments shorten your mortgage, not your monthly bill. See what $100, $200, or one extra payment a year saves on a $400,000 US loan.

Horizontal bar chart of the deposit needed to buy a $600,000 first home in Australia: $120,000 at 20% with no LMI, $60,000 at 10% plus LMI, and $30,000 at 5% under the First Home Guarantee with no LMI

First Home Buyer in Australia: Deposit, LMI and Grants

Australia's First Home Guarantee lets you buy with a 5% deposit and no LMI. See what that saves on a $600,000 home versus the usual deposit and LMI routes.

Stacked bar chart of UK stamp duty on a £300,000 property: a main home pays £5,000, while a second home or buy-to-let pays £20,000, made up of £5,000 standard duty plus a £15,000 surcharge, with a first-time buyer paying £0

Second-Home Stamp Duty: The 5% UK Surcharge Explained

Second homes and buy-to-lets in England pay a 5% stamp duty surcharge on the whole price. What it adds on £300,000, and when you can reclaim it.

Modern detached homes on a quiet street, illustrating an article on Canada's 2026 mortgage renewal wave

Canada Mortgage Renewal 2026: How Big Is the Jump?

Over a million Canadians renew mortgages in 2026, many off ~2% pandemic rates. See the monthly payment jump on a $500,000 mortgage renewing near 4.5%.

Column chart of the maximum US home loan on a $90,000 income at 6.5% by DTI ceiling: about $261,000 at a 28% front-end, $277,000 at 36%, $360,000 at 43%, and $443,000 at 50% back-end, with the 36% to 43% step adding about $83,000

Debt-to-Income Ratio: How Much US Lenders Let You Borrow

US lenders size your mortgage with debt-to-income ratios. See how much you can borrow at a 36% vs 43% DTI on a $90,000 income, and how it stretches to 50%.

Diverging bar chart of the 5-year cost of a 2-year fix route versus a 5-year fix on a £250,000 UK mortgage: it saves about £3,900 if rates fall to 3.5%, is roughly level if they hold, and costs about £5,600 more if they rise to 5.5%

2-Year vs 5-Year Fix: Which UK Mortgage Deal Wins in 2026?

With 1.8 million UK fixed deals ending in 2026, is a 2-year or 5-year fix better? See the cost of each on a £250,000 mortgage, and when each one wins.

A row of modern suburban homes, illustrating an article on how much you can borrow for a mortgage in New Zealand

How Much Can You Borrow for a Mortgage in New Zealand?

Three rules cap a New Zealand mortgage: the RBNZ 6x-income DTI limit, your deposit (LVR), and the bank's test-rate check. The lowest one wins.

A row of British brick terraced houses on a residential street, illustrating an article on choosing a UK mortgage term length

UK Mortgage Term Length: What 25 to 40 Years Really Costs

A longer UK mortgage term cuts your monthly payment but adds tens of thousands in interest. See what 25, 30, 35, and 40 years cost on a £250,000 loan.

A modern house exterior on a bright day, illustrating an article on how much more UK buyers can borrow after mortgage affordability rules were eased in 2026

UK Affordability Eased: How Much More Can You Borrow?

UK lenders eased affordability tests in 2026 and regulators are relaxing the high loan-to-income cap. How much more you can borrow, and how to check your limit.

Tiered blocks of the Irish residential stamp-duty bands: 1% up to €1 million, 2% between €1 million and €1.5 million, and 6% above €1.5 million, showing most buyers pay 1%

Irish Stamp Duty on a Home: Rates and What Buyers Pay

Irish residential stamp duty is 1% up to €1 million, 2% to €1.5 million, and 6% above. Most buyers pay 1%, and there is no first-time-buyer break.

Chart of how a 0.25% ECB rise reaches each mortgage type on €300,000: a tracker and a variable rate both about €41 a month more, applied immediately versus after a lag, while a fixed rate stays at €0 until its term ends

What an ECB Rate Change Does to Your Irish Mortgage

An ECB rate move hits a tracker at once, a variable rate soon after, and a fixed rate not until it ends. What a 0.25% change costs on an Irish mortgage.

Comparison table of a fixed versus a variable Irish mortgage: typical rate, monthly repayment on €300,000 over 25 years (€1,486 versus €1,600), whether the payment can change, break-fee exposure, and who each rate suits

Fixed, Variable, or Tracker: Choosing an Irish Mortgage Rate

In Ireland, new buyers really choose between fixed and variable; trackers are closed to new customers. How each rate type behaves, and what it costs.

Horizontal stacked bar showing how a €400,000 first home can be funded: a €300,000 mortgage, €10,000 of savings, a €30,000 Help to Buy refund, and a €60,000 First Home Scheme equity share

Help to Buy vs First Home Scheme: How They Work Together

Ireland's two first-time-buyer supports do different jobs: Help to Buy refunds your tax toward the deposit, the First Home Scheme takes an equity share.

Line chart of the maximum Irish mortgage by gross income under the Central Bank income limit, with a first-time-buyer line at four times income sitting above a second and subsequent buyer line at 3.5 times income, across gross incomes from €30,000 to €120,000

Ireland's Central Bank Mortgage Rules: How Much You Can Borrow

The two Central Bank rules that cap an Irish mortgage: four times income for first-time buyers, 3.5 times after, and a 10% minimum deposit. What each means.

Line chart showing cumulative savings from a mortgage point crossing above the $4,000 point cost at the 61-month break-even mark, then continuing to grow for the remaining loan term

Mortgage Points: Break-Even Math on Buying Down Your Rate

Buying mortgage points lowers your rate, but not for free. Here's the break-even number on a $400,000 loan, and when paying points actually pays off.

