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A 95% mortgage is designed for individuals who want to purchase a property with a small deposit, requiring only 5% of the property’s value upfront.
These mortgages are popular among first time buyers in Cambridge, making it easier to step onto the property ladder.
With lenders covering the remaining 95% of the purchase price, they are a suitable option for those with a 5% deposit.
To ensure you secure a suitable deal, expert mortgage advice in Cambridge can help identify the right lender and product for your circumstances.
Eligibility for 95% mortgages in Cambridge depends on several factors, including income, credit history, and affordability assessments.
They are typically available to first time buyers, existing homeowners, and sometimes those looking at shared ownership schemes.
Working with a mortgage broker in Cambridge like ourselves can streamline the process, as they will assess your financial situation and recommend lenders offering the most favourable deals based on your circumstances.
The amount you can borrow with a 95% mortgage depends on your income, outgoings, and overall credit profile.
Lenders often use income multiples to calculate your borrowing capacity.
For example, some may offer up to four or five times your annual income.
Our mortgage advisor in Cambridge can determin how much you may be eligible to borrow, helping you set a realistic budget for your property search.
Yes, 95% mortgages are widely accessible to first time buyers in Cambridge.
These mortgages allow you to step onto the property ladder with a minimal deposit, making homeownership achievable for those with limited savings.
Working with a mortgage broker in Cambridge can simplify the process, helping you find a lender offering suitable terms for your financial situation.
Many lenders provide 95% mortgages for new builds, though availability can depend on the property type and the lender’s criteria.
This option is often appealing to first time buyers in Cambridge due to the modern features and energy efficiency of new properties.
Our mortgage advisor in Cambridge will ensure you understand any restrictions and can secure a deal that meets your needs.
A guarantor is not always necessary for 95% mortgages, provided you meet the lender’s affordability and credit requirements.
Some lenders may suggest this option if your financial profile is borderline or if additional security is needed.
A mortgage broker in Cambridge can connect you with lenders that match your circumstances without requiring a guarantor.
An agreement in principle (AIP) is a document showing how much a lender is willing to lend based on your financial profile.
It demonstrates to sellers and estate agents that you are serious and financially capable of buying a property.
A mortgage advisor in Cambridge can help you obtain an AIP swiftly, giving you a competitive edge when making offers on homes.
Yes, shared ownership schemes can be paired with 95% mortgages, allowing you to purchase a portion of the property while paying rent on the remaining share.
This combination is particularly helpful for first time buyers in Cambridge who may struggle to afford a full property purchase.
A mortgage broker in Cambridge can guide you through the options and lender requirements.
Interest rates for 95% mortgages are generally higher than those with lower loan-to-value ratios due to the increased risk for lenders.
That said, competitive rates are available if you have a strong credit history and stable income.
Discussing your options with a mortgage advisor in Cambridge can help you find a deal that balances affordability and cost.
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5.00 Rating3 Reviews
Jessica
Very responsive even in late evenings! Answered all of the questions that I had, explained the whole process through out and made the house buying process so much easier!
6 months ago
Anonymous
Great service, very efficient.
2 years ago
Anonymous
Helen was lovely to chat with, she booked me in for an appointment with a broker within minutes of me sending an email enquiry on a Sunday and explained everything about the process really well.
8 months ago
Steven
Great service. Would definitely recommend to people struggling to get a mortgage. Cambridgemoneyman, a huge thank you from us
4 years ago
Eamonn
Spoke to several Mortgage Brokers about my situation and having talked to Malcolm, he fully understood my views and gave me his honest opinion. A very professional, friendly, and efficient service that enabled us to the best mortgage on the market.
2 years ago
Bailey
Massive thank you to Malcolm and the team at Cambridgemoneyman. We were very impressed with the level of service we received. As first time buyers, we were thrilled with the mortgage rate that got recommended for our circumstances, and we will...
4 years ago
When you book your free mortgage appointment, you'll have the opportunity to speak with a mortgage advisor in Cambridge. You can book your free mortgage appointment online or by giving a member of the team a call!
During your free mortgage appointment, our team of mortgage advisors in Cambridge 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.
Our team will search through 1000s of mortgages to find the perfect 95% mortgage deal for you in Cambridge. 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!
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.
