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Whether you are trying to buy your very first home, remortgage or move, you may be wondering what being able to put down a 5% deposit will be able to get you. While it can be possible to secure mortgages with smaller deposits, a 5% deposit of the property value will increase is generally the industry minimum required. There is a selection of mortgages with Loan to Values of 95% on the market, so it is worth shopping around thoroughly before hand to try and find the best product for your specific circumstances.
The Loan to Value (LTV) of a mortgage is the amount borrowed compared to the size of the deposit put down. This means that a mortgage with a 5% deposit will have a LTV of 95%, It is important to note that having a larger deposit will increase the amount of products available to you, and decrease the rate of interest you pay on the loan.
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