90% LTV Mortgages
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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
04.11.2024
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
04.11.2024
In a matter of minutes Ascot Mortgages can find you the best 90% mortgages available from across the market, including a number of private lenders.
We will search for the cheapest 90% LTV mortgage which best suits your individual requirements. We make securing a 90% mortgage quick and hassle free, so buying your first home is as exciting and enjoyable as it should be – safe in the knowledge that your mortgage considerations are being dealt with by experts, on your behalf.
- We will find you the best rates on 90% mortgage deals
- Free initial financial advice
- Simple, fast, hassle-free service
- We will search across the market for you
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90% LTV Mortgages for first time buyers
There’s no question that the top 90% Loan to Value (LTV) mortgage deals for first time buyers are starting to look better at last as more and more lenders begin to offer 90% mortgages again creating healthier competition and better deals.
High LTV Mortgages, such as the 90% mortgages discussed here enable first-time buyers with a low deposit to put down just 10% of the property value as the deposit. There are quite a number of 90% mortgage deals now available, each with potentially different mortgage lending criteria, interest rates, lending charges and conditions. It can be quite a chore to search through the lenders deals yourself, and as comparison websites don’t always have access to the lenders best deals, so it is always a good idea to speak to a knowledgeable mortgage broker – such as Ascot Mortgages to make sure you are getting the best mortgage available.
Lending criteria for 90% LTV Mortgages
90% Mortgages do usually come with stricter lending criteria which can vary between lenders – but fortunately as the mortgage market is beginning to ease this lending criteria is gradually relaxing. However, a good credit score is generally essential with all lenders.
Word of caution – not all 90% mortgages can be considered a “good deal” – it can be quite common for 90% LTV mortgages to have higher than average lending charges, higher interest rates, and /or expensive extended tie-in. So if you are considering taking out a 90 percent mortgage you should speak to a reputable mortgage broker such as Ascot Mortgages who will be able to make sure you are getting the best mortgage deal available.
Other financial considerations when buying your first home:
First-time buyers with limited cases available for a deposit need to also factor in other expenses associated with buying your first home:-
- Mortgage Arrangement Fee (this can in most cases be added to the mortgage)
- Mortgage Valuation Fee (can sometimes be added to the mortgage)
- Independent Homebuyer or Buildings Survey
- Legal Fees (some lenders will contribute towards the cost of your legal fees)
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FAQ
A 60% LTV mortgage means you’re borrowing only 60% of the property’s value, with the remaining 40% covered by your deposit or equity. Key benefits include:
– Lower Interest Rates: Since lenders perceive a lower risk with a higher deposit, they often offer more competitive interest rates for 60% LTV mortgages.
– Greater Chance of Approval: A larger deposit often means a better likelihood of mortgage approval as it demonstrates financial stability and commitment.
– Smaller Monthly Repayments: With a lower loan amount and potentially reduced interest rates, monthly repayments might be more manageable.
Yes, it is possible to secure a 60% LTV mortgage for a second home or investment property. However, the criteria might be slightly different compared to a primary residence, and interest rates might be higher. Lenders will consider the potential rental income (for buy-to-let properties) and any other associated costs when assessing eligibility.
As with most mortgages, there can be various fees associated with a 60% LTV mortgage. These might include:
– Arrangement Fees: Charged by the lender for the mortgage product selected.
– Valuation Fees: For assessing the property’s value.
– Early Repayment Charges: If you repay the mortgage ahead of the agreed product term.
– Legal Fees: For conveyancing processes.
It’s important to discuss with your lender or mortgage advisor to get a full breakdown of all potential fees.
If you’re struggling to meet the repayments on a 60% LTV mortgage, it’s crucial to contact your lender as soon as possible. They might be able to offer solutions such as a payment holiday, changing the repayment terms, or other adjustments. If repayments are continually missed without any agreement, the lender has the right to start the repossession process. However, lenders generally view repossession as a last resort and will typically work with borrowers to find alternative solutions.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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