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Author
Atousa Homayounpour
Editor
James Andrews
Last updated
25 May 2023
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What are 90% LTV mortgages?

A 90% loan-to-value (LTV) mortgage enables you to borrow 90% of the value of the property you’re looking to buy, on the understanding that you put down the remaining 10% as a deposit.  

The loan-to-value ratio is a measure of the percentage of the property’s value on which you will borrow money.

Say you want to buy a property worth £200,000; you would need a £20,000 deposit to take out a 90% LTV mortgage of £180,000.

A 90% LTV mortgage can be a good option if you’re a first-time buyer with only a 10% deposit, or if you’re remortgaging and don’t have a huge amount of equity in your home. 

However, the higher the LTV, the higher your interest rate will usually be – so if you can raise a larger deposit it should help you to save money in the long term.

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How do 90% mortgages work?

You’ll need to put down a 10% deposit to be eligible for a 90% mortgage. If you’re a first-time buyer, you’ll usually need to save up to have this. But if you’re moving home or remortgaging, your deposit could come from the equity in your existing property. 

You’ll also need to meet the lender’s eligibility criteria, which usually means having an adequate credit rating and proving that you can afford the monthly repayments. Most lenders will only let you borrow between around three to five times your salary. 

If you get a 90% mortgage, you’ll then need to make monthly repayments, the amount will depend on various factors including:

  • The deal you choose

  • Whether you’re on a fixed-rate or a variable-rate mortgage

  • The length of the term

What type of 90% LTV mortgages can you get?

First-time buyer 90% LTV mortgage

If you are buying your first home, you’ll need to save up a 10% deposit to get a 90% LTV mortgage. 

Once you’ve saved up enough, you can start comparing the mortgage options available to you. Work out how much each mortgage costs overall by checking the fees and charges as well as the interest rate. 

Fixed-rate mortgages often have higher initial rates but offer the security of knowing that the interest rate – and your monthly repayments – will remain the same for the term of the deal, making them a good option for those on a budget. 

Variable-rate mortgages tend to be cheaper, but the interest rate – and therefore your monthly repayments – can go up or down, so they may not be the right choice if money is tight.

Learn more about first-time buyer mortgages. 

Remortgaging to a 90% LTV mortgage

If you already own your home and you want to remortgage it – perhaps because your existing mortgage deal is coming to an end – you can apply for a 90% LTV mortgage. As long as you have built up 10% of equity in the property (or you have the savings to top up your equity to 10% of the property value).

Remortgaging can enable you to take advantage of a cheaper rate, reducing your monthly repayments. 

You can choose from fixed-rate mortgages, where the rate of interest is guaranteed for the term of the deal (usually between one and five years), and variable-rate deals, such as tracker mortgages. 

With tracker deals, the rate of interest tracks a financial indicator – usually the Bank of England base rate – meaning your rate and your mortgage repayments can go up or down accordingly. 

Bad credit mortgage with a 10% deposit

You’re more likely to be offered a mortgage and secure the best 90% mortgage rates if you have a good credit score. If you don’t, you’re likely to find it much harder to get a mortgage – particularly if you only have a deposit of 10% of the purchase price.  

That said, the likelihood of you finding a mortgage will also depend on how serious your credit issues are and when they occurred. 

A specialist lender may prove a better bet than a high street bank or building society. 

It may also be worth seeking the help of a mortgage broker who can help you identify lenders that are more likely to accept your mortgage application. 

Find out more about bad credit mortgages. 

Can you get a 90% LTV buy-to-let mortgage?

If you’re buying a property to rent out to others, you’ll need a buy-to-let mortgage. However, it’s unlikely you’ll get accepted for a buy-to-let mortgage if you only have a deposit of 10%, as most buy-to-let lenders require a deposit of at least 25% of the home’s value. 

In some cases, you may find a buy-to-let mortgage provider that will lend to you if you have a deposit of 20%. Having a good credit score and a high income will improve your chances of being accepted for such a deal.

What type of 90% LTV mortgages can you get?

First-time buyer 90% LTV mortgage

If you are buying your first home, you’ll need to save up a 10% deposit to get a 90% LTV mortgage. 

Once you’ve saved up enough, you can start comparing the mortgage options available to you. Work out how much each mortgage costs overall by checking the fees and charges as well as the interest rate. 

Fixed-rate mortgages often have higher initial rates but offer the security of knowing that the interest rate – and your monthly repayments – will remain the same for the term of the deal, making them a good option for those on a budget. 

