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A 95% mortgage enables first time buyers or existing homeowners in Hull, to acquire a property with just a 5% deposit, 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% deposit 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 produce a mortgage agreement in principle document.
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 in Hull, 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 95% mortgage 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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Glen
Good service very prompt at sorting fantastic deals highly recommended
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Paula
Chris was brilliant, great communication and always there to answer any questions. 100% recommended, great service from first enquiries to securing our mortgage and insurances and good to know we can message anytime with any queries we need help...
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George
Incredible service from Malcolm, Stacey and the whole team in helping us with our mortgage application. From start to finish we felt supported, the advice we were given was honest, genuine and with our best interests in mind. We wouldn't have known...
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Angela
Excellent service from making enquiries to completion.
1 month ago
Mr Glenn
Helped us out enormously with our mortgage for self employed. Would definitely recommend these guys.
1 month ago
Lois
The whole process from start to finish has been first class. Chris has ensured we understood everything, been at the end of the phone if we needed anything answering and had our interests at heart. Debbie has also been a great support and we...
2 months ago
Matthew
Thank you Jason & Jo. Very friendly, down to earth and efficient. Worth far more than 5 Stars. Hullmoneyman its a no brainer!
2 months ago
Jason
Fantastic service, really easy and straightforward process which resulted in a mortgage that met our needs. Thank you
2 months ago
Syed
Very professional and excellent service! They helped us in each step until we purchased our home. Thank you, Hull Money Man.
2 months ago
Neil
Very helpful, friendly and very efficient
3 months ago
Rebecca
Very happy with Hull money man. They did everything for us from the start to the end. Staff are super helpful. Would not pick any other broker
3 months ago
Agnes
I lack words to describe my gratitude to Chris from Hullmoneyman for all help and advice he has given. My experience with this company is nothing but Very professional and caring service. Getting mortgage through them 5 years ago and remortgaging...
3 months ago
Kathleen
Always very helpful and efficient.Helpted me get the best deals everytime.Would highly recommend to all
3 months 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...
4 months 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!
4 months ago
Oladipo
Great team. Charlie also did an amazing job in making sure the process was smooth.
4 months ago
Anonymous
Very good company, they assisted all the way from inception to completion of my new home.
4 months ago
Matthew
Have used Moneyman previously and was happy with the service, same again this time very happy with the service again.
4 months ago
Molly
Amazing service from start to finish - 100% recommend!
4 months 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!
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're able to search to through 1000s of 95% mortgage products to find the best mortgage product for you.
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.
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.
If you have bad credit, it may be a little more difficult to get accepted for a 95% mortgage.
95% LTV mortgages in Hull allow buyers to purchase a property with just a 5% deposit, which is particularly appealing to first time buyers or those with limited savings.
However, having a bad credit history means lenders will perceive you as a higher risk, often resulting in stricter eligibility criteria and higher interest rates.
It’s crucial to thoroughly assess your financial situation and be prepared for a more rigorous application process.
Obtaining a 95% mortgage in Hull as a self employed individual can be more complex compared to traditional employees, but it is achievable with the right preparation.
Mortgage lenders will often scrutinise self employed applicants more closely, requiring extensive proof of income and financial stability. Typically, this involves providing at least two to three years of tax returns, business accounts, and possibly a projection of future earnings.
Securing a 95% mortgage in Hull for individuals aged 50 and over can be more challenging due to the higher perceived risk by lenders, particularly concerning the shorter time frame for repayment before retirement.
These high loan-to-value (LTV) mortgages, which require only a 5% deposit, are often sought after by those looking to get on or move up the property ladder later in life.
Lenders may be concerned about the borrower’s ability to maintain repayments into retirement, leading to stricter criteria and potentially higher interest rates.
Securing a 95% mortgage for debt consolidation in Hull can be a strategic way to manage and simplify multiple high-interest debts.
By consolidating debts into a mortgage with a high loan-to-value (LTV), borrowers can potentially benefit from lower overall interest rates and a single, more manageable monthly payment.
However, obtaining such a mortgage with only a 5% deposit can be challenging, as lenders typically view debt consolidation as higher risk, requiring stringent eligibility criteria and robust financial documentation.
Securing a 95% mortgage in Hull for a shared ownership property offers an accessible route to homeownership for those who may struggle to afford a full mortgage.
Shared ownership schemes allow you to purchase a portion of a property (typically between 25% and 75%) and pay rent on the remaining share.
A 95% mortgage in Hull on the share you are buying means you only need a 5% deposit of that share’s value, making it an appealing option for first time buyers or those with limited savings.
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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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