Donut chart comparing total interest paid over the life of a UK mortgage with and without a £30,000 offset account: £188,443 without offset versus £126,834 with offset, a saving of roughly £61,600

Offset Mortgages Explained: How the Interest Saving Works

An offset mortgage links your savings to your mortgage balance so you're charged less interest. The worked math on how much that's really worth.

Table comparing US PMI, Australian LMI, and Canadian CMHC mortgage default insurance on a $450,000, 90% LTV loan: PMI roughly $3,375 per year ongoing, LMI roughly $7,500 one-time, CMHC $13,950 one-time and mandatory

PMI, LMI, CMHC: Mortgage Default Insurance Compared

The US, Australia and Canada all charge for a small down payment, but the mechanics differ completely. What PMI, LMI and CMHC insurance actually cost.

Comparison card showing a 7/1 ARM's initial payment of $2,360, its year-8 adjusted payment of $2,666 under a typical rate move, and its lifetime-cap worst-case payment of $3,527, against a steady 30-year fixed payment of $2,528

ARM vs Fixed-Rate Mortgage: What the Reset Really Costs

A 7/1 ARM can save you real money for seven years, then reset. What the savings, the reset, and the worst-case cap actually look like in dollars.

A couple reviewing paperwork with an advisor at a table, representing the point at which closing costs and final loan documents are reviewed before signing

Mortgage Closing Costs: Every Fee You Pay on Closing Day

Closing costs run 2-5% of your loan, but that number is really six or seven separate fees. Here's a line-by-line breakdown of each one on a $400,000 mortgage.

Semi-circle gauge chart showing a $360,000 loan on a $400,000 home landing at 90% LTV, inside the highest-rate-tier zone above the 80% mortgage-insurance threshold

Loan-to-Value (LTV): The One Ratio That Sets Your Rate

LTV sets your mortgage rate, insurance requirement and refinancing options. How it is calculated, priced in bands, and how it shifts over time.

Bar chart comparing property purchase taxes: £7,500 UK stamp duty on a £350,000 purchase, AU$27,395 NSW transfer duty on a $700,000 purchase, CA$10,475 Ontario land transfer tax on a $700,000 purchase, and CA$20,950 in Toronto once the municipal land transfer tax is added

Stamp Duty vs Land Transfer Tax: What You Owe at Closing

The UK, Australia, and Canada all tax the purchase itself, but the bands, thresholds, and names differ completely, and the total bill can vary enormously.

Horizontal bar comparison showing a £280,000 mortgage at 5.25% paying off in 300 months with no overpayment versus 255 months with an extra £150 a month, saving £38,935 in total interest

Mortgage Overpayments: What Extra Money Really Buys You

An extra £150 a month sounds small until you see it against a 25-year mortgage. The worked math, plus UK, Canada and Australia limits.

A red 'House for Rent' sign in front of a modern home, representing the point at which a landlord's rental yield calculation meets a lender's stress test for investment financing

Rental Yield vs the Lender's Stress Test on a Buy-to-Let

A good gross yield will not get a buy-to-let approved. How rental yield is calculated, and how UK, Australian and Canadian stress tests work.

Comparison matrix contrasting a same-lender product transfer against a full remortgage with a new lender across credit checks, valuation, legal work, market access, and typical processing time

Remortgaging vs Refinancing: Same Idea, Different Words

Remortgage in the UK, refinance in the US, Canada, and Australia: the same transaction, but the same-lender product-transfer shortcut differs by market.

Side-by-side comparison card showing a $2,338 monthly payment under standard monthly compounding versus a $2,326 monthly payment under Canada's semi-annual compounding rule, both on a $400,000 loan at 5% over 25 years

Same Rate, Different Payment: Mortgage Compounding

A 5% mortgage rate doesn't mean the same payment everywhere. See how compounding rules in the UK, US, Canada and Australia change what you pay.

A person at home reviewing a budget notebook with cash on the table, representing the household planning needed before a UK fixed-rate mortgage deal ends and reverts to the standard variable rate

The Fixed-Rate Cliff: When Your UK Mortgage Deal Ends

Your UK fixed-rate deal ending can mean a payment jump of hundreds of pounds a month. This is why the 'cliff' happens, and how to plan around it.

Close-up of a couple holding a new house key after completing on a home purchase, representing the point at which a buyer chooses between an interest-only or principal-and-interest mortgage

Interest-Only Mortgages: The Real Cost of Waiting to Repay

An interest-only period lowers your payment today, but not what you owe. The real math on what it costs versus paying principal from day one.

Table comparing mortgage stress-test rules by country: Australia's mandated +3.0 percentage point buffer under APRA APG 223, Canada's +2.0 percentage point buffer or 5.25% floor under OSFI B-20, the UK's lender-discretion buffer of roughly 3 percentage points, and the US's 28/36 income-ratio caps instead of a rate buffer

Mortgage Stress Tests Compared: UK, US, Canada, Australia

The UK, Canada and Australia test mortgages against a higher hypothetical rate. The US takes a different approach entirely — here's how each works.

Two donut charts showing Canada's mortgage affordability ceilings: 39% of gross income for the GDS ratio (housing costs only) and 44% for the TDS ratio (housing plus all other debt)

GDS and TDS Explained: What Canadian Lenders Actually Use

GDS and TDS are the two ratios that decide how much mortgage you can get in Canada. Here's what counts toward each, and the 39%/44% ceilings.