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95% Mortgages & 5% Deposit Mortgages in Hull

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95% Mortgages & 5% Deposit Mortgages in Hull

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What are 95% mortgages in Hull?

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.

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95% Mortgages & 5% Deposit Mortgages in Hull

Can You Get a 95% Mortgage in Hull?

Determining your eligibility for a 95% mortgage will depend on various criteria:

  • Your earnings and job stability.
  • The nature and build of the property.
  • Current financial obligations, including personal, auto, and credit card debts.
  • Your credit history and how you manage your accounts.

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.

Our 95% mortgage advice in Hull service

We’ve helped many first-time buyers, home movers, and existing property owners get 95% mortgage deals with only a 5% deposit.

  • Joint ownership 95% mortgages.
  • Single ownership 95% mortgages.
  • Options for first time buyers in Hull, home movers or capital raising.

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.

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Popular Mortgage FAQs in Hull

How Can You Get a 95% Mortgage in Hull?

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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:

  • Proof of income.
  • Bank statements demonstrating responsible account management.
  • Photo identification.
  • Evidence of deposit for a new purchase.
  • Credit report detailing any registered debts and their dates.
  • Information on current credit obligations such as loans and credit cards.

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.

What is a 95% Mortgage in Hull?

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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.

Who Offers 95% Mortgages in Hull?

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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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Our Simple 4-Step Process

Book Online

Step 1

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!

Free Mortgage Appointment

Step 2

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.

Finding a Suitable Product

Step 3

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!

Submit Your Application

Step 4

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.

Reasons to Choose Hullmoneyman

Free Appointment in Hull

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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.

Search 1000s of products

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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.

Our Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Hull

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Common 95% Mortgage Scenarios

95% Mortgages with Bad Credit in Hull

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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.

95% Mortgages for the Self Employed in Hull

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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.

95% Mortgages for Over 50s in Hull

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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.

95% Mortgages for Debt Consolidation in Hull

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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.

95% Mortgages for Shared Ownership in Hull

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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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