The mortgage-to-value (LTV) of the mortgage is the part of the cost of the property you are borrowing. Particularly, good ?180,000 mortgage to the a ?two hundred,000 assets have an enthusiastic LTV away from ninety%. Certain lenders commonly give at the a top money numerous getting mortgage loans that have a diminished LTV (elizabeth.grams. below 85%).
This means that very first-time buyers will often have the means to access fewer lenders and income because first-big date consumers would-be to find which have a small put, whilst others already have particular guarantee inside their most recent family that they’ll put to your a unique property.
Profession
Particular lenders will provide a higher income numerous mortgage loans in order to buyers within the a specific selection of specialities (instance doctors, solicitors, and accounting firms). Usually, such people will even must be inside a certain age diversity (particularly twenty five-40 years old).