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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First time buyers: latest blog articles
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The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
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6 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
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9 days ago
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
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