95% Mortgages
The 95% mortgage guarantee scheme was announced by the Chancellor in his March 2021 Budget. The Government is offering banks and mortgage lenders a guarantee for helping first time buyers purchase a property with only a 5% deposit.
A 95% mortgage is a loan for 95% of the property’s price. The 95% is also known as Loan to Value meaning you only need to raise 5% of the property’s value as a deposit.. For example, if you buy a house for £300,000 you will only need a deposit of £15,000.
With a 95% mortgage, you can borrow up to five times your salary, or combined salary if you are buying with a partner. Of course with any mortgage, you will be subject to the usual credit checks and affordability testing which is where our mortgage experts can help.
Download our Free First Time Buyers Guide
First time buyers: latest blog articles
Mortgage Rates Increase as Lenders React to Iran War
8 days ago
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
House Deposits More Than Median Annual Salary in South East England
8 days ago
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Prices set to rise for first-time buyer houses by 2030
10 days ago
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
More information
Trusted by
