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90% mortgages
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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
What is a 90% mortgage?
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 mortgage deals.
Best 90% LTV mortgage rates
This table shows some of our partner Mojo's best 90% mortgage rates for two-year fixed rate and five-year fixed rate deals. The LTV (in this case 90% 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) after the initial rates. This can be useful when comparing the overall cost of different mortgage 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 years
- Fixed rate
- £ 250 cashback
- Monthly repayment£ 1,455.60
- Loan to value90 %
- Initial interest rate4.89 %
- Variable rate8.54 %
- APRC7.6%
- Product fees£ 1,139
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 7.6%. Repayments: 24 months of £1,455.60 at 4.89% (fixed), then 276 months of £1,968.12 at 8.54% (variable). Total amount payable £568,449.36. Early repayment charges apply until 2 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1139. Legal fees £105.
- 2 years
- Fixed rate
- £ 500 cashback
- Monthly repayment£ 1,479.05
- Loan to value90 %
- Initial interest rate5.04 %
- Variable rate7.49 %
- APRC7.3%
- Product fees£ 1,079
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 7.3%. Repayments: 24 months of £1,479.05 at 5.04% (fixed), then 276 months of £1,836.47 at 7.49% (variable). Total amount payable £542,362.92. Early repayment charges apply until 2 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1079.
- 2 years
- Fixed rate
- Monthly repayment£ 1,484.94
- Loan to value90 %
- Initial interest rate5.08 %
- Variable rate8.99 %
- APRC7.4%
- Product fees£ 1,520
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 7.4%. Repayments: 25 months of £1,484.94 at 5.08% (fixed), then 275 months of £2,007.67 at 8.99% (variable). Total amount payable £570,414.47. Early repayment charges apply until 01-Jan-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1520.
- 2 years
- Fixed rate
- Monthly repayment£ 1,486.41
- Loan to value90 %
- Initial interest rate5.09 %
- Variable rate7.84 %
- APRC7.5%
- Product fees£ 210
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 7.5%. Repayments: 27 months of £1,486.41 at 5.09% (fixed), then 273 months of £1,887.56 at 7.84% (variable). Total amount payable £555,436.95. Early repayment charges apply until 28-Feb-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £210. Legal fees £258.
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.
How do 10% deposit mortgages work?
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 deal, 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
Can a first time buyer get a 10% deposit mortgage?
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.
Can you get 90% buy-to-let mortgages?
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. According to recent buy-to-let landlord statistics, a typical UK landlord can expect an annual rental income of £8,256 per property they own.
Should I take out a 10% deposit mortgage?
90% 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 mortgage 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:
The typical costs of buying a property: including stamp duty, solicitor’s fees and mortgage arrangement fees
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
Can I remortgage to a 90% deal?
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.
Pros of 90% mortgages
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 get a remortgage deal on a cheaper rate
Cons of 90% mortgages
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 deal are likely to be stricter than if you were applying for a lower LTV ratio
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
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YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.