If you are looking to buy a home and you have a limited amount available for a deposit, you will need to look for a mortgage that allows you to borrow a high percentage of the value of the property. The percentage of the property value that you need to borrow is known as your 'loan to value' percentage. As an example, if the property you want to buy costs 200,000 GBP and you have 20,000 GBP available to put down as a deposit on the property, the loan to value on your mortgage will be 90%. Due to the recent property market crash, high loan to value mortgages have been harder to come by in recent years.
However things are now looking up for those with limited capital, as the lending criteria is gradually being relaxed once more and high loan to value mortgage loans are now becoming more readily available again. Do bear in mind that when you are budgeting for your home purchase, you need to also factor in the additional costs of buying a property such as the mortgage arrangement fee, the costs of having the property valued and surveyed, legal fees and the costs in insurance and furnishing the property. The best first step when you are looking for a high loan to value mortgage is to speak to a mortgage adviser to find the most suitable mortgage deals on the market for your financial circumstances.
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However things are now looking up for those with limited capital, as the lending criteria is gradually being relaxed once more and high loan to value mortgage loans are now becoming more readily available again. Do bear in mind that when you are budgeting for your home purchase, you need to also factor in the additional costs of buying a property such as the mortgage arrangement fee, the costs of having the property valued and surveyed, legal fees and the costs in insurance and furnishing the property. The best first step when you are looking for a high loan to value mortgage is to speak to a mortgage adviser to find the most suitable mortgage deals on the market for your financial circumstances.
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