95% Mortgages Explained
95 % Mortgage
95 % mortgages where you must provide a deposit of 5% of the purchase price.
There are some mortgage lenders that offer competitive 95% mortgages. Though due to the credit crunch this can change quote frequently.
Most lenders offer better interest rates at 90% loan to value and currently this LTV is what most lenders are happy to lend at.
Mortgage income multipliers can be lower for 95% mortgages compared with mortgage lenders income multipliers for 90% borrowing.
Pros and Cons of of 95 % Mortgages
- You can buy a home if you have a small deposit
- Higher interest rates compared to mortgages with a lager deposit
- High mortgage set up costs as many 95% mortgage lenders charge a higher lending charge
95% Mortgage Lenders Maximum Borrowing
When looking at 95% best buy table it is important to realise that mortgage lenders place limits on the maximum mortgage they will advance. In many cases a purchase price over £250000 will see many of the main 95% mortgage lenders offering lower loan amounts.
Do you want fee free 95% mortgage advice?
For 95% and 90% mortgage or remortgage advise please feel free to contact us for independent mortgage advice from a professional mortgage advisor.
You may also be interested in:
- Mortgage Protection Insurance
- How Much Can I Borrow
- Best Mortgage Type
- Fee Free Mortgage Advice
- Mortgage Repayment Guide
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500