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A 95% mortgage is a type of home loan that allows buyers, whether they are first time buyers or moving to a new home, to secure a property with only a 5% deposit.
The remaining 95% is covered by the mortgage lender. This type of mortgage is particularly appealing to first time buyers who may not have the financial means to save for a traditional 10% deposit.
For instance, if you are purchasing a property worth £200k, you would only need a minimum deposit of £10k and then apply for a 95% mortgage of £190k to cover the remaining purchase price.
In addition, 95% mortgages are also an option for current homeowners who are looking to remortgage in order to release capital for various reasons.
This will require careful consideration of various factors, such as your income and employment status, the type and construction of the property, and any existing credit commitments like personal loans, car loans, and credit cards. Additionally, your credit score and history will also play a significant role.
Securing a 95% mortgage with only a 5% deposit can be challenging without the guidance of a knowledgeable mortgage broker in Nottingham. It’s worth noting that the interest rates on these types of mortgages are typically higher than those with lower loan to value ratios, as they pose a greater risk to the lender.
Our 95% mortgage advice in Nottingham has successfully helped numerous first time buyers, home movers, and current property owners in securing 95% mortgage deals with only a 5% deposit. We offer both joint and sole name options for 95% mortgages, catering to a variety of needs such as first time buyers, home movers, or those looking to raise capital.
As part of our comprehensive service, we will provide you with an accurate assessment of how much you can borrow on a mortgage, as well as the monthly payments and a mortgage agreement in principle document.
With our extensive experience and expertise, we are able to help with various situations, including family gifted deposits, purchasing from a landlord or below market value, and complex financial circumstances.
We also offer options for those with bad credit, individuals over 50, and those looking to remortgage for capital raising or debt consolidation. Our services are also available for self employed individuals with complex income situations.
A 95% mortgage can be obtained either through a mortgage broker, like our company, or by directly approaching a lender. However, there are several potential challenges that may arise during the application process for a 95% mortgage, such as difficulties with the mortgage application itself, the property survey, valuations, and the conveyancing process.
To ensure a smoother and more successful experience, we highly recommend utilising the services of a reputable mortgage broker who can guide you through the process and save you both time and money.
When applying for a 5% deposit mortgage, you will need to provide certain documents, including proof of earnings, bank statements demonstrating responsible account conduct, identification, evidence of deposit for a new purchase, a credit report showing any registered debts, and details of any existing credit commitments, such as loans and credit cards.
Due to the high level of risk involved for the new lender in a 95% mortgage, a thorough application process is conducted. Additional documents may be requested on a case-by-case basis, depending on your individual circumstances.
A 95% mortgage is a type of loan that covers 95% of the property’s value. To secure this mortgage, you must provide a minimum 5% deposit towards the property purchase, with the remaining amount being financed by the mortgage.
For example, if you are purchasing a property for £200k, you would need to contribute £10k as a deposit, which is equivalent to 5% of the purchase price. This deposit can come from your savings or a gift.
The remaining £190k will be applied for as a mortgage, which you will repay monthly for the typical term of 30 years for first time buyers. If you have more than a 5% deposit available, it may be beneficial to compare 90% LTV mortgages to potentially save money on your monthly payments.
Many banks provide 95% mortgages to individuals who are purchasing a home for the first time, moving to a new home, or seeking to remortgage in order to raise capital for various reasons. Each bank has its own set of affordability assessments and criteria for these mortgages.
As such, it would be beneficial to seek the help of a knowledgeable mortgage broker who can help you find the most suitable deal based on your specific circumstances.
Additionally, there are lenders who offer 95% mortgages to individuals with poor credit or who are self-employed, making it easier for first time buyers to enter the property market.
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4.95 Rating312 Reviews
Laura
The whole team were really helpful and always on hand to answer any queries. They were supportive and would go above and beyond to help.
6 days ago
Mark
Excellent service, very informative and extremely helpful throughout the application process.
1 week ago
Macauley
Brilliant company
1 week ago
Phoebe
Great advice, easy to contact & quick to respond to queries (even minor ones). I feel confident that Daniel helped us to find the best option for our situation at this time, couldn’t ask for more.
2 weeks ago
Grace
Matt and Meghan have been brilliant throughout the process of applying for a new mortgage. Matt’s expertise has been much appreciated and we won’t hesitate to contact you again in the future and recommend to friends.
1 month ago
Callam
Very helpful and always answered questions and calls quickly
1 month ago
Glenis
This was a really easy process Dan exained the details and how everything worked and helped me understand the product Thank you I can now enjoy my retirement without any financial worries.
2 months ago
Kendal
Exceptional service as usual used Jason & Debbie 3 times now and would highly recommend there service. They are efficient and keep you upto date from start to finish. Excellent
2 months ago
Darron
Excellent all round service,from start to finish.
2 months ago
Kendal
Absolutely, exceptional service as always, we have now used the service 3 times with Jason & Debbie & every time they are so professional. Would highly recommend there service.
2 months ago
Clare
This company are absolutely fantastic and worth every penny. My mortgage advisor Malcolm was extremely knowledgable and helped to put a very nervous customer at ease. If you are considering going with a broker you could do no better than Nottingham...
