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-
![Barclays Mortgage's logo']()
Barclays Mortgage 5 Year Fixed
-
Initial Rate
3.05% Fixed to 31/01/2026
-
APRC
2.80%
-
Product Fee
£0
-
Monthly Repayment
£679.46
-
Lender:
Barclays Mortgage
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
0%
-
Min Loan:
£5,000
-
Max Loan:
£500,000
-
Product Description:
3.05% Fixed to 31/01/2026
-
Incentives:
Free valuation fees for properties valued Max £2M
No arrangement fees
-
Initial Monthly Repayment:
£679.46 x 62
-
Ongoing Monthly Payments:
£651.85 x 238
-
Total Amount Payable:
£198,146.82
-
Total Interest Payable:
£54,766.82
-
Valuation Fee:
Free
-
Exit Admin Fee:
£80
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/26: 3% Sum Repaid
-
Initial Rate
-
![Mansfield BS's logo']()
Mansfield BS 3 Year Discounted Variable
-
Initial Rate
3.05% Discounted Variable for 3 years (2.30% disc)
-
APRC
4.90%
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Product Fee
£199
-
Monthly Repayment
£679.46
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Lender:
Mansfield BS
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Max First Time Buyer LTV:
100%
-
Max House Purchase LTV:
100%
-
Max Remortgage LTV:
0%
-
Min Loan:
£50,000
-
Max Loan:
£250,000
-
Product Description:
3.05% Discounted Variable for 3 years (2.30% disc)
-
Incentives:
£400 cashback
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Ongoing Monthly Payments:
£679.46 x 36
-
Total Amount Payable:
£247,733.96
-
Total Interest Payable:
£104,340.96
-
Valuation Fee:
£169
-
Exit Admin Fee:
£125
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 3 yrs: 3% Mortgage Advance
-
Initial Rate
-
![Mansfield BS's logo']()
Mansfield BS 3 Year Discounted Variable
-
Initial Rate
3.05% Discounted Variable for 3 years (2.30% disc)
-
APRC
4.90%
-
Product Fee
£199
-
Monthly Repayment
£679.46
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Lender:
Mansfield BS
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Max First Time Buyer LTV:
100%
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Max House Purchase LTV:
100%
-
Max Remortgage LTV:
0%
-
Min Loan:
£100,000
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Max Loan:
£250,000
-
Product Description:
3.05% Discounted Variable for 3 years (2.30% disc)
-
Incentives:
£400 cashback
-
Ongoing Monthly Payments:
£679.46 x 36
-
Total Amount Payable:
£247,733.96
-
Total Interest Payable:
£104,340.96
-
Valuation Fee:
£169
-
Exit Admin Fee:
£125
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 3 yrs: 3% Mortgage Advance
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-
Initial Rate
-
![Hanley Economic BS's logo']()
Hanley Economic BS 3 Year Fixed
-
Initial Rate
3.09% Fixed for 3 years
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APRC
4.50%
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Product Fee
£299
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Monthly Repayment
£682.44
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Lender:
Hanley Economic BS
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Max First Time Buyer LTV:
95%
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Max House Purchase LTV:
95%
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Max Remortgage LTV:
95%
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Min Loan:
£30,000
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Max Loan:
£500,000
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Product Description:
3.09% Fixed for 3 years
-
Incentives:
-
Initial Monthly Repayment:
£682.44 x 36
-
Ongoing Monthly Payments:
£801.30 x 264
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Total Amount Payable:
£237,165.04
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Total Interest Payable:
£93,611.04
-
Valuation Fee:
£260
-
Exit Admin Fee:
£95
