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Second charge mortgages are secured loans taken out against the equity available in your current home.
This guide explains when it might be the right time to remortgage.
Our guide to the different types of income you can use when applying for a mortgage.
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.
Before you apply for a mortgage it's important to check your credit score.