Low Deposit Mortgages. A low-deposit mortgage is meant for people looking to buy a house but only have a relatively small amount of money as a deposit.
Most mortgage lenders typically require a deposit of 20%.
This could make it difficult to remortgage and get a new deal when the initial contract with a fixed rate expires.
And the bigger the deposit you put up, the smaller the mortgage you will have to pay for the lifetime of the mortgage.
Your Credit Score Can Help. As part of the Mortgage Application, your lender will check your credit report when deciding whether to lend to you or not.