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/3/23: 2% Sum Repaid
-
Initial Rate
-
![Barclays Mortgage's logo']()
Barclays Mortgage 5 Year Fixed
-
Initial Rate
3.25% Fixed to 31/01/2026
-
APRC
2.90%
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Product Fee
£0
-
Monthly Repayment
£694.43
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Lender:
Barclays Mortgage
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Max First Time Buyer LTV:
100%
-
Max House Purchase LTV:
100%
-
Max Remortgage LTV:
0%
-
Min Loan:
£5,000
-
Max Loan:
£500,000
-
Product Description:
3.25% Fixed to 31/01/2026
-
Incentives:
Free valuation fees for properties valued Max £2M
No arrangement fees
-
Initial Monthly Repayment:
£694.43 x 62
-
Ongoing Monthly Payments:
£654.44 x 238
-
Total Amount Payable:
£199,691.38
-
Total Interest Payable:
£56,311.38
-
Valuation Fee:
Free
-
Exit Admin Fee:
£80
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/26: 3% Sum Repaid
-
Initial Rate
-
![Cambridge BS's logo']()
Cambridge BS 2 Year Discounted Variable
-
Initial Rate
3.49% Discounted Variable for 2 years (1.40% disc)
-
APRC
4.70%
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Product Fee
£199
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Monthly Repayment
£712.62
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Lender:
Cambridge BS
-
Max First Time Buyer LTV:
95%
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Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
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Max Loan:
£400,000
-
Product Description:
3.49% Discounted Variable for 2 years (1.40% disc)
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Incentives:
Free valuation fees for properties valued Max £1M
-
Ongoing Monthly Payments:
£712.62 x 24
-
Total Amount Payable:
£243,030.32
-
Total Interest Payable:
£99,871.32
-
Valuation Fee:
Free
-
Exit Admin Fee:
£60
-
Early Repayment Charge:
No
-
Initial Rate
-
![Family Building Society's logo']()
Family Building Society 5 Year Fixed
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Initial Rate
3.64% Fixed to 31/03/2026
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APRC
3.90%
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Product Fee
£599
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Monthly Repayment
£724.13
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Lender:
Family Building Society
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Max First Time Buyer LTV:
95%
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Max House Purchase LTV:
95%
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Max Remortgage LTV:
0%
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Min Loan:
£45,000
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Max Loan:
£500,000
-
Product Description:
3.64% Fixed to 31/03/2026
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Incentives:
Free valuation fees for properties valued Max £500K
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Initial Monthly Repayment:
£724.13 x 64
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Ongoing Monthly Payments:
£772.19 x 236
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Total Amount Payable:
£230,280.16
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Total Interest Payable:
£86,081.16
-
Valuation Fee:
£175
-
Exit Admin Fee:
£125
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/3/26: 5/4/3/2/1% Sum Repaid
-
Initial Rate
-
![Teachers BS's logo']()
Teachers BS 2 Year Discounted Variable
-
Initial Rate
3.64% Discounted Variable for 2 years (1.25% disc)
-
APRC
4.80%
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Product Fee
£199
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Monthly Repayment
£724.13
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Lender:
Teachers BS