Variable-rate mortgages tend to be cheaper, but the interest rate – and therefore your monthly repayments – can go up or down, so they may not be the right choice if money is tight.

Learn more about first-time buyer mortgages. 

Remortgaging to a 90% LTV mortgage

If you already own your home and you want to remortgage it – perhaps because your existing mortgage deal is coming to an end – you can apply for a 90% LTV mortgage. As long as you have built up 10% of equity in the property (or you have the savings to top up your equity to 10% of the property value).

Remortgaging can enable you to take advantage of a cheaper rate, reducing your monthly repayments. 

You can choose from fixed-rate mortgages, where the rate of interest is guaranteed for the term of the deal (usually between one and five years), and variable-rate deals, such as tracker mortgages. 

With tracker deals, the rate of interest tracks a financial indicator – usually the Bank of England base rate – meaning your rate and your mortgage repayments can go up or down accordingly. 

Bad credit mortgage with a 10% deposit

You’re more likely to be offered a mortgage and secure the best 90% mortgage rates if you have a good credit score. If you don’t, you’re likely to find it much harder to get a mortgage – particularly if you only have a deposit of 10% of the purchase price.  

That said, the likelihood of you finding a mortgage will also depend on how serious your credit issues are and when they occurred. 

A specialist lender may prove a better bet than a high street bank or building society. 

It may also be worth seeking the help of a mortgage broker who can help you identify lenders that are more likely to accept your mortgage application. 

Find out more about bad credit mortgages. 

Can you get a 90% LTV buy-to-let mortgage?

If you’re buying a property to rent out to others, you’ll need a buy-to-let mortgage. However, it’s unlikely you’ll get accepted for a buy-to-let mortgage if you only have a deposit of 10%, as most buy-to-let lenders require a deposit of at least 25% of the home’s value. 

In some cases, you may find a buy-to-let mortgage provider that will lend to you if you have a deposit of 20%. Having a good credit score and a high income will improve your chances of being accepted for such a deal.

Advantages and disadvantages of 90% LTV mortgages

You’ll only need to save a deposit of 10%, helping you to get onto the property ladder faster if you're a first-time buyer
Your mortgage rate will be more competitive compared to 100% or 95% LTV mortgages
You’ll have plenty of deals to choose from as lots of lenders offer 90% mortgages
Interest rates and fees will be higher compared to lower LTV deals
Over the term of your mortgage, you might pay out thousands more in interest than someone on a lower LTV ratio mortgage deal
If house prices fall by more than 10%, you may end up in negative equity, when you owe more than your home is worth

90% mortgages FAQs

Are there any 90% LTV mortgages available?

Yes, many banks and building societies offer 90% LTV mortgages. As with any type of mortgage, it pays to shop around and compare 90% LTV mortgage interest rates and fees.

How can I save a 10% deposit?

Saving up a 10% house deposit isn’t easy, but it can be done if you are disciplined about budgeting, avoiding unnecessary spending, and putting money away each month. The more you save, the more likely you are to get accepted for a mortgage and secure the best interest rates. 

Read our guide for more information on 7 ways to save up for a deposit.

Does my credit record matter when getting a 90% mortgage?

Yes, your credit record does matter. Lenders want to see proof of your ability to manage your monthly mortgage repayments, so they will look at your spending habits and debt management history, as well as assessing your disposable income. 

Here’s more on why your credit record matters.

Can I afford a 10% deposit mortgage?

To find out whether you can afford a 90% LTV mortgage, work out how much you earn and how much you spend each month. Then check there will be enough left over to make your mortgage repayments and cover any other associated costs. 

You can find out more in our guide to how much it costs to buy a home.

What is a higher lending charge and will I have to pay one?

Some lenders add a fee of around 1.5% if your deposit is less than 10%. However, not every lender charges this as a separate fee; some simply charge you a higher interest rate.

Can I get a mortgage without a deposit?

Although they're much more unusual now compared to before the 2008 financial crash, you may be able to get a mortgage without a deposit. 

However, most 100% mortgages are guarantor mortgages, which means you can only get one if you can find someone (usually a family member) to act as guarantor and agree to be responsible for covering the mortgage payments if you cannot. 

For most other mortgages, you need at least a 5% deposit.

About the author

Author imageAtousa Cunnell
Atousa Cunnell
Atousa is a Content Producer for money.co.uk, responsible for writing and editing a wide range of mortgage content that are helpful to the reader.

money.co.uk is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

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