2 months ago
Hannah
Matt C really helped me with the process so far of purchasing my first house. As a first time buyer I was unsure of the process and he helped from my first enquiry into how much I could afford, all the way to an accepted mortage offer. My employment...
2 months ago
Lydia
Malcolm has been excellent. He has kept in frequent contact and updated me every step of the way. All communications have been explained clearly, with Malcom ensuring I understand what everything means and what to expect. I would highly recommend...
3 months ago
Howard
Very efficient & clear communication. Excellent service.
3 months ago
Charlie
Jason has been fantastic throughout, always available, clear with his communications and made the process completely pain free for me!!
4 months ago
Lloyd
Excellent service very open and honest like making new friends.
5 months ago
Bria
Fantastic customer service from start to finish. Called Nottinghammoneyman around 9pm one evening, and I was surprised at how quickly they returned my call. Matt was excellent throughout, arranged all contact at a time that suited us, which were...
5 months ago
Marie
Absolutely amazing from start to finish. So helpful, every step of the way we was informed of what was happening. Cannot thank them enough.
7 months ago
Anonymous
Very pleased with the service. Chris and the Team have helped me through the mortgage process, making it as easy as possible. They have also managed to find an excellent mortgage deal.
7 months ago
Clare
Nottingham moneyman helped me with my first mortgage 5 years ago and I had a great experience then and now my mortgage is up I have had another great experience with sorting out what to do next. Couldn't recommend the company enough
7 months ago
At your complimentary mortgage consultation, you will have the opportunity to converse with our skilled mortgage specialist in Nottingham. They will carefully evaluate your earnings and expenditures.
After discussing your needs and preferences, we will efficiently obtain your mortgage agreement in principle (AIP), typically within 24 hours. This is a valuable resource to have when making offers on a potential property.
Once your offer on a property has been accepted, our devoted mortgage advisor in Nottingham will handle the process of submitting your mortgage application and providing any extra documents needed by the lender.
Our team is dedicated to not only finding the perfect mortgage deal for first time buyers in Nottingham, but also providing them with comprehensive insurance coverage to protect their financial security and that of their loved ones.
Schedule a free mortgage consultation through our convenient online booking system today. Booking an appointment with a knowledgeable mortgage specialist has never been easier!
As a mortgage broker in Nottingham, we possess the capability to obtain a wide range of exclusive and highly competitive mortgage options. Our extensive network of mortgage lenders and strong partnerships with each of them allow us to potentially secure the ideal mortgage arrangement for you.
Our extensive collection of customer reviews serves as a testament to the quality of our service. Throughout the years, we have amassed a wealth of positive feedback from our satisfied clients. We invite you to check out these reviews and discover for yourself why so many individuals trust Nottinghammoneyman for mortgage guidance in Nottingham.
As a transparent and trustworthy mortgage broker, we take great pride in the exceptional level of customer service we offer. Our top priority is ensuring your safety and security throughout your entire mortgage process.
Our doors are open every day of the week, starting early in the morning and staying open late into the night, even on weekends and select bank holidays! This allows you to connect with a committed mortgage advisor in Nottingham at your convenience.
Additionally, we offer appointments beyond the usual 9-5 timeframe, so you can schedule an evening meeting if it better fits your schedule, depending on our availability.
For those who are new to the home buying process, it’s natural to be curious about the maximum amount of money you can borrow for a mortgage. This information can give you a clearer picture of your budget and the types of properties that may be within your reach.
However, while a mortgage calculator can offer a rough estimate based on your financial information, it’s important to remember that this may not accurately reflect your specific situation.
There are various factors that can impact the amount you are able to borrow, such as your credit score, income, expenses, and the specific criteria of the lender and mortgage type you are applying for.
That’s why it’s always recommended to consult with a qualified mortgage advisor in Nottingham. They have the expertise to evaluate your individual circumstances and provide a more precise estimate of your borrowing capacity, as well as help you in finding the best mortgage option for your needs.
One of the benefits of utilising our services as a mortgage broker in Nottingham is the ongoing support and guidance provided by our team of mortgage advisors throughout the entire process. This can be extremely advantageous.
At Nottinghammoneyman, our knowledgeable team can help you in obtaining your mortgage agreement in principle. Typically, we can accomplish this within 24 hours of your initial appointment.
It is important to note that having an agreement in principle does not guarantee a mortgage, but it does demonstrate to the seller that you are prepared and able to move forward.
In conclusion, our mortgage advice in Nottingham offers the expertise and guidance of our team, including help in obtaining an AIP that can strengthen your position as a first-time buyer when making an offer on a property.
Before making any offers, it is highly recommended to consult with a professional mortgage advisor in Nottingham. Once your offer on a home is accepted, we can then move forward with your mortgage application.
By working with a mortgage advisor in Nottingham, you can determine your eligibility for a mortgage and obtain an agreement in principle (AIP) to support any offers you make as a homebuyer.
As stated earlier, having an agreement in principle when making an offer is extremely advantageous during the process of purchasing a home. At Nottinghammoneyman, our team is typically able to obtain your mortgage agreement in principle within 24 hours of your mortgage appointment.
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Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Nottingham, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Nottingham, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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