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Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
0%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
3.64% Discounted Variable for 2 years (1.25% disc)
-
Incentives:
Free valuation fees Max £800K of Purchase Price
free valuation admin fees Max £800K of Purchase Price
National Education Union Cashback £100
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Ongoing Monthly Payments:
£724.13 x 24
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Total Amount Payable:
£243,997.20
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Total Interest Payable:
£100,393.20
-
Valuation Fee:
Free
-
Exit Admin Fee:
£105
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 2 yrs: 3% Sum Repaid
-
Initial Rate
-
![Leeds BS's logo']()
Leeds BS 2 Year Fixed
-
Initial Rate
3.79% Fixed to 31/12/2022
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APRC
4.80%
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Product Fee
£1,499
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Monthly Repayment
£735.74
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Lender:
Leeds BS
-
Max First Time Buyer LTV:
95%
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Max House Purchase LTV:
95%
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Max Remortgage LTV:
0%
-
Min Loan:
£0
-
Max Loan:
£500,000
-
Product Description:
3.79% Fixed to 31/12/2022
-
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
-
Initial Monthly Repayment:
£735.74 x 25
-
Ongoing Monthly Payments:
£753.95 x 36
-
Total Amount Payable:
£248,303.75
-
Total Interest Payable:
£103,305.75
-
Valuation Fee:
Free
-
Exit Admin Fee:
£199
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/12/22: 3/2% Sum Repaid
-
Initial Rate
-
![Mansfield BS's logo']()
Mansfield BS 5 Year Fixed
-
Initial Rate
3.89% Fixed for 5 years
-
APRC
5.00%
-
Product Fee
£199
-
Monthly Repayment
£743.54
-
Lender:
Mansfield BS
-
Max First Time Buyer LTV:
100%
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Max House Purchase LTV:
100%
-
Max Remortgage LTV:
0%
-
Min Loan:
£50,000
-
Max Loan:
£250,000
-
Product Description:
3.89% Fixed for 5 years
-
Incentives:
£400 cashback
-
Initial Monthly Repayment:
£743.54 x 60
-
Ongoing Monthly Payments:
£841.71 x 240
-
Total Amount Payable:
£247,515.80
-
Total Interest Payable:
£104,122.80
-
Valuation Fee:
£169
-
Exit Admin Fee:
£125
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 5 yrs: 3% Mortgage Advance
-
Initial Rate
-
![Mansfield BS's logo']()
Mansfield BS 5 Year Fixed
-
Initial Rate
3.89% Fixed for 5 years
-
APRC
5.00%
-
Product Fee
£199
-
Monthly Repayment
£743.54
-
Lender:
Mansfield BS
-
Max First Time Buyer LTV:
100%
-
Max House Purchase LTV:
100%
-
Max Remortgage LTV:
0%
-
Min Loan:
£100,000
-
Max Loan:
£250,000
-
Product Description:
3.89% Fixed for 5 years
-
Incentives:
£400 cashback
-
Initial Monthly Repayment:
£743.54 x 60
-
Ongoing Monthly Payments:
£841.71 x 240
-
Total Amount Payable:
£247,515.80
-
Total Interest Payable:
£104,122.80
-
Valuation Fee:
£169
-
Exit Admin Fee:
£125
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 5 yrs: 3% Mortgage Advance
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-
Initial Rate
-
![Cambridge BS's logo']()
Cambridge BS 2 Year Fixed
-
Initial Rate
3.99% Fixed for 2 years
-
APRC
4.90%
-
Product Fee
£199
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Monthly Repayment
£751.38
-
Lender:
Cambridge BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
£400,000
-
Product Description:
3.99% Fixed for 2 years
-
Incentives:
Free valuation fees for properties valued Max £1M
-
Initial Monthly Repayment:
£751.38 x 24
-
Ongoing Monthly Payments:
£819.08 x 276
-
Total Amount Payable:
£244,758.20
-
Total Interest Payable:
£101,599.20
-
Valuation Fee:
Free
-
Exit Admin Fee:
£60
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 2 yrs: 3/2% Outstanding Balance
