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95% mortgages

What is a 95% mortgage?

If you borrow 95% of the purchase price of a home you are buying, you have taken out a 95% mortgage.

The percentage is simply a reference to how much of the property's value you have borrowed.

95% mortgages are reasonably common, especially with first-time buyers, and are no longer subject to as many extra lending charges as they used to be.

Note: Higher Lending Charges or HLCs, are still charged by some lenders for mortgages in excess of 90% of the purchase price. If you receive a quotation from a lender that includes a HLC, think carefully before accepting. It is an extra cost and there are plenty of lenders that do not charge Higher Lending Charges anymore.

Why choose a 95% Mortgage?

You may think that by taking a 100% mortgage and keeping your deposit you will be better off – after all, you will hardly notice the extra payments, right?

Wrong.

By putting down a 5% deposit and getting a 95% mortgage, you are likely to get a lower interest rate and will save a significant amount of money on reduced interest payments over the life of the mortgage – remember, mortgages last 25 years (or more).

By putting down a deposit, you also provide some protection for yourself against negative equity – when your house is worth less than you owe on your mortgage.

A 5% deposit means prices can fall 5% before you need to worry – which can be very useful if you need to sell at a bad time.

How Can I Find The Best 95% Mortgage?

There are a lot of 95% mortgage deals around. Finding the best one on your own can be a little like looking for a needle in a haystack.

The best plan is to contact an independent mortgage adviser and let them do the legwork – they have access to computer programs that can search the entire mortgage marketplace, ensuring that you do not miss out on the best deal for you.

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