85 LTV Mortgages

How To Get A 85% LTV Mortgage

Not all lenders offer 85% loan to value (LTV) mortgages and those that do have set criteria to determine whether they are happy to lend on this basis.

The good news is that in recent years a number of lenders have relaxed their criteria for this type of lending.

Things to be mindful of include:

• Lenders will charge you a higher rate on interest on your mortgage if you have a 15% deposit. If you can get your deposit up to 20% this will help get the cost of borrowing down.

• While most lenders will be happy to lend if you have a 15% deposit, their decision to lend will be based on affordability criteria so factors such as your income, previous credit record and the amount you wish to borrow.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.