-
Initial Rate
-
![Leeds BS's logo']()
Leeds BS 2 Year Fixed
-
Initial Rate
3.99% Fixed to 31/12/2022
-
APRC
4.90%
-
Product Fee
£999
-
Monthly Repayment
£751.38
-
Lender:
Leeds BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
0%
-
Min Loan:
£0
-
Max Loan:
£500,000
-
Product Description:
3.99% Fixed to 31/12/2022
-
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
-
Initial Monthly Repayment:
£751.38 x 25
-
Ongoing Monthly Payments:
£755.05 x 36
-
Total Amount Payable:
£248,525.93
-
Total Interest Payable:
£104,027.93
-
Valuation Fee:
Free
-
Exit Admin Fee:
£199
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/12/22: 3/2% Sum Repaid
-
Initial Rate
-
![Penrith BS's logo']()
Penrith BS 2 Year Discounted Variable
-
Initial Rate
3.99% Discounted Variable for 2 years (0.76% disc)
-
APRC
4.70%
-
Product Fee
£0
-
Monthly Repayment
£751.38
-
Lender:
Penrith BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
0%
-
Min Loan:
£30,000
-
Max Loan:
£171,000
-
Product Description:
3.99% Discounted Variable for 2 years (0.76% disc)
-
Incentives:
Free valuation fees for properties valued Max £1M
No arrangement fees
help towards costs (Max £500)
-
Ongoing Monthly Payments:
£751.38 x 24
-
Total Amount Payable:
£241,987.72
-
Total Interest Payable:
£98,637.72
-
Valuation Fee:
Free
-
Exit Admin Fee:
£50
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 2 yrs: 2% Sum Repaid
-
Initial Rate
-
![Ecology Building Society's logo']()
Ecology Building Society Standard Variable Rate
-
Initial Rate
4.15% Standard Variable Rate
-
APRC
4.80%
-
Product Fee
£300
-
Monthly Repayment
£764.02
-
Lender:
Ecology Building Society
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
0%
-
Min Loan:
£0
-
Max Loan:
Varies
-
Product Description:
4.15% Standard Variable Rate
-
Incentives:
-
Ongoing Monthly Payments:
£764.02 x 300
-
Total Amount Payable:
£230,516
-
Total Interest Payable:
£86,706
-
Valuation Fee:
£210
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 2 yrs: 2% Sum Repaid
-
Initial Rate
-
![Cambridge BS's logo']()
Cambridge BS 5 Year Fixed
-
Initial Rate
4.24% Fixed for 5 years
-
APRC
4.80%
-
Product Fee
£199
-
Monthly Repayment
£771.18
-
Lender:
Cambridge BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
4.24% Fixed for 5 years
-
Incentives:
Free valuation fees for properties valued Max £1M
-
Initial Monthly Repayment:
£771.18 x 60
-
Ongoing Monthly Payments:
£815.05 x 240
-
Total Amount Payable:
£242,541.80
-
Total Interest Payable:
£99,382.80
-
Valuation Fee:
Free
-
Exit Admin Fee:
£60
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
1st 5 yrs: 5/4/3/2/1% Outstanding Balance
-
Initial Rate
-
![Teachers BS's logo']()
Teachers BS 2 Year Fixed
-
Initial Rate
4.44% Fixed to 14/09/2022
-
APRC
4.90%
-
Product Fee
£199
-
Monthly Repayment
£787.22
-
Lender:
Teachers BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
4.44% Fixed to 14/09/2022
-
Incentives:
Free valuation fees Max £800K of Purchase Price
free legal fees Remortgages
free valuation admin fees Max £800K of Purchase Price
National Education Union Cashback £100
-
Initial Monthly Repayment:
£787.22 x 21
-
Ongoing Monthly Payments:
£821.87 x 279
-
Total Amount Payable:
£246,137.35
-
Total Interest Payable:
£103,333.35
-
Valuation Fee:
Free
-
Exit Admin Fee:
£105
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 14/9/22: 3% Sum Repaid
-
Initial Rate
-
![Teachers BS's logo']()
Teachers BS 2 Year Fixed
-
Initial Rate
4.44% Fixed to 14/01/2023
-
APRC
4.90%
-
Product Fee
£199
-
Monthly Repayment
£787.22
-
Lender:
Teachers BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
4.44% Fixed to 14/01/2023
-
Incentives:
Free valuation fees Max £800K of Purchase Price
free legal fees Remortgages
free valuation admin fees Max £800K of Purchase Price
National Education Union Cashback £100
-
