Heron Financial arranged a £378,000 mortgage with Nationwide for Intermediaries at an initial fixed rate of 4.34% on a 5-year fix for joint applicants buying a £420,000 purpose-built flat in South west London. With a 10% deposit, the loan sat at 90% LTV. The application was submitted to Nationwide one day after the first appointment, and the case completed around 12 weeks later.
The clients
The clients were a couple in their late twenties to early thirties, no dependants, buying a purpose-built flat in South West London. One worked as an Editor, the other as a Joiner. They had built a 10% deposit and wanted to lock in a long stretch of payment certainty as they moved into the property.
The case at a glance
- Buyers: Joint applicants, age band 25–34, employed
- Occupations: Editor and Joiner
- Property type: Purpose-built flat
- Location: South west London
- Purchase price: £420,000
- Deposit: £42,000 (10%)
- Loan amount: £378,000
- LTV: 90%
- Lender: Nationwide for Intermediaries
- Product: 5-Year Fixed Rate
- Initial fixed rate: 4.34%
- Repayment method: Capital and interest
- Turnaround: Initial conversation to completion in approximately 12 weeks
Why this case mattered
90% LTV joint cases sit in a different competitive landscape to lower-LTV cases. Fewer lenders compete, affordability calculations are tighter, and lender-specific rules on flats (lease length, building safety paperwork, ex-local-authority flags) come into sharper focus. The headline rate at 90% LTV is also typically a step higher than the cheapest sub-60% rates, which makes the choice of lender and product term more sensitive than at lower LTVs.
For households combining an employed earner with a tradesperson, the income evidence picture matters. Employed income is straightforward to evidence with payslips and an employer reference. Self-employed income (common for joiners and other skilled trades) is typically evidenced by tax returns or company accounts over two to three years. Lenders treat the two streams differently, and the right placement depends on which lender reads the combined picture cleanly.
The product choice also pulled its weight. A 5-year fix at 90% LTV gives the household payment certainty through a meaningful chunk of the loan, which matters more at higher LTVs where monthly payments are stretched against affordability. Locking the rate for five years removes the short-term refinance risk and lets the loan-to-value drift down naturally as the principal reduces and the property potentially appreciates.
Nationwide for Intermediaries is one of the larger building society lenders by volume and a regular fit for clean joint applications across LTV bands, including 90% LTV.
How Heron Financial approached the recommendation
The Heron adviser worked through affordability against the clients’ recorded household income, confirmed the deposit position against the £420,000 purchase price, and matched the case to a lender comfortable with the income picture on both sides of the application. With the clients prioritising medium-term payment certainty, Heron Financial recommended Nationwide for Intermediaries on a 5-year fixed rate at 4.34%.
The application was submitted to Nationwide in July 2025, the day after the clients’ first appointment with Heron Financial.
The outcome
The formal mortgage offer was issued in August 2025. The purchase completed in October 2025. The clients moved into their new London flat with a fixed monthly payment locked in for the next five years.
What this means for buyers in a similar position
For couples combining employed and self-employed income, lender choice carries real weight at 90% LTV. The right placement depends on how each applicant’s income is evidenced, the property type, and the affordability headroom each lender allows. Headline rate comparisons rarely capture the full picture. Working with a broker who reads each lender’s criteria across mixed-income applications is what produces a clean placement at higher LTVs.
Choice of fixed term is the second practical question. A 5-year fix is often the right shape at 90% LTV, where payment certainty matters more, but the right term length always depends on the borrower’s plans rather than a default rule.
FAQs
Can joint applicants get a 90% LTV mortgage on a London flat?
Yes. In this Heron Financial case, joint applicants with a 10% deposit secured a £378,000 mortgage with Nationwide for Intermediaries at 4.34% on a 5-year fix to purchase a £420,000 purpose-built flat in South West London. Lender choice is the key factor at 90% LTV, where criteria vary more than at lower LTVs.
Is Nationwide good for higher-LTV mortgages?
Nationwide for Intermediaries is one of the larger building society lenders and is regularly considered for residential cases across LTV bands, including 90% LTV. Heron Financial assesses every case on its merits and selects a lender based on affordability, product pricing, criteria fit and service standards at the time of application.
Can a joint mortgage combine employed and self-employed income?
Yes. Lenders assess each applicant’s income according to their employment type. Employed income is usually evidenced by payslips and an employer reference. Self-employed income is evidenced by tax returns or company accounts, typically over two to three years. Heron Financial helps each household structure the application around the lender most likely to lend cleanly on the combined picture.
Why choose a 5-year fix at 90% LTV?
A 5-year fix gives a long stretch of payment certainty, which can matter more at higher LTVs where monthly payments are stretched against affordability. It also avoids the need to refinance in two or three years and lets the loan-to-value drift down naturally as the loan reduces.
How fast can a Nationwide mortgage application be submitted?
With clean documentation, an application can be submitted very quickly. In this Heron Financial case, the application was submitted to Nationwide one day after the clients’ first appointment.
