90% mortgages or 10% deposit mortgages
Due to the operational challenges created by the COVID-19 pandemic, we have temporarily restricted our lending criteria and withdrawn a number of our mortgage products including those for 90% Loan To Value. Visit the FAQs for more information.
Mortgages with a high loan to value
The size of your deposit can have a big impact on which mortgages might be available to you. As a general rule, the greater the deposit you can provide, the lower the mortgage rate that applies. For first time buyers, saving a 10% deposit in the current property market is no mean feat. And although it’s not possible for everyone, waiting until you have saved that larger deposit is often better for your long-term finances, reducing your monthly repayments.
Not just suitable for first time buyers, homeowners with at least 10% positive equity in their property are also eligible for a 90% LTV mortgage. As an example, you may owe your current mortgage lender £400,000 but the value of your property has increased to £450,000, so your positive equity is £50,000.
90% LTV mortgage considerations
Whether you’re getting on the property ladder, or coming to the end of your existing mortgage deal and are looking to remortgage, there are things to keep in mind with a 10% deposit mortgage. For first time buyers, deciding when to stop saving and start buying is a big decision, and so seeking the advice of an independent financial advisor may help you in making a choice in terms of affordability.
Remortgaging to take advantage of an increase in equity will require a valuation of your property so you know exactly how much it has increased in value. You should also be mindful of any exit fees from your current lender, and factor those in on top of your new mortgage repayments. Again, it could be beneficial to see an independent financial advisor.
Why choose Ipswich Building Society as your lender?
- We know our stuff. Across our 170 years in the mortgage industry, we've dealt with virtually every possible situation.
- We take the personal approach. Our team of skilled, experienced mortgage consultants work with the aim of finding the perfect mortgage to suit your situation. We'll take the time to get to know you properly.
- We don't use computers to make our lending decisions. All applications are reviewed by our expert mortgage consultants.
To find out more about our 10% deposit mortgages, give the Ipswich Building Society a call today on 0330 123 0773.