Secure a High Loan to Value Mortgage

Less than 10% deposit? We can still help with our low deposit mortgages.

Getting on the housing ladder is no mean accomplishment in the existing mortgage market. But with us you don’t need to quit your dream with our reduced deposit mortgages.

We are experts in finding the best high loan to value mortgage deals for their first time buyer mortgage customers with less than 10% deposit. Even in today’s economic climate, there are still over a hundred high loan to value mortgages readily available (just 5%-10% deposits) and we will browse the whole of the marketplace, consisting of lots of private loan providers to find you a mortgage which makes buying your first house a real possibility and not simply your dream!

High loan-to-value mortgage for first time buyers

High Loan to Value (LTV) Mortgages are generally the kind of mortgage you will need when you are purchasing your first home and you have a limited deposit of 10% or less of the property value you would like to purchase. A High Loan to Value Mortgage means you are able to obtain a high percentage of the value of the home, this is computed as a portion and can be easily calculated as LTV = Amount Obtained (Mortgage)/Property Value. For example if the home you wish to buy is ₤100k and you have a deposit of ₤15k then your LTV would be: 100k– 15k/100k = 85% (this assumes the value of the home is the cost which is being paid, the value will ultimately be figured out by the mortgage loan providers evaluation study).

Before the property market crash it was possible to find high LTV mortgages of 120% (the added 20% of the mortgage was offered back to you, much like a protected loan, however at this time the rates where much cheaper).

Today nonetheless, most mortgage deals above 100% LTV have been eliminated because they are considered too high-risk for both customers and loan providers. There are however still a variety of 90% LTV home loans offered for those with excellent credit scores. High LTV mortgages do feature stricter lending standards which can vary between lenders – but fortunately as the mortgage market is beginning to lift up (2013) this lending criteria is slowly relaxing.

Word of caution – not all high loan to value mortgages provide a great deal – in fact it is quite typical for reduced deposit mortgages to have very high financing charges, high rates of interest, and/or expensive prolonged tie-in. So if you are considering obtaining a 90 percent mortgage you need to speak with a reputable mortgage broker such as us who will have the ability to ensure you are getting the best mortgage offer readily available.

First time buyers with restricted cash available for a deposit should also consider other inescapable expenses connected with getting your first house:-.

  • Mortgage Plan Charge (this can usually be added to the mortgage)
  • Mortgage Assessment Fee (can in some cases be included in the mortgage)
  • Independent Homebuyer or Structures Survey
  • Legal Fees (some loan providers will contribute to the cost of your legal fees

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