What is a 70% LTV mortgage
A 70% loan to value (LTV) mortgage lets you borrow up to 70% of the purchase price of a property.
You pay the other 30% as a deposit before you start to pay your mortgage.
If you’re remortgaging, the 30% could be the equity in your home if:
you’ve repaid enough of your current mortgage
it’s gone up in value enough
It’s the ratio between the loan you take out and the value of the home.
The interest rate will be more, the higher the LTV. This is because the risk to the lender goes up when you borrow more.
Ask a broker to help you find the best deal. Some, like Trussle, are fee free.
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70% LTV buy to let mortgages
You could get a 70% LTV buy to let mortgage to:
buy a new property to rent out
remortgage to get a better deal
85% buy to let mortgages are the highest LTV and they're hard to get.
You’ll have more choice if you want to take out a 70% LTV buy to let mortgage. The rate will also be cheaper as there’s less risk to the lender.
Speak to a mortgage broker to find which lenders are still offering buy to let deals.
70% LTV 5 year fixed mortgages
A 70% LTV 5 year fixed rate mortgage might suit you if you want to know exactly what you’ll pay each month for the next 5 years.
Rates for a 5 year fixed mortgage are usually higher than for a 2 year fixed mortgage.
So you could take out a 2 year fixed rate mortgage at a lower rate then take out another fixed rate mortgage.
By the time you take out the second fixed rate mortgage you’ll need to borrow less and your LTV may be lower.
Should I get a 70% LTV mortgage
A 70% LTV mortgage could be an option if you’ve got 30% of the purchase price to put down as a deposit.
The recommended deposit is about 20%, so you’re in a good position.¹
There’s usually plenty of choice when it comes to 70% LTV mortgages, so shop around for the best deal.
How to get the best 70% LTV mortgage
The best 70% LTV deals have lower interest rates and lower fees.
There’s usually a lot of choice with 70% LTV mortgage deals. But some lenders have reduced their range because of coronavirus.
A broker can find the right 70% LTV mortgage deal for you.
Trussle, for example, works with 90 lenders offering about 12,000 deals.
Make sure you know how much a mortgage will really cost you before taking it out.
This is the total amount you'll pay back over the initial fixed or discounted period.
To work it out, add up the interest, capital repayments and fees. Or you can ask a broker to help you.
¹ Money Advice Service: How much deposit do I need for a mortgage?
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Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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