Recent mortgage Q&A
90% – Loans to value mortgages
90% loan-to-value mortgages are popular for the same reason as 95% mortgages are. You only need a 10% deposit and are popular with first time buyers and those who don’t wish to put down a large deposit to buy their home.
Why get a 90% LTV mortgage deal?
90% mortgages enable first time buyers and those with a smaller deposit to get on the property ladder more quickly. There is a large range of 90% LTV mortgages available from all the major high street lenders.
If you can afford to put down a 10% deposit then you’ll get a better rate and pay less in interest charges compare to a borrower who only puts down a 5% deposit.
You may have the funds but decide against putting down a larger deposit than 10% because you’ve decide to use some of your money to pay for home expenses and moving costs etc.
What are the down sides to a 90% mortgage?
As is with all mortgage lenders the smaller deposit you have the more you’ll be charged in interest fees. Therefore someone with a 15% or 20% deposit is most likely able to get a better deal than someone with a 10% deposit getting a 95% loan to value mortgage.
It’s important to consider that the larger your deposit the better rate of interest you’ll be able to get and the cheaper your monthly repayments will be.
What 90% mortgage deals are available?
A quick and simple mortgage search here on the website will reveal all of the 90% LTV mortgage products from the whole UK market place. You can quickly compare 90% deals side by side to find out which lenders are offering the cheapest and best deals.
How can I get more advice?
If you require more advice then speak to one of our brokers here on the website. Our mortgage experts can offer free and friendly advice and have access to all the mortgages from the whole of the UK market place.
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