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70% LTV mortgages
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What is a 70% LTV mortgage?
A 70% loan-to-value (LTV) mortgage means you put down a deposit worth 30% of the property value. You'll then borrow the remaining 70% from a mortgage lender and repay this over the course of the mortgage term, along with the interest payments.
The LTV is the proportion of the mortgage loan to the value of the property. LTV thresholds decide the mortgage rates you can apply for. A 70% LTV mortgage is at the lower-mid end of LTV values.
How do 70% mortgages work?
A 30% deposit is worth aiming for if you're able to. 70% LTV mortgages generally offer lower interest rates and monthly repayments than higher LTV mortgages.
And while it's still challenging to save up a deposit worth 30% of a property, particularly if you're a first-time buyer, you might find that it's possible for you. And it's easier than saving up a 40% deposit to access 60% LTV mortgages.
However, given that 30% is still quite a large deposit, it's generally those who already own a property that are able to access these mortgage interest rates, as they will have built up some equity in their current home.
The table shows the deposit amount you'd require for a 70% mortgage for different property values. This might help you work out if a 70% mortgage is within your reach.
| Property value | Deposit amount (30%) | Mortgage loan amount (70%) |
|---|---|---|
| £200,000 | £60,000 | £140,000 |
| £300,000 | £90,000 | £210,000 |
| £400,000 | £120,000 | £280,000 |
| £500,000 | £150,000 | £350,000 |
Best 70% LTV mortgage rates
The table below shows some of our partner Mojo's best 70% LTV fixed-rate deals based on initial rates available for two or five years. LTV (loan-to-value) is the amount you borrow compared to the value of the property). You'll pay this rate throughout the introductory period (in this case two or five years, although other deal lengths are also available).
We've also included APRC (or Annual Percentage Rate of Change) costs after the initial rate for each deal. The APRC is calculated with fees and the lender's standard variable rate (SVR) included, so can help you compare the overall cost of different deals.
However, many people choose to get a remortgage deal at the end of their introductory deal to avoid the SVR, which is typically higher.
- 2 years
- Fixed rate
- Monthly repayment£ 1,034.56
- Loan to value70 %
- Initial interest rate4 %
- Variable rate7.24 %
- APRC6.9%
- Product fees£ 1,525
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 6.9%. Repayments: 26 months of £1,034.56 at 4% (fixed), then 274 months of £1,387.04 at 7.24% (variable). Total amount payable £406,947.52. Early repayment charges apply until 30-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1525.
- 2 years
- Fixed rate
- Monthly repayment£ 1,034.56
- Loan to value70 %
- Initial interest rate4 %
- Variable rate7.24 %
- APRC6.8%
- Product fees£ 1,025
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 6.8%. Repayments: 26 months of £1,034.56 at 4% (fixed), then 274 months of £1,387.04 at 7.24% (variable). Total amount payable £406,947.52. Early repayment charges apply until 30-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1025.
- 2 years
- Fixed rate
- £ 250 cashback
- Monthly repayment£ 1,035.75
- Loan to value70 %
- Initial interest rate4.02 %
- Variable rate7.74 %
- APRC7.3%
- Product fees£ 1,099
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 7.3%. Repayments: 26 months of £1,035.75 at 4.02% (fixed), then 274 months of £1,444.87 at 7.74% (variable). Total amount payable £422,823.88. Early repayment charges apply until 30-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1099. Legal fees £161.27.
- 2 years
- Fixed rate
- Monthly repayment£ 1,035.75
- Loan to value70 %
- Initial interest rate4.02 %
- Variable rate6.75 %
- APRC6.5%
- Product fees£ 1,224
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 6.5%. Repayments: 27 months of £1,035.75 at 4.02% (fixed), then 273 months of £1,328.54 at 6.75% (variable). Total amount payable £390,656.67. Early repayment charges apply until 02-Oct-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1224. Legal fees £184.75.
The above fixed rates are provided by Mojo Mortgages and updated every 12 hours. THEY MAY NOT BE AVAILABLE WHEN YOU'RE READY TO SUBMIT AN APPLICATION.
Lending criteria for 70% mortgages
The first thing you'll need to be eligible for a 70% mortgage is a 30% deposit. However, a 30% deposit will not a guarantee that you'll be able to get a 70% mortgage for the property that you want.
You'll also have to meet other lending criteria to get this type of mortgage deal, such as affordability, creditworthiness, age limits and any property restrictions (not all lenders lend on all property types).
Income
Lenders will use your income to calculate how much you can borrow. You can typically borrow around four-and-a-half time your annual income from a lender.
If you're applying for a mortgage with someone else, your borrowing will usually be based on the total of both your annual incomes.
Expenditure
Lenders will look at your outgoings and spending habits when you apply for a mortgage. This is to check that you will be able to afford the monthly repayments.
It can therefore be a good idea to reduce your outgoings or reviewing your spending habits where possible in the three to six months before applying. Consider whether there are direct debits or standing orders you could cancel, or whether you could reduce your budget for other things.
Credit history
Lenders want to know that you can manage debt reliably which is why they will also take your credit history into account. If you have bad credit due to mistakes in the past, getting accepted for a mortgage may be a bit trickier.
You can check your credit score for free to see where you stand. If your score is low due to credit issues from your past, speak to a mortgage broker who can advise you on lenders who might be willing to consider you.
Advantages of 70% LTV mortgages
A 70% mortgage sits in the low-mid range of LTV ratios, meaning you should be able to access better mortgage interest rates than a lot of higher LTV mortgages
You're less likely to fall into negative equity compared with a higher LTV mortgage
You'll have to borrow less compared to a higher LTV mortgage, which should save you quite a lot in interest payments over the course of the mortgage
Disadvantages of 70% LTV mortgages
It may be very challenging to save up a 30% deposit, particularly if you're a first-time buyer or don't have much equity built up in your current property
If you're putting all your savings into a 30% deposit, you might be better keeping some back as an emergency fund and opting for a higher LTV mortgage
You may be able to access better mortgage deals if you can save up a larger 40% deposit
If you're able to save up a 30% deposit, then you should be able to qualify for a 70% LTV mortgage. As it's in the low-mid range of LTV ratios, you'll usually have access to ”Jason McDonald, Mortgage Expert
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YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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