I have researched the current availability of 95% mortgages that do not require additional security of a linked savings account or charge on a parent’s property.
The lenders that accept just a 5% deposit are:
Monmouthshire Building Society
Leeds Building Society
Newcastle Building Society
This is a volatile area of lending with rates and lenders changing on a regular basis.
As with high loan to value mortgages you are penalised by paying a premium rate and offered a very limited choice of products. The Monmouth only offers a 5 year fixed rate. Maybe not the best idea if you need to keep your options open for career progression.
Unusually The Newcastle offer a 95% remortgage as long any additional funds are for home improvements only, no debt consolidation allowed.
Why use Neil Soundy Financial Services as your mortgage broker?
We give advice on all lenders and all mortgages.
View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
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