If you took up a 90% LTV mortgage, it means you would have to double the deposit.
For instance, if you only have savings worth 5% or 15% of the value of the home you wish to buy, a low-deposit mortgage might be a great option for you.
This means your overall cost of borrowing will be a lot higher.
Mortgages Huddersfield
With the current storm of higher interest rates and the high cost of living, it’s difficult for many would-be homeowners to save a substantial deposit for a home.
They are also referred to as 95% loan to value (LTV) mortgages, meaning that you have borrowed 95% of the property value and the 5% deposit making up the rest.
It’s wise to put together a budget before you even start looking up properties.
To learn more about mortgage deposits and get advice about how to buy a home with a small deposit, it’s always wise to seek advice from the right professionals.