A 90% loan-to-value (LTV) mortgage is any home loan where you borrow 90% of the property's value from a lender. This may also be referred to as a 10% deposit mortgage, as the remaining 10% of the property value is paid for using your deposit.
The 90% that you borrow is known as 90% LTV. The higher the ratio between what you borrow and the value of the home, the greater the risk for lenders. This means that a 90% mortgage will typically have higher interest rates compared to lower LTV mortgages.
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This table shows some of our best fixed-rate deals available at 90% LTV. LTV is the amount you borrow compared to the value of the property. Initial rates are what you pay during the introductory deal period (or fixed-rate period - in this case two or five years).
We've included the Annual Percentage Rate of Change (APRC) in brackets after the initial rates. This can be useful when comparing the overall cost of different deals. It takes fees and the lender's standard variable rate (SVR) into account. Keep in mind that many people choose remortgage onto another deal at the end of their introductory deal, so won't end up paying the SVR.
|2-year fixed||5-year fixed|
|Virgin Money - 5.33% (8.9% APRC)||Barclays Bank - 4.85% (7.3% APRC)|
|Yorkshire Building Society - 5.34% (7.32% APRC)||Virgin Money - 4.85% (7.6% APRC)|
|HSBC - 5.39% (7% APRC)||HSBC - 4.86% (6.4% APRC)|
|Santander UK Plc - 5.39% (7.4% APRC)||HSBC - 4.89% (6.3% APRC)|
90% LTV 2 Year Fixed - Virgin Money - 5.33% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 8.9%. Repayments: 26 months of £1,529.84 at 5.33% (fixed), then 274 months of £2,165.24 at 9.49% (variable). Total amount payable £633,051.60. Early repayment charges apply until 01-Feb-2026. Other fees may apply.
90% LTV 2 Year Fixed - Yorkshire Building Society - 5.34% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.32%. Repayments: 27 months of £1,532.55 at 5.34% (fixed), then 273 months of £1,930.66 at 8.24% (variable). Total amount payable £557,753.43. Early repayment charges apply until 28-Feb-2026. Other fees may apply.
90% LTV 2 Year Fixed - HSBC - 5.39% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7%. Repayments: 27 months of £1,535.48 at 5.39% (fixed), then 273 months of £1,767.24 at 6.99% (variable). Total amount payable £523,914.48. Early repayment charges apply until 28-Feb-2026. Other fees may apply.
90% LTV 2 Year Fixed - Santander UK Plc - 5.39% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.4%. Repayments: 28 months of £1,535.48 at 5.39% (fixed), then 272 months of £1,843.72 at 7.5% (variable). Total amount payable £544,485.28. Early repayment charges apply until 02-Apr-2026. Other fees may apply.
90% LTV 5 Year Fixed - Barclays Bank - 4.85% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.3%. Repayments: 64 months of £1,456.98 at 4.85% (fixed), then 236 months of £1,966.90 at 8.74% (variable). Total amount payable £557,435.12. Early repayment charges apply until 31-Mar-2029. Other fees may apply.
90% LTV 5 Year Fixed - Virgin Money - 4.85% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.6%. Repayments: 62 months of £1,458.69 at 4.85% (fixed), then 238 months of £2,080.45 at 9.49% (variable). Total amount payable £585,585.88. Early repayment charges apply until 01-Feb-2029. Other fees may apply.
90% LTV 5 Year Fixed - HSBC - 4.86% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 6.4%. Repayments: 63 months of £1,459.86 at 4.86% (fixed), then 237 months of £1,731.05 at 6.99% (variable). Total amount payable £502,230.03. Early repayment charges apply until 28-Feb-2029. Other fees may apply.
90% LTV 5 Year Fixed - HSBC - 4.89% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 6.3%. Repayments: 63 months of £1,461.37 at 4.89% (fixed), then 237 months of £1,728.52 at 6.99% (variable). Total amount payable £501,725.55. Early repayment charges apply until 28-Feb-2029. Other fees may apply.
Rates are provided by Mojo Mortgages and updated every 12 hours. THESE DEALS MAY NOT BE AVAILABLE AT THE POINT AT WHICH YOU ARE READY TO SUBMIT AN APPLICATION.
You may not be eligible for all mortgage deals depending on your circumstances. Also remember to check fees as well as the initial rate as they can sometimes make deals more expensive.
If apply for a 90% mortgage, you'll need a deposit worth 10% of the property's value. The lender loans you the remaining 90%, which you repay over the full term of the mortgage, alongside interest.
For example: A 90% mortgage for a property costing £150,000 would need a deposit of £15,000. The lender would then lend you £135,000, so long as you meet their criteria
In many cases, yes first-time buyers can a mortgage with a 10% deposit, provided they meet the necessary criteria - including credit history and affordability.
Usually not, not. For a buy-to-let mortgage lenders usually insist on a minimum of 25% deposit, so a maximum of 75% LTV is typical for a buy-to-let purchase.
If you're a portfolio landlord, however, certain lenders have specialist deals available where you might not need such a large deposit.
90% LTV mortgage rates are more expensive than lower LTV mortgages because you're only investing 10% deposit into your home purchase. As this is riskier for lenders than a lower LTV mortgage, the rates will be higher - which could add thousands of pounds extra over the lifetime of the mortgage.
However, before focusing all of your savings on a larger deposit, it's important to be aware of the other costs involved with taking out a mortgage:
Home ownership costs: such as unexpected repairs. Always keep some savings aside as an emergency fund
Living expenses - It's wise to keep three to six months’ worth of everyday household bills and mortgage payments in an emergency savings account in case of a sudden change in circumstances
You can find 90% remortgage deals, so you could remortgage when you have 10% equity in your property.
Equity is the part of your home that you own, so your deposit plus any repayments you've made. It will also increase and decrease with your property value
Some lenders may allow you to use a mixture of equity and a cash deposit if you want to remortgage sooner. However, the rates available to remortgage at 90% LTV will be higher than if you remortgage at a lower LTV.
In some circumstances it may be better to wait until the equity in your home has increased, especially if a rise in property value is expected. A mortgage broker can advise you about whether now is the best time for you to consider remortgaging.
90% LTV mortgage rates are cheaper than 95% LTV rates
It means you can get on the property ladder rather than spend years having to save up more of a deposit
Once you’ve paid off some of your mortgage you may be able to remortgage to a cheaper rate
You will pay a higher interest rate than if you put down a 15% or 20% deposit
Over the full term of the mortgage you’ll end up paying thousands more in interest compared to a lower LTV deal
The value of your property only has to fall by 10% for it to be in negative equity
The criteria you have to meet in order to secure a mortgage are likely to be stricter than if you were applying for a lower LTV ratio
If a 90% mortgage isn't right for you, find out how to compare our best mortgage rates or use the links below to learn about other mortgage LTV ratios.
90% LTV mortgages are a popular option for first-time buyers. A 10% deposit is more within reach than 15 or 20% for many, and you'll get access to better rates and deals than for 95% LTV mortgages. ”Kellie Steed, Mortgage Content Writer
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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Last updated: 06 September 2023