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.

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