Best 90% mortgages for first-time buyers and small deposits | Mail Online
A number of mortgage lenders are claiming to offer lifelines to first-time buyers and home movers with a small deposit or little equity in their property. But are the deals on offer for cash-strapped borrowers any good?
High Street bank HSBC has set aside £3billion for first-time buyers in 2012 and launched a new range of 90 per cent loan-to-value mortgages. Meanwhile Yorkshire, Marsden, and Hinckley & Rugby building societies all offer 90 per cent loan-to-value deals.
The loan-to-value or LTV is the percentage of the purchase price the borrower needs as a mortgage; so if you have a £10,000 deposit and borrow £90,000 to buy a £100,000 property the LTV is 90 per cent. Generally the lower the LTV, the cheaper your mortgage rate will be.
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