Initial Monthly Repayment:
£787.22 x 25
-
Ongoing Monthly Payments:
£821.46 x 275
-
Total Amount Payable:
£245,886
-
Total Interest Payable:
£103,082
-
Valuation Fee:
Free
-
Exit Admin Fee:
£105
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 14/1/23: 3% Sum Repaid
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-
Initial Rate
-
![Leeds BS's logo']()
Leeds BS 5 Year Fixed
-
Initial Rate
4.49% Fixed to 31/12/2025
-
APRC
5.10%
-
Product Fee
£999
-
Monthly Repayment
£791.25
-
Lender:
Leeds BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
0%
-
Min Loan:
£0
-
Max Loan:
£500,000
-
Product Description:
4.49% Fixed to 31/12/2025
-
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
-
Initial Monthly Repayment:
£791.25 x 61
-
Ongoing Monthly Payments:
£846.10 x 239
-
Total Amount Payable:
£252,482.15
-
Total Interest Payable:
£107,984.15
-
Valuation Fee:
Free
-
Exit Admin Fee:
£199
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/12/25: 5/5/4/3/2% Sum Repaid
-
Initial Rate
-
![Teachers BS's logo']()
Teachers BS 5 Year Fixed
-
Initial Rate
4.49% Fixed to 14/11/2025
-
APRC
4.80%
-
Product Fee
£199
-
Monthly Repayment
£791.25
-
Lender:
Teachers BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
4.49% Fixed to 14/11/2025
-
Incentives:
Free valuation fees Max £800K of Purchase Price
free legal fees Remortgages
free valuation admin fees Max £800K of Purchase Price
National Education Union Cashback £100
-
Initial Monthly Repayment:
£791.25 x 59
-
Ongoing Monthly Payments:
£818.62 x 241
-
Total Amount Payable:
£244,275.17
-
Total Interest Payable:
£101,471.17
-
Valuation Fee:
Free
-
Exit Admin Fee:
£105
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 14/11/25: 3% Sum Repaid
-
Initial Rate
-
![Teachers BS's logo']()
Teachers BS 5 Year Fixed
-
Initial Rate
4.49% Fixed to 14/08/2025
-
APRC
4.80%
-
Product Fee
£199
-
Monthly Repayment
£791.25
-
Lender:
Teachers BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
4.49% Fixed to 14/08/2025
-
Incentives:
Free valuation fees Max £800K of Purchase Price
free legal fees Remortgages
free valuation admin fees Max £800K of Purchase Price
National Education Union Cashback £100
-
Initial Monthly Repayment:
£791.25 x 56
-
Ongoing Monthly Payments:
£818.90 x 244
-
Total Amount Payable:
£244,425.60
-
Total Interest Payable:
£101,621.60
-
Valuation Fee:
Free
-
Exit Admin Fee:
£105
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 14/8/25: 3% Sum Repaid
-
Initial Rate
-
![Teachers BS's logo']()
Teachers BS 5 Year Fixed
-
Initial Rate
4.49% Fixed to 14/08/2025
-
APRC
4.80%
-
Product Fee
£199
-
Monthly Repayment
£791.25
-
Lender:
Teachers BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£20,000
-
Max Loan:
Varies
-
Product Description:
4.49% Fixed to 14/08/2025
-
Incentives:
Free valuation fees Max £800K of Purchase Price
free legal fees Remortgages
free valuation admin fees Max £800K of Purchase Price
National Education Union Cashback £100
-
Initial Monthly Repayment:
£791.25 x 56
-
Ongoing Monthly Payments:
£818.90 x 244
-
Total Amount Payable:
£244,425.60
-
Total Interest Payable:
£101,621.60
-
Valuation Fee:
Free
-
Exit Admin Fee:
£105
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 14/8/25: 3% Sum Repaid
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-
Initial Rate
-
![Beverley BS's logo']()
Beverley BS Standard Variable Rate
-
Initial Rate
4.99% Standard Variable Rate
-
APRC
5.20%
-
Product Fee
£495
-
Monthly Repayment
£832.21
-
Lender:
Beverley BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£40,000
-
Max Loan:
Varies
-
Product Description:
4.99% Standard Variable Rate
-
Incentives:
-
Ongoing Monthly Payments:
£832.21 x 300
-
Total Amount Payable:
£250,958
-
Total Interest Payable:
£107,163
-
Valuation Fee:
£225
-
Exit Admin Fee:
£175
-
Early Repayment Charge:
No
-
Initial Rate
-
![Newcastle BS's logo']()
