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95 Percent Mortgage Company
A 95 percent mortgage refers to a type of mortgage where the borrower can borrow up to 95 percent of the property’s value and is required to put down a minimum deposit of 5 percent.
Most lenders offer 95 percent mortgages to first-time buyers, but they may also be available to current homeowners who are seeking to move.
A significant benefit of a 95 percent mortgage is that it enables borrowers to buy a property with a smaller deposit. This can be particularly helpful for those who are purchasing their first home and may struggle to save up a larger deposit.
The primary drawback of a 95 percent mortgage is that it can be more costly than a mortgage with a larger deposit. Additionally, borrowers may be at risk of negative equity if property prices decrease.
To qualify for a 95 percent mortgage, borrowers will generally need to have a good credit score and a stable income. Lenders may also have additional criteria, such as a maximum loan amount or a cap on the property’s value.
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