95% mortgages
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95% mortgages
If you’ve ever looked into buying a home, you’ll know that it’s no easy feat financially. Not only do you have to factor in the cost of the property itself, you also need to factor in the various fees that are due along the way. This can make it a lot more difficult to save up a large deposit, making the entire home buying process feel out of reach. But, with 95% mortgages, you can buy a property with a deposit of just 5%.
At Everest Mortgages, we help buyers find and secure 95% mortgages that make home ownership more achievable, even if saving a large lump sum feels daunting.
What is a 95% mortgage?
As the name suggests, a 95% mortgage is where the lender agrees to cover 95% of the property’s purchase price, meaning you only need a deposit of 5%. For example, if you’re buying a home that’s on the market for £300,000, a 95% mortgage would mean you only need to save a 5% deposit of £15,000, and the lender would provide the remaining £285,000.
95% loan-to-value mortgages are especially popular amongst first time buyers and they’re being increasingly offered by lenders as a way to boost the housing market, along with no deposit mortgages. If you don’t have a property to use as equity for a mortgage, and you’re not in a financial position to save a sizable deposit, a 95% mortgage can help you on your way to ownership.
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How does a 95% loan-to-value mortgage work?
Other than only needing a small deposit, the application process for a 95% mortgage is very similar to the application process for other first time buyer mortgages.
Lenders will assess your income, employment history, outgoings, credit history, debts and the value of the property you’re wanting to buy, to see if the mortgage is something you can realistically afford. If a 95% mortgage is an option, you’ll have a range of fixed rate mortgages and variable rate mortgages to choose from, and the Everest Mortgages experts will help you to decide which is best for you.
The benefits of 95% mortgages
For many people wanting to buy a property, there are a whole host of benefits that come with 95% mortgages, which is why they’re so popular.
- Smaller Deposit – It’s a lot easier to save a deposit for a 95% loan-to-value mortgage, as you only need to build up a pot equal to 5% of the total property price.
- Faster Route to Ownership – By lowering the amount of money you need to save ahead of time, you’ll likely find it easier to get on the property ladder.
- More Savings for Fees – With less of your savings being used for a deposit, you have more to spend on removals, furniture, home renovations and other buying fees.
- Fixed Rate Mortgage Security – Many lenders offer fixed rate options for 95% mortgages, meaning you have the security of knowing your interest rate is locked in for a set amount of time.
Of course, a 95% mortgage does mean borrowing more capital, and therefore you’re going to have more to repay. But, for most wannabe buyers, the lower deposit requirements and ease of getting on the property ladder make it worthwhile.
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How to apply for a 95% mortgage
Applying for a 95% mortgage is the same as applying for other types of mortgages – including first time buyer mortgages, bad credit mortgages and no deposit mortgages – and you’re likely to find a few lenders offering exactly what you’re looking for.
But, to secure the ideal 95% mortgage for you, you need to know how to apply.
- Save up a deposit of 5%, based on the intended purchase price of the property.
- Find a property that you’re interested in, and agree with the seller or estate agent.
- Connect with Everest Mortgages, and our team will help you find a 95% mortgage.
- Submit a mortgage application and wait to be approved.
- Secure an ‘agreement in principle’ for the mortgage.
- Complete a property valuation and survey, to ensure nothing is amiss with the property.
- Wait for solicitors on both ends to complete their searches and the legal side of things.
The contacts will be exchanged, the sale will be complete and you’ll be a homeowner before you know it.
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Is a 5% deposit really enough?
A 5% deposit can make home ownership feel much more achievable, especially if you’re a first time buyer who is finding it difficult to save a much larger lump sum. Think about it, compared to saving the standard 10% deposit, a 95% mortgage immediately cuts your savings goal in half. This allows you to start your journey to ownership sooner, rather than later.
There are benefits to saving more if you can. For example, a larger deposit means you’ll borrow less, which could give you access to lower interest rates and reduce your monthly repayments. But, that could add years onto your savings plan and with house prices rising quickly, a 95% mortgage often makes the most financial sense. With a 95% mortgage, you get onto the property ladder and start building equity faster.
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John Everest
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John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.
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FAQs
Frequently asked questions
Can I get a 95% mortgage as a first time buyer?
Yes, first time buyers can get a 95% mortgage, and it’s often one of the best options. With a much lower deposit needed, 95% mortgages have helped a lot of first time buyers get on the property ladder.
Who can apply for a 95% mortgage?
95% mortgages are designed with first time buyers in mind, but some lenders do offer them to homeowners who are selling up and moving. Whatever your reason for buying, you will need to pass affordability and credit checks to be eligible.
Can I get a 95% mortgage with bad credit?
Unfortunately, getting a 95% mortgage with bad credit can be tricky. Lenders tend to be quite strict on applicants with low deposits, as lending 95% of the property price is a bigger financial risk for them. You don’t need a perfect credit history, but a good credit score will increase your chances of being approved.
Are 95% mortgages more expensive?
Often, yes. As you’re borrowing more of the property’s value, lenders see it as a higher risk, so interest rates tend to be slightly higher.