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A 95% mortgage enables first time buyers or existing homeowners in Hull, to acquire a property with just a 5% down payment, with the lender covering the remaining 95%.
For first time buyers in Hull, a 95% mortgage is particularly appealing as it allows them to buy a home without needing to save up the standard 10-15% deposit.
For instance, if you’re buying a property worth £200k, you’d need to put down a 5% deposit of £10k, then apply for a 95% mortgage of £190k to cover the cost.
95% mortgages are also accessible to homeowners who wish to remortgage to access equity for various reasons.
Determining your eligibility for a 95% mortgage will depend on various criteria:
Securing a 95% mortgage with just a 5% down payment can prove challenging without the help of a expert mortgage advisor in Hull. Additionally, interest rates for 95% mortgages are typically higher compared to those with lower LTV ratios, reflecting the heightened risk for the lender.
We’ve helped many first-time buyers, home movers, and existing property owners get 95% mortgage deals with only a 5% deposit.
As part of our service, we’ll let you know how much you can borrow on a mortgage, how much the payments will be per month, and product you a mortgage agreement in principle document.
Using our experience and knowledge as a mortgage broker in Hull, we can usually help with:
You have the option to secure a 95% mortgage through a mortgage broker in Hull like us, or by directly approaching a lender yourself. There are numerous pros and cons in a 95% mortgage application, including issues with the application itself, the property survey, valuations, and the conveyancing process.
We strongly advise enlisting the help of a reputable mortgage broker in Hull to guide you through the process, which could save you time and money. The necessary documents for a 5% deposit mortgage include:
With 95% mortgages, the lender is assuming a significant amount of risk, so a comprehensive application process is required. Additional documents may be needed depending on your specific circumstances.
A mortgage with 95% financing means you’re borrowing 95% of the property’s value. You’ll have to put down at least a 5% deposit to buy the property, with the rest funded by a mortgage.
Consider this example of a 95% mortgage:
For a property costing £200k.
You’ll need to provide a £10k deposit, which is 5%, from either savings or a gift.
You’ll then request a £190k mortgage to cover the remaining 95% of the property’s price, and you’ll pay this off monthly over the typical 30-year term for first-time homebuyers.
If you can afford more than a 5% deposit, you might want to look into 90% loan-to-value (LTV) mortgages to potentially lower your monthly payments.
Many banks provide 95% mortgages to new buyers, individuals moving homes, and those seeking to remortgage to raise funds for various reasons.
Banks that provide 95% mortgages have unique affordability assessments and criteria. Thus, it is beneficial to consult with a knowledgeable mortgage broker in Hull to assist you in finding the most suitable deal for your specific circumstances.
Additionally, there are 95% mortgage lenders that offer options to individuals with poor credit and self employed individuals to aid first time buyers in Hull in acquiring their first property.
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Kathleen
Always very helpful and efficient.Helpted me get the best deals everytime.Would highly recommend to all
1 week ago
Katie
I cannot recommend Matt and his colleague, Jo enough for their work and expertise in handling my mortgage. They listen to your requirements and genuinely want to help. The service i received was excellent, efficient and professional all the way...
2 weeks ago
Charlotte
Absolutely amazing, could not recommend them highly enough! Leo and Kerry are a credit to UK Moneyman and have been nothing but kind and helpful. Will be using again and recommend them to everyone I meet!
2 weeks ago
Oladipo
Great team. Charlie also did an amazing job in making sure the process was smooth.
3 weeks ago
Anonymous
Very good company, they assisted all the way from inception to completion of my new home.
1 month ago
Matthew
Have used Moneyman previously and was happy with the service, same again this time very happy with the service again.
1 month ago
Molly
Amazing service from start to finish - 100% recommend!
1 month ago
Gemma
Jo was super efficient and friendly. We got our mortgage locked in within a week of applying. Excellent service, couldn’t recommend the team at Hull Moneyman enough, worth every penny!
1 month ago
Mark
Bank was a pain but they did battle and won
1 month ago
Patrycja
Helpufull and responsive
1 month ago
Chris
Very helpful and honest throughout the whole process. open and prompt communication at all times. would highly recommend
2 months ago
Jake
Fantastic service very quick and efficient, information provided explaining all services clearly, excellent pricing and most of all helped us get on the property ladder !
2 months ago
Michael
Great service very helpful and very good at what they do.
2 months ago
Anonymous
Very helpful throughout and helped us get an improved deal as rates fluctuated.
2 months ago
Hannah
I have used hullmoneyman when I first bought my house and now to remortgage. Daniel has been amazing, always kept me informed and made things nice and easy. Thank you Daniel and the team.
3 months ago
Anonymous
This is the second time we have used Hullmoneyman, again their advice and service has been excellent. The advice is honest and reliable and considered our needs against the current market. I would definitely recommend in the future.
