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95 Percent Mortgage Company

95 Percent Mortgage in Hurstpierpoint

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95% mortgages can be a great option for people trying to get onto the property ladder, and they can be excellent as help in buying your first home.

However, you must also understand the risks before using the government’s mortgage guarantee scheme. You could be in serious trouble if you don’t pay back what you owe to the 95 mortgage guarantee scheme.

We are a specialist 95 Percent Mortgage company that can help with the 95 per cent mortgage scheme throughout the UK.

With experts based in Hurstpierpoint, we can offer fast help, and in April 2024, we can get support to you very quickly.

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If you are interested in mortgage payments like this and want to look into the repayment scheme, then here’s a breakdown of how it works, what you have to do, and how you’re meant to pay back what you are borrowing.

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Why Choose Us?

Our company offers the best 95% Mortgage services for a lower price than our competitors in Hurstpierpoint.

We are more than happy to assist you with anything you need to know and help you to find out if a 95% Mortgage is right for you.

Our team has been around for over 20 years and has become experts in giving advice and guidance on 95% mortgages, leaving customers happy nationwide.

As property prices rise due to house price inflation, alongside other costs such as conveyancing fees, it can be even harder to become a homeowner. We can help prospective owners find a suitable mortgage.

Don’t hesitate to get in touch with our West Sussex team today to discuss government schemes, your mortgage application or low deposit mortgages!

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Benefits Of A 5% Deposit?

Repayments on your mortgage can have a range of upsides and downsides, but when you make the mortgage a 95 per cent mortgage, there’s a lot to keep in mind.

Everything from interest rates to the overall purchase price can impact your pay.

Speak with one of our mortgage advisers today to discuss achievable monthly mortgage repayments for your residential property.

Some of the benefits of this mortgage offer include:

Lower Deposits

By using 95% mortgages, you can pay less upfront in Hurstpierpoint. This is perfect for anybody trying to save as much money as possible.

You don’t have to worry about approaching another lender to borrow a small loan to pay off the deposit.

Larger deposits may mean a lower interest rate; however, you are closer to securing your home.

It may be harder to save up for a greater deposit than to budget to meet fixed monthly payments.

Good Rates

Most of the time, a property under a 95% LTV is meant to be given to a family that can’t afford a house in any other way.

Even if you only have one other family member that brings in money, the rates are often fairly good, and you might have ways to adjust them so that you pay less monthly in exchange for longer repayment periods.

A Better Mortgage Deal

In general, if you’re limited in other options, then lenders and property sellers use this to make homes accessible to people with low deposits in Hurstpierpoint.

This benefits both sides in different ways, but you always buy the house in the end, meaning that you’ll still eventually be a proper homeowner in the eyes of the housing market.

You will receive an appointed representative who can cover all there is to know about home ownership, additional borrowing, and other schemes that might benefit your circumstances.

Contact us today to speak with your mortgage broker regarding legal fees, stamp duty, building transaction tax, etc.

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Flexibility

Another major benefit of using these rates is that you can mortgage a 95% loan agreement on various property types in Hurstpierpoint.

While you will still be locked out of properties that don’t fall within your budget or don’t offer a low LTV mortgage rate, it’s a good way to handle equity and ensure that you’re less likely to run into trouble while paying back your property.

Our mortgage lenders can talk you through the property types this equity loan covers.

Accessibility

One of the most important parts of getting a property in Hurstpierpoint with five deposit mortgages is breaking you into the property market.

This means you’re a property owner (or at least will be one in the future) with one foot in the doorway when it comes to buying homes.

This is big news for people who want to own a home in the future and even bigger news for people who want to trade up to a better home eventually.

Eventual Ownership

Even just having mortgages on a property in Hurstpierpoint can mean that you’re slowly reaching 100% equity, which would make you the full owner of the property itself.

Compare this to renting, which can sometimes be just as expensive, and the benefits become clear. You can get your foot on the property ladder by taking advantage of government-backed mortgage deals.

This kind of mortgage arrangement can help first-time buyers own their first property. So, if you are a first-time buyer, you would be wise to take advantage of the opportunity presented by the popular government scheme for a 95% mortgage offer.