Newcastle BS Standard Variable Rate
-
Initial Rate
5.99% Standard Variable Rate
-
APRC
6.20%
-
Product Fee
£0
-
Monthly Repayment
£917.26
-
Lender:
Newcastle BS
-
Max First Time Buyer LTV:
95%
-
Max House Purchase LTV:
95%
-
Max Remortgage LTV:
95%
-
Min Loan:
£10,000
-
Max Loan:
Varies
-
Product Description:
5.99% Standard Variable Rate
-
Incentives:
Free valuation fees for properties valued Max £500K
free valuation admin fees for properties valued Max £500K
No arrangement fees
free legal fees Remortgages
£250 cashback House Purchase,First Time Buyers
-
Ongoing Monthly Payments:
£917.26 x 300
-
Total Amount Payable:
£275,053
-
Total Interest Payable:
£132,678
-
Valuation Fee:
Free
-
Exit Admin Fee:
£125
-
Early Repayment Charge:
No
-
Initial Rate
Your home may be repossessed if you do not keep up repayments on your mortgage.
The mortgage data above was supplied by Moneyfacts Group Plc and is updated at the time of mortgage search. The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.
Our mortgage comparison service is partnered with L&C Mortgages for selections made outside of our featured lenders. Featured lenders are firms with whom we have a direct commercial relationship.
Low Deposit Mortgages FAQ
What counts as a low deposit mortgage?
A low deposit mortgage is one which only requires a 5% deposit - in other words you'll only need to stump up 5% of the overall cost of the property.
What is an LTV?
LTV stands for Loan To Value and denotes the ratio of how much you need to borrow compared to the cost of the property. So, for example, if you're buying a property for £150,000 and you have a deposit of £30,000 you only need to borrow £120,000. £120,000 is 80% of £150,000 which means you need an 80% LTV mortgage.
Will I pay a higher rate if I have a small deposit?
Unfortunately, if you have a smaller deposit you are likely to pay a higher rate for your mortgage. Mortgage lenders price for risk and if you have a smaller deposit, you're deemed a higher risk.
What fees will I pay for a low deposit mortgage?
Along with the standard mortgage fees including a booking fee, arrangement fee, valuation fee and legal fees, if you have a low deposit mortgage you may also have to pay what is known as a Higher Lending Charge (HLC). As a high LTV borrower, you're deemed a riskier bet for lenders and the HLC is intended to cover this risk. It is usually a percentage of the mortgage.
What criteria will I have to meet to get a low deposit mortgage?
Your mortgage lender will want to know you can afford the monthly repayments so along with an affordability assessment, looking at your income and outgoings, it'll want you to have a good credit score, no recent arrears or CCJs and be within its age criteria. Lenders tend to have a maximum age limit of between 70 and 85. This is the age at which the mortgage must be paid off.
Can I get a mortgage with no deposit at all?
Yes you can. 100% LTV mortgages have made a return to the market in recent years and there are now a number available. However, most 100% mortgages require you to have a guarantor - essentially someone who will agree to pay your monthly repayments if you can't. You can compare 100% LTV mortgages using NerdWallet's free comparison tool.
How can the government help?
There are a number of government schemes on offer to help you buy a home including Help to Buy, Right to Buy, Shared Ownership schemes and Shared Equity schemes.
How can I compare low deposit mortgages?
Be sure to look at more than just the rate. Mortgage fees - particularly percentage-based arrangement fees - can turn a relatively cheap mortgage into a very expensive choice. NerdWallet's comprehensive comparison tables allow you to sort low deposit mortgages by overall cost so you can work out the most cost-effective solution for you.
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