4 months ago
Ryan
My partner and I are extremely happy with our decision to use Hullmoneyman as our mortgage advisor. As FTB's we had a million questions which were always answered without any chasing. From our first meeting to the last Charlie was spot on and...
4 months ago
Samuel
For us who had a difficult situation, it was the best thing we could have done! Opened so many doors and allowed us to gain a mortgage at a great rate! Charlie was amazing and can’t recommend this company enough! Will be using again. Thank you
4 months ago
Cristina
2nd time using Hull Moneyman mortgage brokers, this time for our remortgage. Always responsive, happy to help and keep us up to date with progress. 5*
4 months ago
Samantha
This is our second time using Hullmoneyman, and again the service has been excellent. There is a good balance of updates, without feeling like you are being hounded. The advice we have been given has been honest and reliable given the current...
4 months ago
When you book your free mortgage appointment, you'll have the opportunity to speak with a mortgage advisor in Hull. You can book your free mortgage appointment online or by giving a member of the team a call!
During your free mortgage appointment, our team of mortgage advisors in Hull will ask you a series of questions to try and find the most suitable mortgage option for you. We will also obtain your mortgage agreement in principle (AIP). Armed with the AIP, you can confidently make offers on properties.
Our team will search through 1000s of mortgages to find the perfect 95% mortgage deal for you in Hull. Once you are happy with the mortgage product we have found you and you have had an offer on a property accepted, we can begin the mortgage application process!
From here in the process, you will work alongside a dedicated case manager. They will make sure that you have all of the correct documents at the ready to support your mortgage application. Once we are ready, we can send your mortgage application off to the mortgage lender. All that is left to do now is to wait for the response back.
Contact us and arrange a free mortgage appointment with one of our mortgage advisors in Hull at your convenience. During this appointment, your expert mortgage advisor in Hull will guide you through the mortgage process, answering all your burning questions and understanding your unique circumstances. We believe in providing personalised solutions that align with your financial goals.
We pride ourselves on our ability to find the best mortgage deals by scouring through a vast selection of options. As a first time buyer in Hull, our main objective is to secure the most suitable deal that caters to your specific circumstances. Our mission goes beyond simply finding you the ideal mortgage; our dedicated team is here to provide unwavering support throughout the entire process.
As your mortgage broker in Hull, we offer a personalised and supportive service, understanding each client's unique needs and providing tailored solutions. We understand the excitement and challenges that come with buying your first home, and we are here to support you every step of the way. Life is full of milestones, and we are passionate about helping you achieve this significant one.
Our team of experienced mortgage advisors in Hull are available day and night, ready to provide you with the reliable 95% mortgage advice in Hull you need. No matter the time, we are just a phone call away, ensuring that you can reach us at your own convenience. With our dedicated team by your side, you can trust that you are in good hands. We are committed to helping you find the best mortgage solution that suits your needs.
As a first-time homebuyer in Hull seeking to determine the maximum mortgage amount you are eligible to borrow, our mortgage calculators can offer you a rough estimate. However, this estimate may not accurately reflect your individual circumstances.
To receive a more precise and tailored assessment of your borrowing capacity, we advise consulting with a Hull-based mortgage advisor. Our team of skilled mortgage advisors at Hullmoneyman will work closely with you to identify the most suitable mortgage offer for your specific needs.
Our Hull mortgage advisors take into consideration your financial situation and goals, as well as the type of property you are interested in purchasing. With our access to a broad selection of mortgage lenders and products, we can assist you in securing the most favorable deal.
When you begin searching for a property to purchase, it’s crucial to possess an Agreement in Principle for your mortgage. This document verifies the potential amount a lender may agree to loan you, following a preliminary evaluation of your financial situation.
Possessing an AIP can provide you with a competitive edge when placing an offer on a property, as it demonstrates to the seller that you are a committed buyer.
At Hullmoneyman, we recognize the significance of an AIP and can acquire it for you within a day of your initial consultation.
Our reliable team of mortgage professionals will collaborate with you throughout the process, providing the necessary support and advice to ensure your experience of buying a home is as seamless as possible.
Prior to submitting a bid on a property, we highly recommend consulting with a mortgage advisor in Hull.
This will guarantee that you comprehend your borrowing capacity and the appropriate mortgage option for your requirements.
At Hullmoneyman, our committed team of mortgage advisors in Hull will collaborate with you to secure the ideal mortgage agreement.
We will assist in acquiring your AIP, enabling you to present a confident offer on the desired property.
Obtaining an AIP can greatly impact the process of submitting an offer on a property.
As previously discussed, an AIP provides confirmation of the potential loan amount a mortgage lender is prepared to offer, following an initial review of your financial situation.
Possessing an AIP while presenting an offer demonstrates to the seller that you are a committed purchaser. Our team at Hullmoneyman can typically secure an AIP for you within a day of your first mortgage meeting.
We strive to simplify the home purchasing experience, allowing you to concentrate on locating your ideal property.
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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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