Your home may be repossessed if you do not keep up repayments on your mortgage.
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In general the bigger the deposit you're able to put down, the greater the likelihood of being able to get a good mortgage deal. With a 20% deposit, where you need an 80% LTV mortgage, you're in a strong position; however you still need to compare 80 percent mortgages to choose one that fits your purchase.
To find the best 80% LTV mortgage deals you'll need to consider what sort of borrower you are, the full amount you want to borrow, and how you want to go about paying it back.
If the proposed mortgage is for your first property, investigate the wide variety of 80% mortgage first time buyer deals available. These come in all forms, from tracker to fixed rate, so as a newcomer to the mortgage market to a reasonable degree you can take your pick.
If you're not eligible for first time buyer deals, your first need to exclude them from your 80% mortgage comparison before you start searching for the best mortgage 20% deposit. The best mortgage deals for you will depend on your circumstances, with fixed rate, tracker, discount, offset and current account mortgages all available.
Read our guide: 10 Steps to Your Perfect Mortgage to find out what you should expect with each type of deal. If there's a standout option that you think suits your needs, narrow your comparison down to those deals.
When you're looking for mortgage deals you should take into account the interest rate applied to your loan (both during and after any introductory period), plus any associated fees and/or charges as these can have a telling effect on your overall repayment.
Once you've established your needs and worked out what options are available to you, use our 80% mortgage comparison to work out monthly repayments/how much you'd repay overall with each deal. Finally, make sure the deals' terms and conditions suit your needs to get the best mortgage with 80% LTV for your dream move.
A mortgage is a path to buying the home you want but it's also likely to be the biggest financial commitment you ever make. So, finding the best rates & the most suitable mortgage package is vital, here's how.
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