What is an 80% loan to value (LTV) mortgage?
An 80% LTV mortgage lets you borrow up to 80% of the purchase price of a property.
You pay the other 20% as a deposit before you start paying your mortgage.
If you’re remortgaging onto an 80% LTV mortgage, the 20% could be the equity in your home if:
it’s gone up in value enough
you’ve repaid enough of your current mortgage
It’s the ratio between the loan you take out and the value of the property.
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80% LTV buy to let mortgage
An 80% LTV buy to let mortgage is likely to be the highest LTV deal you’ll be able to get.
It is possible to get an 85% LTV mortgage, but:
few lenders offer them
they’re hard to get
rates are high
You can get an 80% LTV buy to let mortgage to:
buy a new property to rent out
remortgage to get a better deal
Ask a broker to help you find the best deal. Some, like Trussle, do not charge a fee.
80% LTV buy to let mortgage calculator
You can work out if you’ve got a big enough deposit or enough equity for an 80% LTV mortgage using an LTV buy to let mortgage calculator.
You'll need to put in:
your deposit, or equity if you're remortgaging
the property’s value
Should I get an 80% LTV mortgage
An 80% LTV mortgage could be right for you if you’ve got 20% of the purchase price to put down as a deposit.
The recommended deposit is about 20%.¹
The higher the LTV the higher the interest rate as lenders see the loan as more risky.
So save for a bigger deposit if you want smaller monthly repayments
How to get the best 80% LTV mortgage
The best 80% LTV deals are those with lower interest rates as well as lower fees.
There are usually a lot of choices if you want to take out an 80% LTV mortgage. But some lenders have fewer products available because of coronavirus.
Choice is good as competition keeps rates low, but it can be hard to work out which deal’s right for you.
A broker can find the best 80% LTV mortgage deal for you if you need some help.
Everyone’s personal situation is different and a broker will look for a deal that suits you.
Trussle, for example, works with 90 lenders offering about 12,000 deals.
Make sure you know how much a mortgage will really cost before taking it out. This is the total amount you'll pay back over the initial fixed or discounted period.
Add up the interest, capital repayments and fees. Then take away any incentives the lender’s offering, like cashback.
Ask your broker to help if you're unsure.
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.