If you would like to receive even more information on 95 Percent Mortgage services and participating lenders, please contact us today!

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Costs Of A 95% Mortgage

On a £200,000 property in Hurstpierpoint, the buyer would only need to put down £10,000 at 5% or £1800 at 9%.

The cost of a 95% mortgage depends on the type of deposit, so buyers can borrow 91-95% of the property value by putting down a 5-9% deposit.

It sounds very intimidating and confusing, especially when the price is factored into the mix, but our team of experts are here to guide you through the process.

Especially if you are a first-time buyer with a small deposit:

Buying A Home With A Small Deposit

With a 95% mortgage, you can purchase your first home with a small deposit. If your budget is £150,000 and you can only afford a 5% deposit, that’s where a 95% mortgage comes into play.

Putting a 5% deposit down on a £150,000 house would cost £7500, which is much more affordable and less intimidating than the usual 10% deposit.

The 95 mortgage guarantee scheme allows homeowners to focus on their monthly mortgage payments rather than the deposit.

If you want more advice on mortgage guarantee scheme deposits for your circumstances, don’t hesitate to get in touch today!

What Is A 95 Percent Mortgage?

At their core, 95% mortgages allow you to borrow 95% of the value of the property you’re interested in, with the other 5% being paid as normal.

You only pay 5% of the purchase price upfront, with the remaining 95% as monthly repayments. This is sometimes known as a 95% LTV mortgage (loan to value mortgage).

First-Time Purchasers

The idea behind this is to make a small deposit more viable and to allow first-time buyers to enter the housing market without needing to pay for the entire property up-front.

They’re much easier to afford and might also be easier to repay when compared to normal mortgages, especially once you’ve already moved into the property.

Prospective buyers looking for competitive deals on residential properties can enter the property market much easier using a government guarantees loan.

They just need to ensure their credit rating is positive before applying for their first-time buyer mortgages in Hurstpierpoint.

Paying It Back

Since you borrow that 95%, you can expect that you’ll need to pay it back. This is usually done with fixed monthly payments to create a monthly mortgage, which you can pay back like any other loan over a set period.

The smaller deposit amounts mean that more people can afford the scheme, but it can also limit how many options you have.

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Should You Get A 95% Mortgage For Your First Home?

Sometimes, saving up for better mortgage rates could be better by going for a larger deposit. Some first-time buyers will save up until they can afford an 80% mortgage or even something lower.

This means they don’t have to repay as much every month, making the repayments easier to handle when buying a dream home.

Saving Up

For many people, though, saving up that much might be very difficult if they already pay rent, support a family, and have to deal with other loans that they owe.

If you’re struggling to get above 5% of the value of the house, then you might not be able to save up a higher deposit.

Repayments

Mortgage repayments still rely on interest, and the longer the mortgage repayments last, the more interest you’ll pay.

Most house prices are already high, so each type of mortgage plan – such as a repayment mortgage, where you pay both capital and interest – can significantly differ in what you end up paying.

Contact one of our professional mortgage lenders if you’re looking for a mortgage calculator.

Choosing The Right 95% Mortgage

When deciding which 95 mortgage scheme is for you, there are many mortgage types in Hurstpierpoint, such as an interest-only mortgage or a remortgage plan, to consider.

Our mortgage advisors can discuss every type of mortgage in depth with you, including an equity loan for first-time buyers and guarantor mortgages.

You will want to consider both fixed-rate and variable-rate mortgages:

Fixed-Rate Mortgage

A fixed-rate mortgage means you will pay the same interest rates and mortgage instalments for around two to five years.

If you want to repay your mortgage before your fixed term terminates, you will need to pay an early repayment charge.

After the fixed-rate agreement finishes, you will be swapped onto your lender’s standard variable rate unless you seek another competitive offer.

Variable-Rate Mortgage

A variable-rate mortgage, otherwise known as a standard variable-rate mortgage, tend to be more expensive than a fixed rate.

Your lender will set the SVR, which tends to be based on the Bank of England’s base rate.

