What exactly is a 95% mortgage?

Looking for a 95% mortgage in the Edinburgh area? First Class Mortgage Advice is happy to assist you in your search. Whether you are a first-time home buyer or consider yourself well read in the process, we can provide you with tips to secure the best mortgage for your financial future and lifestyle.

What exactly is a 95% mortgage?

95% mortgages allow you to purchase a property with only a 5% deposit, and borrow the remaining 95%. These types of mortgages are attractive to first time buyers who need every penny to set up home, buy furniture etc. Not everyone is able to secure one of these types of mortgage, but with one of our advisors to negotiate with the lender on your behalf, you’re giving yourself a higher chance of success.

Who qualifies for a 95% mortgage?

95% mortgage loans are most beneficial to those who need the extra money immediately. Many people need their savings to cover legal fees and taxes. Placing a small deposit of 5% can really make the difference especially if you have to offer a higher amount to secure your new home

Is bad credit an issue for you? Our specialists have the connections and knowledge to navigate the market and find the best deals on your behalf. Bad credit is a concern that we see often. Fortunately, our customers’ bad credit hasn’t usually stopped us from securing home loans. While we cannot guarantee that we can secure a 95% mortgage loan for you if you have defaulted in the past, it is likely that we will be able to find another deal that meets your needs.

It is important to remember that if you cannot make payments, your lender may repossess your property. Avoid this by consulting with us to determine the best option for you. Whatever you do, it’s always wise to protect yourself with some form of mortgage insurance.

The experts you can depend on

Being independent mortgage brokers, we’re always looking out for your best interest, and we’re able to offer no-obligation advice and we do not charge you a fee for our services. Every one of the team here is highly qualified and understands the mortgage market extremely well. We also make sure to abide by the rules, by working closely with organisations like the Financial Conduct Authority and The Law Society of Scotland.

To explore your wide range of options, head on down to our Edinburgh premises, or alternatively, get in touch here.