90% LTV Mortgages

You can get a 90% mortgage by using a mortgage broker like us or by going direct to a mortgage lender.

It is not easy finding a 90% LTV mortgage product, we find that often there are hurdles to face along the way. Without the help of a mortgage broker, you may encounter problems with property surveys, valuations, and the conveyancing process.

A mortgage broker’s job is to guide you through the process and save you time and money along the way.

When preparing your 90% mortgage application, you are required to provide evidential documents to support your income and affordability. You will need to provide:

• Evidence of earnings.
• Bank statements showing good account conduct.
• Form of identification (e.g. passport or drivers license).
• Proof of deposit for a new purchase.
• Credit report showing amounts of dates of anything that is registered against you.
• Details of existing credit commitments such as loans and credit cards.

Our diligent case managers will ensure that you have all of your supporting documents in place before submitting your mortgage application.

A 90% mortgage is a 90% loan on a property. To take out a 90% LTV mortgage, you will be required to provide a 10% deposit towards the property purchase and the remaining finance will be provided by a mortgage.

Here is a 90% LTV mortgage example:

If you are looking to purchase a £200k property, you will be required to put down 10% of this value.

A 10% deposit for a £200k property amounts to £20k. This £20k can be made up from savings of a gifted deposit.

£180k mortgage application for the remaining 90% purchase price will be applied for and you’ll repay this back monthly for the term of your mortgage which is typically 25-30 years.

Most mortgage lenders offer 90% LTV mortgages, each has different criteria surrounding them.  We work with many mortgage lenders, including the high streets and more specialist ones and we’ll find you the best deal based on your situation.

Mortgage lenders that offer 90% mortgages will each have their affordability assessments and criteria surrounding them. This is where using a mortgage broker can become incredibly useful.

Mortgage brokers will help you prepare your 90% mortgage application, making sure that you have the necessary documents in place that evidence your affordability for the product.

Each mortgage lender has their own, unique lending criteria.

Here are the typical eligibility criteria you can expect for a 90% LTV mortgage:

• Income, you’ll need to evidence your income as part of the mortgage application.
• Affordability, you’ll need to evidence that your mortgage is affordable now and in the foreseeable future.
• 10% deposit from your savings or a gift.
• You’re buying the property to live in and not a buy to let.
• Sole or joint name applications available.
• Credit score, although bad credit mortgage deals are available.

Like most mortgage processes, you will be required to pass mortgage lender credit checks and affordability assessments.

There are also a range of self-employed mortgages available at 90% LTV if you run your own business. Evidence of income in the form of SA302s, PAYE payslips, company accounts etc will be requested depending on the structure of your company.

Yes, if you can afford to put down a deposit of 10%, 90% LTVmortgages are usually a good idea.

90% LTV mortgages often come with a better rate of interest than 95% due to the lower risk by the lender. Access to better rates of interest saves you money on your mortgage payments.

It’s also a good idea to use a mortgage broker to arrange your 90% LTV mortgage, they can provide advice based on your personal situation and progress your application through to completion, helping you overcome any hurdles along the way.

90% mortgages are easier to take out than 95% mortgages because you are less risk to the mortgage lender.

Your personal situation, including credit history, source of deposit, employment type etc. along with the property type, source of deposit, and lending criteria will determine how hard a 90% LTV mortgage is to get.

No, 90% LTV mortgages are available to first time buyers, home movers and those looking to remortgage.

As a mortgage broker, we will take a look at your personal and financial situation to determine whether a 90% mortgage is the right option for you.

Yes, 90% LTV mortgages are available on new build properties. Although not every mortgage lender will provide a mortgage on a newbuild property there’ll be additional lending criteria to meet when buying from the builder.

However, it is worth talking to a mortgage advisor to assess your options in this case. You may need to take out a specialist product on certain types of new builds, therefore, it is worth speaking with an expert.

There are also other schemes available such as shared ownership to help both home movers and first time buyers.