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.
Latest 85% LTV Mortgage offers:
Royal Bank of Scotland are currently offering £250 Cashback for first time buyers
RBS Mortgages offers 85% LTV mortgages purchasing a residential property. Call RBS FREE on 0800 096 7447 to discuss how you could buy your next home with a 15% deposit.
Post Office offer a great range of mortgage offers - Click here »
Many lender websites have useful information on getting a mortgage for the first time or where you have a low deposit. See some of the links above or check out the Post Office for information on 85% LTV mortgage deals.