Compare our best 60% LTV mortgages

You can get a 60% LTV mortgage with a 40% deposit. The best 60% LTV mortgages are cheaper than mortgages with a higher LTV (loan to value). Use this page to compare our best 60% LTV mortgage deals. Explore the guide to learn more about 60% LTV mortgages and how to get one.

Mortgages

Mortgage type

Property price

£

Mortgage amount

£

Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best 60% LTV mortgage rates

  • The Mortgage Works 1 Year Fixed mortgage

    Initial rate 1%. APRC 4.7%. Set-up fees £3,600

  • Lloyds Bank 2 Year Fixed mortgage

    Initial rate 1.09%. APRC 3.5%. Set-up fees £1,499

  • TSB 2 Year Fixed mortgage

    Initial rate 1.09%. APRC 3.3%. Set-up fees £995

  • Santander 2 Year Fixed mortgage

    Initial rate 1.14%. APRC 2.8%. Set-up fees £1,249

  • Santander 2 Year Fixed mortgage

    Initial rate 1.14%. APRC 2.8%. Set-up fees £1,499

  • Lloyds Bank 2 Year Fixed mortgage

    Initial rate 1.17%. APRC 3.4%. Set-up fees £999

  • Santander 2 Year Fixed mortgage

    Initial rate 1.18%. APRC 3%. Set-up fees £1,499

  • Halifax 2 Year Fixed mortgage

    Initial rate 1.19%. APRC 3.5%. Set-up fees £1,495

    • We've found 2147 mortgage deals

    The Mortgage Works

    1 Year Fixed

    Initial rate

    1%

    until 28-02-2022

    APRC

    4.7%

    overall cost for comparison

    Set-up fees

    £3,600

    Monthly payment

    £678.37

    for 12 months

    Lloyds Bank

    2 Year Fixed

    Initial rate

    1.09%

    until 28-02-2023

    APRC

    3.5%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £685.73

    for 24 months

    TSB

    2 Year Fixed

    Initial rate

    1.09%

    until 28-02-2023

    APRC

    3.3%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £685.73

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.14%

    until 02-03-2023

    APRC

    2.8%

    overall cost for comparison

    Set-up fees

    £1,249

    Monthly payment

    £689.84

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.14%

    until 02-03-2023

    APRC

    2.8%

    overall cost for comparison

    Set-up fees

    £1,249

    Monthly payment

    £689.84

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.14%

    until 02-03-2023

    APRC

    2.8%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £689.84

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.14%

    until 02-03-2023

    APRC

    2.8%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £689.84

    for 24 months

    Lloyds Bank

    2 Year Fixed

    Initial rate

    1.17%

    until 28-02-2023

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £692.31

    for 24 months

    Santander

    2 Year Fixed

    Initial rate

    1.18%

    until 02-03-2023

    APRC

    3%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £693.14

    for 24 months

    Halifax

    2 Year Fixed

    Initial rate

    1.19%

    until 28-02-2023

    APRC

    3.5%

    overall cost for comparison

    Set-up fees

    £1,495

    Monthly payment

    £693.96

    for 24 months

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    Representative example:

    If you borrowed £200,000 payable over 25 years, with an initial fixed-rate for two years at 4.79%, your monthly payments would be £1,144.84 for 24 months. This would then revert to a standard variable rate (SVR) of 4.24% for the remaining 23 years, costing £1,086.24 per month for 276 months. Overall cost for comparison is 4.5% APRC representative. The total amount payable over the full term would be £328,272, including product fee of £995 and interest of £127,277.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

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    In this 60% LTV mortgage guide

    What is a 60% LTV mortgage?

    The cheapest and best mortgage you can get is a 60% LTV (loan to value) mortgage.

    If you can put down a deposit of 40%, mortgage lenders view you as a very safe bet – which means you’ll be offered the lowest interest rates and promotional periods available.

    For example, if you wanted to buy a property valued at £300,000, you'd need a deposit of £120,000 to qualify for a 60% LTV mortgage.

    Of course, you’d be unlikely to find many first-time buyers who qualify for a 60% LTV mortgage. This type of deal is usually offered to homeowners moving house or remortgaging, who have built up a large amount of home equity in their current property.

    Compare top 60% LTV mortgages

    What is home equity?

    Home equity is the difference between how much your property is worth, compared to the borrowing you have against it.

    For example, if your home is valued at £400,000 and you owe £240,000 on your mortgage, then you have £160,000 in home equity.

    Home equity can be built up over many years of home ownership. Those monthly payments on a repayment mortgage chip away at that loan, and as we reduce our borrowing, we build up our home equity (assuming the property does not fall substantially in value).

    However, home equity can also increase if a property rises in value.

    Over the past 20 years, UK house prices have exploded – which means a lot of people now have a relatively small mortgage for a very valuable home.

    If you have a mortgage of £150,000 and the value of your home has increased to £250,000, you would have an equity of £100,000 or 40% – enough to secure a 60% LTV deal with those temptingly low interest rates.

    What is LTV or loan-to-value ratio?

    How to get a 60% LTV mortgage

    So, if you have a large amount of equity in your home or a significant chunk of money in savings, you may be able to qualify for a 60% LTV mortgage.

    If you do qualify for a 60% LTV mortgage, start by comparing 60% LTV mortgage rates. You might want to consider talking to a mortgage broker as they may have access to cheaper deals.

    When you consider this is a loan that you may have for 25 years or more, even a tiny reduction in interest rate can shave thousands of pounds off the total interest paid over the duration of the loan.

    Watch out for fees

    However, while 60% LTV mortgage rates can be tantalisingly low, some lenders stipulate that you’ll need to pay legal, valuation or administration fees on top, that can add up to thousands of pounds in extra costs.

    Always find out what fees you will be charged in advance. Use the Annual Percentage Rate of Charge (APRC) to compare products as this incorporates some mortgage-related fees in its calculation.

    If the best deal for you does involve fees, lenders will typically add this cost to the mortgage – meaning you could be paying interest on this money for the duration of your home loan. If you can afford to, consider asking your lender if you can pay this upfront.

    Mortgage calculator: How much can I borrow?
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    Last updated: 7 August, 2020