Struggling to save? Buy a home with a just a 5% deposit
Saving a deposit is tough. Luckily, 95% mortgages are available, meaning you can get on the property ladder, or buy your next place and put down just 5% of the property price as a deposit. Get advice from the UK's Best Mortgage Broker 2022 & 2023.
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How a 95% mortgage works
Sometimes called 5% deposit mortgages, 95% loan to value (LTV) mortgages are available to both first-time buyers and home movers, and allow you to buy a home with just a 5% deposit saved. An increasing number of lenders offer 95% mortgages, thanks in part to property prices becoming out of reach for buyers, and lenders wanting to stimulate sales.
These can be a lifesaver for those who are struggling to save and are looking for a low deposit mortgage solution, however they aren't available to everyone. You'll need to have an excellent credit history, even a few missed payments will hurt your chances of taking out a 95% mortgage. That's because they are a higher risk to mortgage lenders, so they need more evidence that you're a safe bet.
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