What is the 95% mortgage scheme? A 95% mortgage allows the buyer to borrow a maximum of 95% of the property price. This is known as the loan to value amount.
Today (3 March 2021) the Government announced 95% mortgages are now available to buy properties up to £600,000 with just a 5% deposit.
Government to launch a new 95% mortgage scheme for first time buyers and home movers with a 5% deposit
Exciting news was received over the weekend, for prospective first-time buyers and those who would like to move home, but only have a deposit of 5%.
Having poor or bad credit doesn’t always mean you won’t get a mortgage, but it can affect the options available to you.