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70% Mortgage with 30% Deposit
For mortgage applications with good credit or bad credit the more equity (for a remortgage) or deposit (for a purchase) you have will make applying for a mortgage or remortgage much easier as the new lender will be more inclined to offer a mortgage when the borrower is taking more of the financial risk by reducing the equity they need to borrow.
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A 70% mortgage, for people with credit problems or for people with good credit, will open up a lot more options with regards to which lenders they can approach and what sort of mortgage products are available as it will be a less risky proposition for a mortgage lender than a higher LTV product. The amount of deposit or equity you have offset against the property value is called the mortgage loan to value or LTV.
For people with bad credit or adverse credit, a 70% mortgage will almost certainly allow defaults and CCJ's and will more than likely allow a couple of missed payments to be registered on your credit file.
For your convenience we have listed below the loan amounts and deposits needed for a 70 mortgage from £200,000 to £500,000.
Deposit & borrowing needed for a 70% mortgage?
| Property Value | Mortgage Deposit at 70% LTV (30% Deposit) |
Mortgage Borrowing at 70% LTV |
|---|---|---|
| £200,000 | £80,000 | £120,000 |
| £210,000 | £63,000 | £147,000 |
| £220,000 | £66,000 | £154,000 |
| £230,000 | £69,000 | £161,000 |
| £240,000 | £72,000 | £168,000 |
| £250,000 | £75,000 | £175,000 |
| £260,000 | £78,000 | £182,000 |
| £270,000 | £81,000 | £189,000 |
| £280,000 | £84,000 | £196,000 |
| £290,000 | £87,000 | £203,000 |
| £300,000 | £90,000 | £210,000 |
| £350,000 | £105,000 | £245,000 |
| £400,000 | £120,000 | £280,000 |
| £450,000 | £135,000 | £315,000 |
| £500,000 | £150,000 | £350,000 |
You may also want to know the likely cost of a new mortgage or remortgage, with that in mind we have payment matrix showing the payments for mortgages ranging from £110,000 to £150,000, £160,000 to £200,000, £210,000 and £250,000, £260,000 to £300,000 and £310,000 to £350,000 - the mortgage payment matrix listed should give you some idea of the monthly mortgage costs from 10 to 25 years, showing payments from 4 to 9% on a fixed repayment basis.
