90000 mortgage (Deposit requirement, monthly repayments etc)

An example of what you could pay on a 90,000 mortgage could be: £90,000 over 25 Years at a rate of 5.5 % will incur a monthly repayment of £552.68 and a total repayable of £165,804

How much deposit do I need for a 90000 mortgage?

A 90,000 mortgage will mean you have at least between 5% – 20% for a mortgage deposit. This means if you want a 90,000 mortgage you already have between £4,000 and £16,000 for your mortgage deposit.

This will be the first basis of your affordability of a 90,000 mortgage.

You can improve your mortgage affordability by using one of the governments first-time buyer schemes.

This will mean you can put down a smaller mortgage deposit or be eligible for a reduction in the property price.

• Lifetime ISA– gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
• Help to buy ISA– gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
• Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
• Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
• Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
• Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
• Right to buy- allows you to buy your home at a discount price.
• Preserved right to buy– same as above.
• Right to acquire- same as above.

The second basis of affordability for a 90,000 mortgage will be your salary.

Most mortgage lenders use your annual salary x a multiple to see how much they could lend to you.

If you want a 90,000 mortgage you will need your salary when multiplied by a multiple of 3 to be at least 90,000.

Most lenders will use multiples of between 3 and 5.

What do the repayments on a 90,000 mortgage look like?

Mortgage repayments on a 90,000 mortgage will differ based on lenders and it wouldn’t be wise to simply provide details that can change at any moment here.

To see if you are eligible for a 90,000 mortgage, speak to a mortgage broker.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.