It can be tough for first time buyers to get themselves on the housing ladder. While you're often at the start of your career and finding your feet on the pay scale, there are so many costs you have to face when you want to buy a home.
On top of all of the house surveying costs, stamp duty and mortgage arrangement fees - not to mention the money involved in kitting your new home out with a furniture - you also need to find a deposit. With the majority of deals out there demanding that you pay anywhere from 20 to 40 percent of the total value of your house upfront, this can be crippling.
Luckily, many home loan providers have begun to offer mortgages with a high loan-to-value ratio (or 'LTV') to give fresh faced prospective property owners a chance to make it happen. Now, it is common to find a deal with a 90 percent LTV, meaning you only have to put in 10 percent as a deposit.
Since you need to borrow more, you might find that the banks offer you an interest rate that is higher than the rest of the market, since they see you as a higher chance of defaulting. However, if it quite literally gets your foot in the door, this is a price you may be prepared to pay.
Please use our whole of market mortgage comparison to compare all the top brands including RBS Mortgages, NatWest Mortgages, HSBC Mortgages, Santander Mortgages, Yorkshire Building Society Mortgages, Chelsea Building Society Mortgages and The Post Office Mortgages to name a few.
to read our handy guide covering frequently asked questions about mortgages.