Contact us and arrange a free mortgage appointment with one of our mortgage advisors in Cambridge at your convenience. During this appointment, your expert mortgage advisor in Cambridge will guide you through the mortgage process, answering all your burning questions and understanding your unique circumstances. We believe in providing personalised solutions that align with your financial goals.
We pride ourselves on our ability to find the best mortgage deals by scouring through a vast selection of options. As a first time buyer in Cambridge, our main objective is to secure the most suitable deal that caters to your specific circumstances. Our mission goes beyond simply finding you the ideal mortgage; our dedicated team is here to provide unwavering support throughout the entire process.
As your mortgage broker in Cambridge, 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. Life is full of milestones, and we are passionate about helping you achieve this significant one.
Our team of experienced mortgage advisors in Cambridge are available day and night, ready to provide you with the reliable 95% mortgage advice in Cambridge 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. We are committed to helping you find the best mortgage solution that suits your needs.
Shared ownership allows you to purchase a percentage of a property, while paying rent on the remaining share.
This option is ideal for first time buyers in Cambridge who may struggle to afford a full property purchase.
By starting with a smaller ownership share, you reduce the deposit and mortgage amount required, making homeownership more manageable.
Over time, you can increase your share through a process known as staircasing.
A mortgage broker in Cambridge can assist in identifying lenders that support this scheme.
Guarantor mortgages are a viable choice for those with affordability challenges.
With this arrangement, a financially stable family member or close friend guarantees your repayments, allowing you to borrow more than you might qualify for on your own.
This is particularly useful for first time buyers in Cambridge who may not meet a lender’s income or credit criteria independently.
Lenders will often require the guarantor to have sufficient income or property equity to cover the mortgage if needed.
If you can save slightly more for a deposit, 90% mortgages may be worth considering.
They often come with lower interest rates than 95% mortgages, making monthly repayments more affordable over the long term.
For first time buyers in Cambridge, this option could provide a better balance between upfront costs and ongoing financial commitments, helping you achieve your homeownership goals.
Flexible mortgages cater to borrowers who need adaptable repayment terms.
Features such as overpayments, underpayments, and payment holidays provide freedom to adjust repayments according to your financial circumstances.
For those in Cambridge with variable incomes, such as self-employed professionals, a flexible mortgage can offer much-needed breathing room while helping you pay off your loan faster.
Tracker mortgages align your interest rate with the Bank of England’s base rate, offering fluctuating repayments depending on market conditions.
This type of mortgage can be combined with high loan-to-value ratios, such as 95%, for buyers in Cambridge looking for a variable-rate option.
Keep in mind that while payments may decrease during periods of lower interest rates, they can also rise if rates increase.
Offset mortgages link a savings account to your mortgage balance, reducing the interest charged on your loan.
If you have savings that you don’t immediately need, this option can help minimise your long-term interest payments.
First time buyers in Cambridge with substantial savings might find offset mortgages to be a cost-effective way to manage their borrowing.
Fixed-rate mortgages offer stability by locking in your interest rate for a set period, typically 2 to 5 years.
While they may not have the lowest rates, they provide predictable monthly payments, which is especially valuable for first time buyers in Cambridge managing a tight budget.
Fixed-rate products can sometimes include limited overpayment features, enabling gradual repayment flexibility.
A Lifetime ISA can help you save for your deposit while benefiting from a government bonus of 25% on your contributions, up to a yearly limit.
Combining this savings tool with a 95% mortgage in Cambridge reduces the upfront financial pressure and makes stepping onto the property ladder more attainable.
If you’re currently unable to qualify for a 95% mortgage, improving your credit score could increase your chances.
Lenders evaluate your financial history to determine eligibility, and even small changes, such as reducing outstanding debts or ensuring all payments are made on time can have a positive impact.
Working with a mortgage advisor in Cambridge ensures you understand what steps to take to improve your profile and access better mortgage products in the future.
A gifted deposit, typically from a close family member, can reduce the deposit you need to save.
For example, increasing your deposit from 5% to 10% could improve your interest rate options.
Many lenders accept gifted deposits for buyers in Cambridge, provided the funds are given as a gift with no repayment requirement.
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Cambridgemoneyman.com & Cambridgemoneyman 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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Cambridgemoneyman.com & Cambridgemoneyman 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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