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95% mortgages

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95% mortgages
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Author
Atousa Cunnell
Updated by
James Andrews
Last updated
November 6th, 2025
Reading Time -
7 mins
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What are 95% mortgages?

A 95% loan-to-value (LTV) mortgage lets you borrow 95% of a property’s value, meaning you only need a 5% deposit - often called a 5% deposit mortgage.

To get one, you’ll need a 5% deposit (from savings or home equity if remortgaging) and to meet the lender’s criteria, such as having a good credit score and proving affordability.

Most lenders let you borrow up to 4.5 times your income, though smaller deposits may limit this.

You’ll make monthly repayments, including interest, based on your mortgage type (fixed-rate or variable-rate), deal, and term length.

A risk to consider is getting into negative equity. If you have a 95% mortgage and the value of your home suddenly drops, it may be worth less than what you owe on your mortgage.

In this situation, you’re left paying interest on a loan that's bigger than the property's current value.

How to compare 95% LTV mortgages

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Can I get a 95% mortgage?

Lenders won't usually give you a 95% mortgage unless you've got a good credit history.

Offering 95% mortgages is a risky option for lenders, so the more reliable you are as a borrower, the more likely you are to be accepted.

As with any mortgage, lenders will scrutinise your finances closely, including your income, debts and outgoings, before deciding whether you can afford the repayments on your 95% mortgage.

If you are unsure whether you’ll be eligible, it’s worth seeking expert advice from a mortgage broker, who can also help you find the best deal.

How much can I borrow with a 95% mortgage?

The amount you can borrow for any mortgage depends on your personal financial situation and whether you meet the lender’s individual affordability criteria.

Lenders will look at:

  • Your salary

  • Other sources of income

  • Your outgoings

  • Any debts

  • Your dependents

  • Your credit history

Typically, you can borrow around up to four times your salary when you get a 95% mortgage. It might be a bit less than this if you're getting a mortgage with someone else and basing it on two incomes.

Remember that every mortgage lender uses different criteria to decide how much to lend and to whom.

Providing you can afford the monthly mortgage repayment, a 95% mortgage can be a good option. However, saving as much of a deposit as possible will help lower your interest rate and reduce the amount you pay overall.

Find out more ways to save up a mortgage deposit.

Advantages and disadvantages of 95% LTV mortgages

Advantages

You only need to put down 5% of the property’s value, making it easier to save a deposit if you’re a first-time buyer.
Thanks to the government’s guarantee scheme, several lenders are now offering 95% mortgages, giving you more options.
You’ll have more choice and a better interest rate with a 95% mortgage compared to a 100% mortgage.

Disadvantages

Interest rates and fees will be higher compared to lower LTV loans, which means you’ll pay much more over the course of your mortgage.
There’s a risk of negative equity - if the value of your property suddenly drops, it may be worth less than what you owe on your mortgage.
As you’re putting down a smaller deposit, you might not be able to borrow the maximum amount based on your income.

Other things to consider when choosing a 95% mortgage

Fixed-rate vs variable-rate mortgages

When you take out a mortgage, your lender will charge you interest. Whether the interest rate is fixed or variable can affect your monthly payments and how much you'll pay overall.

If you get a fixed-rate mortgage the interest rate remains the same for a set length of time, which means you know how much your monthly repayments will be. These tend to be more expensive at the outset, but you get security in return.

If you get a variable-rate mortgage the interest tracks another financial indicator, most often the Bank of England base rate. The amount you pay each month goes up or down in line with this.

Generally, these deals start off cheaper, but if interest rates go up, you could end up with expensive monthly repayments.

First-time buyer schemes

While the return of 95% mortgages to the market was good news for many first-time buyers in the UK, you might find that you're still struggling to save even a 5% deposit and get on the property ladder.

If that's the case, there are some additional schemes you might be able to take advantage of:

  • Shared ownership - lets first-time buyers purchase a share of the property between 10% and 75% and pay below-market rent on the rest.

  • Lifetime ISA - encourages first-time buyers (under 40) to save for their deposit by offering a 25% top-up from the government on any amount saved up to £4,000 per year.

  • Help to Buy Equity Loan - (Now closed in England, Scotland and Northern Ireland - but still open to applicants in Wales until September 2026) enables first-time buyers to boost their deposit when buying a new-build property.

Learn more about mortgages for first-time buyers.

Other things to consider when choosing a 95% mortgage

Fixed-rate vs variable-rate mortgages

When you take out a mortgage, your lender will charge you interest. Whether the interest rate is fixed or variable can affect your monthly payments and how much you'll pay overall.

If you get a fixed-rate mortgage the interest rate remains the same for a set length of time, which means you know how much your monthly repayments will be. These tend to be more expensive at the outset, but you get security in return.

If you get a variable-rate mortgage the interest tracks another financial indicator, most often the Bank of England base rate. The amount you pay each month goes up or down in line with this.

Generally, these deals start off cheaper, but if interest rates go up, you could end up with expensive monthly repayments.

First-time buyer schemes

While the return of 95% mortgages to the market was good news for many first-time buyers in the UK, you might find that you're still struggling to save even a 5% deposit and get on the property ladder.

If that's the case, there are some additional schemes you might be able to take advantage of:

  • Shared ownership - lets first-time buyers purchase a share of the property between 10% and 75% and pay below-market rent on the rest.

  • Lifetime ISA - encourages first-time buyers (under 40) to save for their deposit by offering a 25% top-up from the government on any amount saved up to £4,000 per year.

  • Help to Buy Equity Loan - (Now closed in England, Scotland and Northern Ireland - but still open to applicants in Wales until September 2026) enables first-time buyers to boost their deposit when buying a new-build property.

Learn more about mortgages for first-time buyers.

95% mortgage FAQs

Which banks offer 95% mortgages?

In 2020, near the start of the coronavirus pandemic, many lenders withdrew their 95% mortgage deals from the market. But thanks to a government guarantee scheme introduced in April 2021, it encouraged providers to bring these products back to the market.

There are now several 95% mortgage deals available, including:

  • NatWest

  • Barclays

  • HSBC

  • Santander

  • Lloyds

  • Nationwide

The scheme will run until the end of 2023.

Can I get a 95% mortgage on a new build?

Yes, you should be able to get a 95% mortgage on a new build property. You may also be able to take advantage of first-time buyer schemes such as shared ownership and help to buy equity loans.

What is a higher lending charge?

Some lenders add a fee of around 1.5% of the mortgage amount if your deposit is less than 10%. This is known as a higher lending charge. Not every lender charges this as a separate fee, so it’s important to shop around.

Can I get a mortgage without a deposit?

It is possible to get a mortgage with no deposit, but you might have better luck if you have a guarantor. This is someone (such as a family member or friend) who uses their home or savings as collateral to cover the mortgage if you can't.

You need at least a 5% deposit for most other mortgages - if you’re still struggling to get on the property ladder, there are schemes to help you buy your first home.

About the author

Author imageAtousa Cunnell
Atousa Cunnell
Atousa is a Content Producer for money.co.uk, responsible for writing and editing a wide range of mortgage content that are helpful to the reader.

money.co.uk is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

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