In fact a wide range of different types of mortgages are still available at this level of loan to value.
These include a range of regular fixed, discounted or tracker deals, as well as offset and current account mortgage deals 85% ltv.
The choice of 85% buy to let mortgages is more limited as lenders usually require a deposit of at least 25% before extending a buy to let mortgage, however they are still available, so it is important to look around before settling for something else.
The same can be said for 85% mortgages first time buyer deals so you should still be able to get on the property ladder with a 15% deposit.
When seeking the best mortgage deal for your circumstances, you should not automatically assume that the one with the lowest interest rate is the best 85% mortgage deal out there.
You should take into consideration any fees that will be charged with the deal, in particular be wary of the application fee as this can sometimes add a hefty cost onto the mortgage.
You also need to check whether there will be a higher lending charge as some lenders will impose this charge for 85% ltv mortgage loans, while others will not.
Make sure to also check the flexibility of the mortgage deal too and find out whether you're able to make overpayments or underpayments should you want or need to. If you want this option make sure the mortgage you settle with gives you the option of flexibility to make sure you aren't charged for something that could be avoided.
Checking your eligibility for the deal before you apply is also essential as applying for a mortgage deal you don't stand a chance of getting is not only a waste of time and money, but also could harm your credit rating and in doing so impede your chance of getting approved for a mortgage deal at all.
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