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This makes our LTV . Invalid LTV.

Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2021 From Post Office
Initial rate 2.80% Sep-2021
Maximum LTV 95%
Overall cost of comparison 4.5% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2021 From Post Office
Initial rate 2.88% Sep-2021
Maximum LTV 95%
Overall cost of comparison 4.5% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2021 From Post Office
Initial rate 3.06% Sep-2021
Maximum LTV 95%
Overall cost of comparison 4.5% APRC
See deal
Call Royal Bank Of Scotland 0800 068 7706
Royal Bank Of Scotland logo
Fixed Oct-2021 From Royal Bank Of Scotland
Initial rate 3.08% Oct-2021
Maximum LTV 95%
Overall cost of comparison 4.1% APRC
See deal
Call NatWest 0800 068 8567
NatWest logo
Fixed Oct-2021 From NatWest
Initial rate 3.08% Oct-2021
Maximum LTV 95%
Overall cost of comparison 4.2% APRC
See deal

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Mortgages Direct provides an independent mortgage quotes and advice service. When you submit this form you will be contacted by a regulated mortgage adviser to discuss your options.

How To Get A Mortgage With A 5% Deposit

Not all lenders offer 5% deposit mortgages (95% LTV) and those that do have set criteria to determine whether they are happy to lend on this basis.

The good news is that in recent years a number of lenders have relaxed their criteria for this type of lending. Things to be mindful of include:

  • Lenders will charge you a higher rate on interest on your mortgage if you only have a 5% deposit. If you can get your deposit up to 10% this will help get the cost of borrowing down.
  • While some lenders will be happy to lend if you have a 5% deposit, their decision to lend will be based on affordability criteria so factors such as your income, previous credit record and the amount you wish to borrow.

Latest mortgage offers:

Post Office Mortgage OffersPost Office offer a great range of mortgage offers - Click here »

Help To Buy Mortgages

This scheme helps you get on the property ladder by making the cost of a mortgage more affordable.

It allows you to take out a loan which you then add to your deposit for a house you want to buy.

The scheme is available to first time buyers and homeowners looking to move.

The home you want to buy must be newly built with a price tag up to £600,000.

The scheme allows you to put down a smaller deposit with up to 20% of the cost covered by a shared equity loan.

Example:

Property Purchase price – £200,000


Your cash deposit – £10,000 (5%)

Shared Equity Loan – £40,000 (20%)

Your Mortgage – £150,000 (75%)

What does it cost?

  • You are not charged fees for the first 5 years of owning your home
  • There is no interest to pay on the loan for the first 5 years – after that you pay a fee of 1.75% of the loan’s value. This increases by RPS (Retail Price Index) which is a measure of inflation plus 1%.
  • Paying fees do not count towards paying back the loan amount.

What happens if you sell your house?

So the scheme requires you to pay back the loan or sell your house after 25 years. How much you pay back will depend on the market value of your house at that time.

Example:

Market Value                             Equity loan taken out                                     Amount

House bought for £200,000                         20%                                             Borrowed £40,000

Sold for £250,000                                       20%                                             Pay back £50,000

 

Find out more about how you could benefit from a shared equity loan scheme:

 

NatWest Mortgages

Call NatWest FREE on 0800 068 8567

or

RBS Mortgages

Call RBS FREE on 0800 096 7447

 

Many lender websites have useful information on getting a mortgage for the first time or where you have a low deposit. See some of the links above or check out the Post Office for information on 5% deposit mortgage deals.

Latest news

Cost of fixed rate mortgages have started to increase as Bank of England rate rise looms

A number of high street banks have started to increase their mortgage rates. The reason for this is that banks are having to pay more to access the funds they lend out to UK homeowners.

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