NatWest Mortgages Relaunch 85% LTV Mortgage Products
NatWest has relaunched it 85% LTV mortgage and remortgage product range.
Two-year fixed rates start from 1.94% with a £995 fee and £250 cashback or 2.95% with no fee. Five-year fixed rates are available from 2.34% with a £995 fee and £250 cashback or 3.39% fee-free.
NatWest says the 85% LTV products are being reintroduced initially through its direct channels.
Lloyd Cochrane, head of mortgages at NatWest, said: “We know that the recent uncertainty in the housing market has created difficulty for people seeking to own their own home, and we’re pleased to be reintroducing these new rates to support the aspirations of homebuyers and play our part in supporting the housing market.”
How To Get A 85% LTV Mortgage
Not all lenders offer 85% loan to value (LTV) mortgages and those that do have set criteria to determine whether they are happy to lend on this basis.
Things to be mindful of include:
- Lenders will charge you a higher rate on interest on your mortgage if you have a 15% deposit. If you can get your deposit up to 20% this will help get the cost of borrowing down.
- While most lenders will be happy to lend if you have a 15% deposit, their decision to lend will be based on affordability criteria so factors such as your income, previous credit record and the amount you wish to borrow.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE