The big question on most first time buyers lips and hopeful home movers is, when will 90 ltv Mortgages come back?
When will 90 ltv Mortgages come back?
90% loan to value Mortgages never truly went away. But it is true to say that they were unavailable to most.
However, it does now seem safe to say that they are back for most.
There are currently around 10 different lenders in providing Mortgages for those with 10% deposits.
To get truly full access, you will need to use a whole of market Mortgage Advisor. As most of these lenders will only be available through Mortgage Brokers and do have stricter criteria than for other Mortgages.
Can I get a 90% LTV Mortgage?
Yes, this will be possible for most now.
However, criteria and the way Lenders assess these Mortgages are still much stricter than usual. As Lenders deem these Mortgages higher risk.
The more niche your circumstances are, the more difficult it will be for you to obtain a Mortgage.
For example, those with bad credit.
What Mortgages are available with a 10% deposit?
These Mortgages are available with a few mainstream Lenders and a handful of other Lenders, “not on the high street”.
If you have a gifted deposit, you will now be accepted by most lenders.
Most of the Mortgages on offer are only available on longer term fixed rates, generally fixed for 5 years or more.
This isn’t great for those who wish to review their circumstances or Mortgage in the short term. As there will be early repayment charges to leave these earlier.
Currently they are quite expensive, in comparison to others at the moment too.
So being locked into a high rate for such a long time may leave borrowers feeling begrudged in a couple of years. Especially if they can see lower interest rates would be available to them, were they not tied in.
90% LTV Mortgage with Bad Credit
There may be one or two Lenders available to you.
This will be dependent on how severe the adverse credit is.
It is worth noting though, we have found that applicants are still being declined even where the adverse credit is still within the lenders criteria.
To avoid disappointment, the best thing your Mortgage Advisor can do is submit a Mortgage in Principle to the Lender. A decision will then usually be given within 24 hours.
90% LTV Mortgage on New Build
There are two options when it comes to purchasing a new build property.
You can either use just your own cash deposit. Or in many cases, you can use your own deposit plus the government help to buy equity loan.
If you are purchasing with the Government Equity Loan and a deposit. You will be able to purchase a property with as little as a 5% deposit on a Flat or House.
If you are looking to just use a 10% deposit. You may have a couple of options to purchase your new build Home. A Flat will be more difficult, as Lenders deem these higher risk.
90% LTV Buy to Let Mortgage
This is a question we are often asked, but even pre Covid, 90% LTV Buy to Let Mortgages were not available.
The highest loan to value available was at 85% with two Lenders. But these were expensive and the criteria was strict. Making these generally unavailable to most.
To get some of the best rates, and a good range of Lenders. You will ideally need a 25% deposit at the moment (so 75% LTV).
However, there are some lenders currently available at 80% LTV that should be available to most. This is providing the rental potential of the property you want to purchase or Remortgage is high in comparison to the Mortgage you require.
Our Mortgage Brokers
We work with a variety of Mortgage Brokers which each specialise in different Mortgage Advice areas. When you get in touch, simply select the reason why you’re getting in touch i.e. First time buyer, Bad Credit, Remortgage etc. And we will match you to the Mortgage Broker which Specialises in your circumstances.
All of the Mortgage Brokers we work with are whole of market, fully CeMap qualified, regulated by the FCA, have fair fee policies in place and have consistently great reviews.
Get in touch for a free non-obligatory conversation with one of our Specialist Mortgage Advisors for further information on how they can help you.
Get in touch for more information
Whether you’re a first time buyer or simply looking to Remortgage. Get in touch with us today, so we can put you in touch with a Mortgage Advisor which Specialises in your case.
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For more information or you would just like to find out more about us, please do get in touch here.