These options from Alliance & Leicester are for a 25-year term and require a deposit of at least 10 per cent, or £47,500, leaving a balance of £427,500. Affordability calculations are based on income, outgoings and any debt or financial commitments. For a mortgage of this size you would need to be earning an above-average wage. Both options have a £530 valuation fee.
Want to help far-flung family members? Flora Willis charts the best deals on fees and exchange rates
In tough times, you can keep your money safe and get a good deal, says James Daley