SVRs may be costly, so you could consider a tracker mortgage or look for remortgage deals.

Contact one of our expert mortgage brokers today for more information on available mortgages.

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FAQ’s

How Do I Know If I Qualify For A 95% Mortgage?

To qualify for a 95% mortgage, you need a squeaky clean and perfect credit score, which unfortunately doesn’t apply to everyone.

There are ways you can get your credit score back to 100%, such as ensuring you pay bills on time.

We can help you assess your eligibility for the mortgage guarantee scheme by reviewing your credit history, so contact us today for professional guidance.

Yes, you can get a 95% Mortgage on a new build; in fact, it is encouraged for first-time buyers to take advantage of this scheme to make the process of buying their first home easier for them!

Get on the new build property housing ladder now by starting your mortgage application. We can find the right mortgage for you.

Can I Get A 95 Mortgage If I’m Not A First-Time Buyer?

There are no specific eligibility requirements regarding who can take advantage of the scheme. You will be eligible to apply if you have a good credit score.

You may need to state on your mortgage application that you are not a first-time buyer.

Are 95% Mortgages A Permanent Scheme?

If you are considering applying for a 95% Mortgage in Hurstpierpoint, do it whilst you can because they aren’t around forever!

As of December 2022, the government will no longer offer 95% Mortgages.

However, some lenders may continue to offer 95% mortgages to buyers, but this is not guaranteed.

Should You Continue To Save For A Larger Deposit?

Putting down a larger deposit may be beneficial, as you can access a wider range of mortgages with low-interest rates.

However, this is easier said than done. Saving up for a deposit can take a long time and may be difficult, especially if you rent simultaneously.

Additionally, with increasing house prices, many prefer to get their foot in the door where they can. The 95% mortgage guarantee scheme can help individuals struggling to save to purchase their first property.

So, whether you should continue to save depends on your preferences and the ease at which you can put money aside for a deposit.

Could The Government Guarantee Scheme Affect House Prices?

Government guarantees may seem beneficial, but there can be repercussions for the property market.

There is a potential risk that house prices may drop once the government-backed schemes end.

So, there is a chance with a 95% mortgage that your property could go to negative equity, should the property price market fall.

However, government schemes may cause property prices to increase as more people have the chance to purchase houses.

So, there are associated risks, but with the expertise and guidance from our qualified mortgage advisors in Hurstpierpoint, you can find an option you trust.

95% Mortgages VS Help to Buy

A 95% mortgage allows lenders to put down a deposit of 5%. The Help to Buy scheme allows buyers to put down a 5% deposit with an equity loan of up to 20%.

So, with the Help to Buy scheme, you can access a mortgage for as low as 75%, and with the 95% mortgage, your mortgage is 95%.

The Help to Buy scheme is beneficial as your mortgage payments are lowered, whereas the 95% mortgage is beneficial as you can put down a lower deposit.

90% Mortgages VS 95% Mortgages

90% mortgages allow you to place a 10% deposit, whereas 95% mortgages allow you to place a 5% deposit.

Which one you prefer will depend on whether you want to make a lower deposit or mortgage payments.

Related Searches

If you are looking for 95% mortgage deals, you might want to check out the following related searches:

Summary

Our expert team in Hurstpierpoint has years of experience, so you can rest assured that you will be in the best hands regarding 95% mortgage advice.

We can assist you with questions regarding the government-backed mortgage scheme and all the major lenders.

For more information, contact us or use the live chat on our website to speak to a team member.

Don’t hesitate to contact a friendly team member today to learn more about the best mortgage deals!

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Make sure you contact us today for several great 95 Percent Mortgage services.

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What Others Say About Our Services

We absolutely love the service provided. Their approach is really friendly but professional. We went out to five different companies and found 95 Percent Mortgage to be value for money and their service was by far the best. Thank you for your really awesome work, we will definitely be returning!

Max Smith
West Sussex

We have used 95 Percent Mortgage before as they are certainly the best in the UK. The attention to detail and professional setup is what makes this company our go-to company for all our work. I highly recommend the team for the immense work - we highly recommend them!

Charlie Eaton
West Sussex

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