Why are you looking for a mortgage?
Repayment mortgage of £224,000 over 25 years, representative APRC 4.6%. Repayments: 24 months of £889.56 at 1.44% (discount), then 276 months of £1,305.09 at 5.25% (variable). Total amount payable £381,554.28 which includes interest of £157,554.28. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of Northern Ireland
Are older than 18 years
Available Direct.
Remortgage only.
Self employed not accepted.
Available in branch only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 5%. Repayments: 24 months of £889.56 at 1.44% (discount), then 276 months of £1,352.58 at 5.64% (variable). Total amount payable £395,660.52 which includes interest of £170,661.52. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 80 years
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 5%. Repayments: 24 months of £926.70 at 1.79% (discount), then 276 months of £1,356.71 at 5.64% (variable). Total amount payable £396,692.76 which includes interest of £172,692.76. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 80 years
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 4.4%. Repayments: 24 months of £937.48 at 1.89% (discount), then 276 months of £1,255.08 at 4.79% (variable). Total amount payable £370,080.60 which includes interest of £144,901.60. Application Fee (£180) paid upfront (non-refundable). Arrangement Fee (£999) with an option to add to the loan. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 21 years
Available via brokers only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 4.6%. Repayments: 24 months of £938.57 at 1.9% (discount), then 36 months of £1,140.85 at 3.8% (discount), then 240 months of £1,322.19 at 5.54% (variable). Total amount payable £381,620.88 which includes interest of £156,921.88. Application Fee (£199) paid upfront (non-refundable). Completion Fee (£500) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 85 years
Remortgage only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 5%. Repayments: 24 months of £938.57 at 1.9% (discount), then 276 months of £1,340.77 at 5.5% (variable). Total amount payable £393,573.20 which includes interest of £168,578.20. Arrangement Fee (£995) paid upfront. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of Scotland
Are older than 18 years
Available Direct.
Max age at term end: 85 years
Minimum income £40,000
Available in branch only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 5%. Repayments: 24 months of £938.57 at 1.9% (discount), then 276 months of £1,340.77 at 5.5% (variable). Total amount payable £393,573.20 which includes interest of £168,578.20. Arrangement Fee (£995) paid upfront. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are older than 18 years
Available Direct.
Max age at term end: 85 years
Minimum income £40,000
Available in branch only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 5%. Repayments: 24 months of £938.57 at 1.9% (discount), then 276 months of £1,340.77 at 5.5% (variable). Total amount payable £393,573.20 which includes interest of £168,578.20. Arrangement Fee (£995) paid upfront. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of Scotland
Are older than 18 years
Available Direct.
Max age at term end: 85 years
Minimum income £40,000
Available in branch only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 5%. Repayments: 24 months of £938.57 at 1.9% (discount), then 276 months of £1,340.77 at 5.5% (variable). Total amount payable £393,573.20 which includes interest of £168,578.20. Arrangement Fee (£995) paid upfront. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are older than 18 years
Available Direct.
Max age at term end: 85 years
Minimum income £40,000
Available in branch only.
Additional criteria may apply.
Repayment mortgage of £224,000 over 25 years, representative APRC 4.5%. Repayments: 36 months of £942.90 at 1.94% (discount), then 264 months of £1,306.48 at 5.35% (variable). Total amount payable £378,855.12 which includes interest of £154,855.12. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 85 years
Additional criteria may apply.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Although 80% loan-to-value (LTV) mortgages are at the higher end of the LTV mortgage scale, they are far more common than 95% or 100% LTV mortgages. But how do they work and what should you be aware of?
An 80% loan-to-value mortgage is one of the more common mortgages in the UK. The ‘80%’ bit refers to the ratio between the amount borrowed (80%) and the total cost of the house (100%).
So if the house is worth £100,000, with a deposit of £20,000 and a mortgage of £80,000 the LTV of the mortgage is 80%.
The right LTV for your needs depends on two things – how much you have for a deposit and how much you can afford to pay on a monthly basis.
The monthly cost of the mortgage is determined by the total amount borrowed, the term and the interest rate.
As a rule, the interest rate will be higher with higher LTVs, so a 70% LTV mortgage will tend to have a lower interest rate than an 80% LTV mortgage because it’s less risky for the lender.
While increasing the term will lower the monthly repayments, it will also increase the overall cost of the mortgage as the interest is being charged for a longer period of time.
Before deciding how much of your savings to use as a deposit you should also consider keeping some back. Not only are there costs associated with taking out a mortgage – such as lender’s fees, solicitor’s fees and potentially stamp duty – but owning a home means you might need some of your savings to cover repairs and maintenance.
Buy-to-let mortgages are for people who are buying or remortgaging a property to let to tenants. They are taken out on an interest-only basis and tend to have higher interest rates and fees than residential mortgages. An 80% LTV is usually the maximum available.
If you’re taking out a 80% LTV buy-to-let mortgage, as well as only being able to borrow up to 80% of the property’s value the lender will also want to make sure that the rental income of the property will cover the monthly interest payments for the amount you want to borrow by 125% to 145%.
As with residential mortgages, the lower your LTV the cheaper the mortgage you’ll get so it’s worth paying as big a deposit as possible. For example, one of the cheapest two-year fixed-rate deals you could currently get for an LTV of 80% has a rate of 2.74% with an arrangement fee of £995 but you could get a 60% LTV deal with a rate of just 1.66% and no fee.
You should always take fees into account when comparing mortgage deals as the one with the lowest rate won’t necessarily be the cheapest over the deal period once fees are factored in.
Although you’ll pay more for an 80% LTV buy-to-let deal that one with a lower LTV, there are some benefits to choosing one:
It could allow you to hold onto some of your savings to use for other purposes, such as improving or maintaining the property, because you’ll be paying a smaller deposit
It might let you buy a more expensive property than you otherwise would, giving you a higher rental income
There are potential downsides to taking out a 80% LTV buy-to-let mortgage:
You’ll pay a higher rate of interest than with a lower LTV
If the property is empty for a period of time it might be more difficult to afford your repayments than if you had borrowed less
You’ll have fewer mortgage deals to choose from compared with taking out a mortgage with a lower LTV
If you’re planning to ultimately sell the property to pay off the mortgage, there’s a greater risk that you won’t be able to sell it for enough to pay off a bigger loan
Last updated: 21 December 2021
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