A good selection of different types of 90% mortgages are currently available in the UK.
However, many of these deals are tailored with a particular type of borrower in mind. For instance you may need to be an existing borrower or existing customer of the lender to be in with a chance of getting one.
That said, 90% mortgages for first time buyers are more widely available than you might originally think.
Finding a buy to let mortgage 90% deal is more difficult; although not necessarily impossible though you are likely to find that your choice will be limited. Lenders usually require a deposit of at least 25% before considering you for a buy to let mortgage.
Whatever type of borrower you are it's important to remember that the best 90% mortgage deals for your circumstances may be one of a range of regular fixed mortgage, discounted mortgage or tracker mortgage deals, or perhaps an offset or current account mortgage. For this reason it's important to contemplate what you want from your mortgage deal and then look for options that suit you.
When looking for 10% deposit mortgages you should not only compare the interest rates that are applied, but also the fees and charges as these can make a big difference to the overall cost.
Often when you're borrowing 89% deposit mortgages or above, the lender will impose a 'higher lending charge' in addition to its other fees; this is something else that will impact the competitiveness of any mortgage deal, so be sure to consider this when looking for the cheapest deal.
In an ideal world, all would-be borrowers would wait until they had saved a larger deposit before applying for a mortgage. By doing this they would both improve the choice of available mortgage deals, and make the monthly mortgage payment lower.
But for those of you who are especially keen to get on the property ladder, seeking out the cheapest high ltv mortgage deal you can find is one way to compensate for this. So it's important to shop around for the best 90% ltv mortgages for first time buyers.
You can use our 90% mortgage comparison to compare all the 10% deposit mortgages currently available, check the eligibility criteria, fees and terms for each, and find the cheapest option for your circumstances.