95% Mortgages For First-Time Buyers

When you take out a 95% loan-to-value (LTV) mortgage as a first-time buyer, you borrow up to 95% of the cost of the property as a mortgage from a mortgage lender, paying for the remaining 5% or more as an upfront deposit.

95% LTV mortgages are primarily intended to help first-time buyers on to the housing ladder. Because the deposit is small, the risk of negative equity is higher so lenders generally charge higher interest rates in respect of this risk. If you are able to save for longer and reach a 10% deposit, rates are generally more favourable. Alternatively, there are [mortgages under the Help To Buy Scheme] which supplement your 5% deposit with a 20% equity loan from the government.

You might find the lending terms are stricter and 95% mortgages may be harder to obtain than mortgages with a higher deposit requirement. You will be able to find out more about what it takes to qualify for a 95% mortgage when you call the lenders below.

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