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Looking
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90% Mortgages in:
A 90% Mortgage With Money Left Over
Certain 90% mortgage lenders offer flexible solutions. These are offered to people who can prove their income and have a history of good credit usage. Find out if you will qualify for a 90% mortgage.
The 90% Mortgage allows you to borrow up to 90% of the value of the property you want – with no Higher Lending Charge. For example, you could buy your first home with a 90% mortgage at £130,000 and borrow £13,000 for a car, furniture or to raise capital for any purpose with an Additional Advance. Whether you’re just about to start work or you’re well on the way to the top of your profession, you can probably think of many ways the cash could come in handy.
Theses mortgages have the flexibility to cope with all the changes ahead. You can choose a fixed interest rate, with a fixed monthly payment for your peace of mind. Or you can choose a variable interest rate, which allows you to regularly overpay. By overpaying you reduce the balance of your mortgage quicker, this means you pay less interest and could pay off your mortgage sooner.
You can even choose a fixed rate for part of your loan, with a variable rate for the rest. It’s entirely up to you. You should be aware that if you choose a fixed rate as part or all of your product then the monthly payments on this element are fixed until the fixed rate expiry date regardless of whether interest rates fall or increase during this period.
Single applicants – 4 times basic annual salary.
Joint applicants – 3 times basic annual salaries or 4 times professional’s basic annual salary and the full amount of the second applicant’s basic annual salary.
Self-employed applicants – typically 4 times net annual earnings though cases are assessed individually and we will normally request financial information from your accountant.
For all applicants we must ensure that you can afford the monthly payments and your application will be assessed on this basis. You can borrow up to 90% of the purchase price or valuation of the property, whichever is the lower.
Borrowing may be made up as follows:
Main Mortgage – main loan account for purchase/remortgage of property and may include any other capital required at the outset.
Mortgage Reserve Account – an additional drawdown facility which allows you to withdraw and deposit funds within a pre-agreed limit, priced at Scottish Widows Bank’s standard variable rate.
Additional Advance – additional loan for borrowing between 100% and 90% priced at Scottish Widows Bank’s standard variable rate.
If you are looking to secure your mortgage or remortgage finance, would like some advice, or just want some quotes, fill the form on the left or click the button below-
Important Mortgage Product Information
| Interest Only is where the borrower wants to keep their monthly payments down by only paying off interest on the loan | Flexible mortgages can allow overpayments, remortgages and other changes at any time | Tracker mortgages have rates that follow a bank rate to keep their in line with the economy |
| Fixed rate mortgages have the same rate for the life of the loan... suitable for people that think interest rates will go up | A remortgage can be made for any number of reasons. The process involved re-borrowing home equity | A repayment mortgage involves paying both the interest and the loan payments |
| Mortgage Lenders are the organisations that lend the money to the borrower and assess risk to offer the relevant product | Mortgage Brokers are intermediaries that advise the borrower on the best product for their circumstances | how much you can borrow by using this mortgage calculator to look at repayment plans. |
