20% deposit mortgages.
Mortgages for real life
Purchasing or remortgaging with a 20% deposit? You’ll need an 80% loan to value mortgage.
With an 80% loan to value mortgage, borrowers need to put down the other 20% as a deposit – or use the existing equity in their home. For existing homeowners an 80% LTV mortgage can be used to remortgage to a new deal, or for the purchase of a new property. That’s not to say 80% loan to value mortgages are only for homeowners, as they’re also available to first time buyers who have saved up the hefty 20% deposit.
One more thing you can be sure of is that we know life isn’t one size fits all, and neither are our mortgages. Where others see numbers, we see people and we take time to understand your unique circumstances.
Find a mortgage product
Discover 80% LTV mortgages
for your 20% deposit.
If you want to see what mortgage products we currently have available at 80% loan to value take a look at our mortgage finder. Not only will this show our mortgages for 20% deposits but you can also search by applicant type, such as later life borrowers, [self employed], [expats] and more.
Once you’ve found an 80% loan to value mortgage product that might be right for you, use our mortgage repayment calculator for an indicative monthly cost. Or, if you’re looking for some general details on our mortgages, we’ve put together a helpful page on mortgage information.
Your questions answered
The lowdown on 80%
loan to value mortgages.
If you’re a first time buyer and have been [gifted a deposit] from a family member you may be able to use this alongside your own funds to access an 80% LTV mortgage.
You don’t just have to be a first time buyer, as [gifted deposits] can usually also be used by second time buyers, home movers and even existing homeowners seeking to [remortgage] and use the funds to reduce their borrowing.
Take a look at our [gifted deposit] page for the latest information.
Generally, yes. It will of course depend on the terms of your existing mortgage, and what 80% loan to value mortgages are available from other providers – along with their individual lending criteria. For a guide to remortgaging check out our [remortgaging page].
You’ll need to know three things. Firstly, the purchase price/value of the new property. Secondly, how much you will be putting towards the purchase yourself as a deposit– through cash savings and/or equity in your current home. Finally, subtract the deposit amount from the purchase price and this will give you the mortgage required, which can be calculated as a ratio of the purchase price.
For example: you have seen a house for £325,000 and have £57,500 equity in your current home, which you will be adding £10,000 cash to. This means you need a mortgage of £257,500 which is 79.2% loan to value – meaning you can access 80% LTV deals.
Generally the lower your LTV ratio the better interest rate you’ll be able to access. But whilst it can be tempting to use your funds to reduce your mortgage balance, you should carefully assess whether you can afford to reduce your savings and have money left over to adequately cover unexpected – or expected – overheads. It’s best to do some thorough financial planning to decide what’s right for you, and you may also decide to enlist the help of an independent financial advisor.
Don’t forget if you’re not quite at the 80% LTV ratio there may still be plenty of options for you at 85% loan to value, so why not take a look at our mortgage finder to view the options available.
Building relationships
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We took out a mortgage on our house to help children get on the property ladder and have found Ipswich now Suffolk Building Society a friendly, professional and human organisation – just like building societies and banks used to be but so few are these days. A great team of people.
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I have always found it very easy to contact Suffolk Building society by phone, or by email or on line, and the staff are always friendly, knowledgeable, helpful and efficient. For me, this is the most important feature of a good building society.
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We have conversations, not algorithms.
Our decisions are made by experts, not computers. We need to calculate the financials, but we understand there’s more behind a mortgage than the numbers on a page. We can’t promise to lend to everyone and anyone, but we’ll consider most applications on an individual basis.
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From Our Blog
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