Yes, there are 95% LTV mortgages available to first time buyers. You may be able to get one if:

What is a 95% mortgage?

It is a mortgage worth 95% of the value of the property you want to buy. For example, if you want to buy a house worth 200,000, a 95% mortgage could lend you 190,000.

You will need to provide the remaining 10,000, worth 5% of the property value, yourself from your savings.

How to find the right mortgage

To find the right 95% LTV mortgage, you need to work out:

When you know what mortgage you need, you can use our comparison to find the right deal.

What are the alternatives?

If you are struggling to get a 95% mortgage as a first time buyer, there are other ways you can buy your first home:

  • Guarantor mortgages: These can be easier to get because a friend or family member must agree cover your mortgage payments if you are unable to pay them.

  • Help to Buy mortgages: Help to Buy is a government scheme that offers a 20% equity loan to help you buy a new build property. You still need to provide a 5% deposit, but it means you should need much smaller mortgage.

If you do not have a 5% deposit saved up, here is how you could get a mortgage with no deposit.

95% mortgages for first time buyers FAQs

Q

Can I get a mortgage without a deposit?

A

Yes, if you have a guarantor. You need at least a 5% deposit for other mortgages, but some come with schemes to help you buy your first home.

Q

How can I save a deposit?

A

Here is how to save up for a deposit. Saving more improves your chances of being accepted and could help you get a cheaper mortgage.

Q

Can I afford a mortgage?

A

Check if you can afford one by working out how much you earn and spend. Compare this to how much buying a home will cost you.

Q

What is a higher lending charge?

A

Some lenders add a fee of around 1.5% if your deposit is less than 10%. Not every lender charges this as a separate fee.

Q

Can I get a mortgage with someone else?

A

Yes, and getting a joint mortgage means you could borrow more and make the repayments easier to afford. Here is how joint mortgages work.

About our mortgage comparison

Q

Who do we include in this comparison?

A

We include every mortgage in the UK you can apply for directly from the lender. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.