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What are 80% mortgages and can I get one?

Anya Gair
Last Updated 4 January 2024

If you’ve saved up a house deposit and have started to look at mortgage rates, you might be wondering what an 80% LTV mortgage is, and if you can get one. In this guide, we’ll answer all your questions about 80% mortgages. To see if you could be eligible for one, create a free Tembo plan today for a personalised recommendation.

In this guide

  • What is an 80% mortgage?
  • Are 80% mortgages available?
  • Is 80% LTV high?
  • Is an 80% mortgage a good idea?
  • Can you get an 80% mortgage?

What is an 80% mortgage?

An 80% mortgage, also known as an 80% LTV (Loan to Value) mortgage, is a home loan equivalent to 80% of the full price of a property you want to buy. To get an 80% mortgage, you’ll need to put down at least 20% of the property price as your down payment. You’ll then borrow the rest of the money to purchase the home from a mortgage lender. Collectively, the mortgage loan and your down payment will make up 100% of the full purchase price.

Are 80% mortgages available?

A wide range of mortgage lenders offer 80% mortgages, both for standard repayment mortgages and specialist buying schemes that help first-time buyers and other groups like NHS and key workers, teachers and lawyers increase what they can afford. However, whether you can get an 80% LTV mortgage from a lender depends on a couple of factors. These include whether you have a sufficient house deposit, and if you pass a lender’s mortgage eligibility and affordability checks.

By working with a mortgage broker that specialises in affordability, you can discover mortgage deals that you’re more likely to be accepted for as well as ways you could boost your buying budget. At Tembo, our digital Fact Find will show you what you could be eligible for in under 10-minutes, scanning over 100 lenders and over 20,000 mortgage products. It’s completely free, and there’s no credit check involved! 

Find out more: What to do if my mortgage application is declined?

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LTV: 90.00%

The interest rates shown are an indication only and are not guaranteed. Current rates may have changed by the time you come to apply.

Is 80% LTV high?

As a general rule, it’s a good idea to aim to put down between 10-20% of a property’s price as a down payment, which would mean getting a 90-80% LTV mortgage. The lower your LTV, the more likely you are to access lower mortgage rates, which will make your monthly costs more affordable. So it’s always best to aim for as large a deposit as possible.

Most first-time buyers put down a 24% deposit, but this amount can be easier to save up for some more than others. There are plenty of buying schemes that can help you get on the ladder with a deposit smaller than this, as well as ways to boost your borrowing power through family support.

Find out more: Low deposit mortgages

Is an 80% mortgage a good idea?

An 80% mortgage is considered a good goal to aim for, as you will access better mortgage interest rates than higher LTV bands without needing a ridiculously large deposit. However, saving up 20% of a property’s value can still be a hard feat to achieve.

The average house in the UK costs £291,000. This would mean saving a deposit of £58,200! At Tembo, we specialise in helping first-time buyers boost their borrowing power, so they can buy sooner. To discover how you could afford your dream home, create a free Tembo plan for a personalised recommendation.

Can you get an 80% mortgage?

You may be able to get an 80% mortgage, but this all depends on whether you’ll be accepted by a lender or not. If you don’t qualify for their specific mortgage products, or don’t meet their affordability and credit score criteria, your mortgage application will be declined. It might be that you need to increase your affordability first to be accepted, which can mean using tactics like putting down a larger deposit or using a guarantor mortgage. For example, if you have a low credit score, you may have to put down a larger deposit as lenders may see you as a riskier borrower.

Specialists in mortgage affordability like Tembo can help you work out what 80% mortgage deals you could be eligible for, as well as how you could boost your affordability if you’re struggling to get accepted. Get started today.

Am I eligible for an 80% mortgage?

There are thousands of mortgages on the market and it can be confusing to know which product you qualify for, or lender to apply for. Discover if you’re eligible for an 80% mortgage and what you could be offered by creating a free Tembo plan today.

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