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Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.
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Our guide to help you get financially ready to buy your first home.
Our guide to the different types of income you can use when applying for a mortgage.
This guide is essential reading for any first time buyer.
This guide helps you to understand and prepare for mortgage affordability checks.
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A 90% LTV (loan-to-value) first-time buyer mortgage means that you need to be able to provide a 10% deposit, in order to get the mortgage deal. It can be an attractive proposition for first-time buyers as it means only having to save 10% of the value of the property to get onto the property ladder.
A 90% LTV mortgage could be for you if you’re only able to save a 10% deposit, but it’s important to consider the rate you’ll have to pay. Often, a higher deposit equates to a lower rate of interest and vice versa, which means that a 90% LTV mortgage will often charge a higher rate than a lower LTV. For this reason, if you can save a bigger deposit it is advisable to do so, as it will mean you are paying less interest and will have lower repayments. Saying this, it is common for first-time buyers to opt for a 10% deposit mortgage as it means getting onto the property ladder quicker than waiting to save more.
While a 90% LTV is a common option for first-time buyers, there are plenty of others to consider, including 95% LTV and even 100% LTV mortgages if you can’t save a 10% deposit. If you are tempted with these options, it is important to remember that they normally come with a higher interest rate and can end up costing more money in the long run. This is because choosing a higher LTV will typically mean higher mortgage repayments each month, or needing to take out a much longer mortgage term – the latter can improve affordability, but also means you’ll be paying the mortgage off for longer, so it’s important to consider all the options.
