A good selection of different types of 90% mortgages are available.
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.
That said, 90% mortgages for first time buyers are more widely available than you might 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 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 consider what you want from your mortgage deal and then look for options to suit.
When looking for 10% deposit mortgages you should not only compare the interest rate applied, but also the fees and charges as these can make a big difference to 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.
In an ideal world, all would-be borrowers would wait until they had saved a larger deposit before applying for a mortgage. Doing so would both improve the choice of available mortgage deals, and make the monthly mortgage payment lower.
But for those 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.
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.