10% Deposit Mortgages
Our Mortgage Service
Special features of what we offer include:
- Whole of market service - we work with most UK lenders
- Access to loan deals not available on high street
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous defaults and missed payments
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions
To investigate your mortgage options call our independent mortgage adviser team on 0117 313 7780 or fill in our call back form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
10% Deposit Mortgages
Whether you are trying to buy your very first home, remortgage or move you may be wondering what being able to put down a 10% deposit will be able to get you. While it can be possible to secure mortgages with smaller deposits, being able to put down at least 10% of the property value will increase the amount of products available to you. There is a selection of mortgages with Loan to Values of 90% on the market so it is worth shopping around thoroughly before hand to try and find the best product for your specific circumstances, using the calculator above may be able to give you an indication.
Loan to Value
The Loan to Value (LTV) of a mortgage is the amount borrowed compared to the size of the deposit put down, meaning a mortgage with a 10% deposit will have a LTV of 90%, although having a larger deposit will increase the amount of products available to you as well as decrease the rate of interest you pay on the loan.
In addition to being affected by the size of deposit, the maximum amount of money a potential borrower can borrow from a lender will also be dependent on their affordability, which is generally calculated as being a certain multiple of their annual (combined in the cases of a couple) income. However lenders are required to take into account other factors such as the monthly outgoings of applicants and to stress test if they would still be able to afford their repayments if interest rates were to rise. From this lenders will be able to assess exactly how much they could lend you.
How Do I Get A 10% Mortgage?
Different lenders will have differing lending criteria, meaning not all 10% deposit mortgages will be suitable for all applicants, this is because the lender may require their applicants specific financial circumstances to fulfil certain criteria such as a by having a minimum credit rating requirement.
Using an independent mortgage adviser
There are a range of mortgages available for individuals able to put down 10% deposits on the loan; you may therefore find it helpful to use the services of an independent mortgage adviser. In addition to being able to offer their clients advice about obtaining a mortgage, an adviser which offers a whole-of-market service can search across products from a range of providers to try and find the best products for their client, there is also a selection of mortgages from specialist lenders which can only be applied for via an intermediary.
Fill in our online contact form to request a call back from a Fair Mortgages mortgage adviser, at a time that suits you. Alternatively you can call directly on: 0117 313 7780.