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95% Mortgage
A 95% mortgage could be a consideration for first time buyers and home movers
This could allow you to buy a home with a 5% deposit, which may be helpful for:
- saving up a deposit sooner
- moving house quicker
- getting on the property ladder earlier.
Ready to apply for a 95% mortgage?
What is a 95% mortgage?
A 95% mortgage allows first time buyers and home movers to borrow up to 95% of the property value, as part of the government’s mortgage guarantee scheme. A minimum 5% deposit then makes up the remaining total.
You will also see it called a 95% Loan to Value (LTV) mortgage, as you’re borrowing 95% of the total value of the property.
Am I eligible for a 95% mortgage with Halifax?
A 95% mortgage could be an option for you, whether you’re a first time buyer or moving home.
You can apply for a 95% mortgage with us if you meet the following criteria.
Whether you’re looking at your very first home or have been on the property ladder for a while, there’s a lot to consider. Take some tips from our first time buyer guide, or learn more about our moving house costs.
Is a 95% mortgage right for me?
Whether a 95% mortgage is the right choice for you depends on your circumstances. If you’re struggling to save up a larger deposit, this mortgage can be helpful for getting a foot on the property ladder.
Benefits
Considerations
How do I apply for a 95% mortgage?
Buying your first home?
Buying your first home can be equal parts exciting and daunting. There’s a lot of information to take in and applications to fill out. But we’ll be there every step of the way to support you on your mortgage journey.
Get to know more about the process with our first time buyer guides.
95% mortgage frequently asked questions
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You can’t remortgage to Halifax with a 95% mortgage. Existing Halifax customers can switch to a new deal.
Learn more about taking your rate to a new mortgage with Halifax.
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If a 95% mortgage is not the right option for you, there are others:
- Shared ownership – buy a share of the property and also pay rent to the landlord.
- Rent to Buy – save for a mortgage deposit while paying lower rent.
- Family Boost Mortgage – like a guarantor mortgage, but where a family member helps you secure your property by putting part of the agreed price into a 3-year fixed savings account.
- Gifted deposit – from a family member.
- Shared ownership – buy a share of the property and also pay rent to the landlord.
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In the UK, 5% is usually the smallest deposit you can put on a house. These 95% mortgages can help first time buyers get on the property ladder without having to save up as much deposit. Though a 95% mortgage may also be an option for homeowners looking to move house too.
You may find 100% mortgages that don’t need a deposit. These usually come with stricter eligibility requirements.
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To get a 95% mortgage, you’ll need to meet a lender’s eligibility criteria. It may be simpler to get a mortgage when you can put down a higher percentage deposit. However, it is possible to get a mortgage using a 5% deposit.