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What are 95% mortgages?

A 95% mortgage is a loan to purchase a property. 5% of the property price is made up of your deposit, and the remaining 95% makes up the mortgage loan.

The 95% is known as the loan-to-value ratio, or LTV. The higher the LTV, the higher the interest rates tend to be.

Most deals are repayment mortgages, which means you repay this loan plus interest over the course of your mortgage term. At the end of the term, you own the property outright.

Lenders typically offer between 4.5 and 6 times your annual income, depending on the lender and your circumstances.

So, even if you save up a deposit worth 5% of your dream home's price, you still need enough income to borrow the remaining 95%.

95% is usually the maximum LTV you can get for a standard mortgage. There are a few 100% mortgage, or no-deposit, deals on the market, but these normally require a family member to act as a guarantor, or to put up their savings or house equity as security.

For a property worth £250,000 Percentage Amount
Your cash deposit
5%
£12,500
Your mortgage
95%
£237,500

Am I eligible for a 95% mortgage?

Eligibility for a 95% mortgage depends on your lender's criteria and your financial situation.

  • Credit history - a good credit history increases your chances of approval. Lenders check your credit score to assess your reliability in repaying debts.
  • Income and affordability -a stable income and good affordability ratio tells the lender that you can afford the monthly mortgage payments.
  • Property type - some lenders have restrictions on the type of property they're willing to offer 95% mortgages for, such as new builds.

To know if you're eligible for a 95% mortgage, we recommend speaking to a mortgage broker like Mojo Mortgages. Mojo's expert advisers can evaluate your specific situation and tell you the likelihood of approval.

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What our mortgage expert says

"What surprises people most is how differently lenders treat the exact same 95% application. One might decline you outright, another will lend happily - it's rarely about you, it's about that lender's appetite for high-LTV risk that week. That's the real argument for going through a broker rather than one bank's website."

Ashlyn Trojnacki - Mortgage expert
Mortgage Expert Confused.com logo

Should I wait and save up a bigger deposit?

There are currently 95% LTV mortgage deals in the market, but you may want to consider saving up a larger deposit.

Even if you can save up a bit extra to bring your deposit to 10%, this would give you access to 90% LTV mortgage deals. Which normally come with better interest rates, and there is a greater choice of deals generally.

But if it may take you a long time to save a larger deposit and you'd like to get on the property ladder faster, a 95% mortgage may be a preferable option.

Whether a 95% mortgage is right for you depends on your individual circumstances. Whatever you decide, make sure you're in the financial position to afford a home and the mortgage you apply for.

Advantages and disadvantages of 95% LTV mortgages

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Advantages of 95% LTV mortgages:

  • A 5% deposit is easier to save than a larger deposit
  • They can help you get on the property ladder and start building equity in your own home faster
  • This might allow you to keep some money back, which could be used for home improvements or emergencies
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Disadvantages of 90% LTV mortgages:

  • You normally pay higher interest rates and get access to fewer deals than you would with a 90% LTV mortgage
  • You usually pay far more in interest over the course of your mortgage compared to borrowing less for a lower LTV deal
  • There's a greater risk of negative equity than with lower LTV deals, this is when your property is worth less than what you owe on your mortgage, which can happen if house prices fall

Alternatives to 95% mortgages

Mortgages icon

A lower LTV mortgage

This could work if you're able to save up a larger deposit. You may want to open a Lifetime ISA which offers a 25% boost on savings for your first home up to a certain amount. If a family member is able to contribute, they could also gift you part of your deposit to help you get a higher LTV deal.

Home insurance icon

Guarantor mortgages

This is one way you can get a no deposit mortgage. It's a mortgage that's supported financially by another person (as well as the applicant), known as a guarantor.

Mortgage life insurance icon

Offset mortgages

This is where a family member puts up their savings or house equity as a deposit

First time buyers mortgages icon

Shared ownership

This is a government scheme that allows you to buy a share of a home, rather than the whole property. You pay rent on the remaining amount. You can increase your equity share over time until you own it fully.

Mortgages icon

Help to Buy equity loans

Only currently available in Wales and on new build homes. You need to save a 5% deposit and you get a 20% equity loan to boost this.

First time buyers mortgages icon

Right to Buy

Right to Buy may help you to buy your council home at a significant discount from market value. Right to Acquire is a similar scheme for housing association tenants.

Mojo's customer says:

“Jim was absolutely amazing in navigating the mortgage process as I am a FTB and I got a fantastic mortgage deal to meet all of my needs. Jim was patient and so helpful explaining everything start to finish. I would recommend MOJO 100%.”

- Mojo Mortgages customer ()

“A pleasure to deal with. Professional. Efficient. Kept me informed throughout and made the process seamless.”

- Mojo Mortgages customer ()

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Tips & guides on 95 mortgages

What are the different mortgage types?

Whether you’re a first-time buyer or know the process well, we’ve got you covered.

Loan to value explained

What is loan-to-value (LTV) and what does it mean for buying a house?

How to make an offer on a house

After what seems like an eternity of searching, you've finally picked the house you want. Now you need to buy it.

Mortgages in principle

Let us take you through what you need to know about a mortgage agreement in principle.

See all mortgage guides

Need more help?

What costs are involved with 95% mortgages?

The main costs involved with a 95% LTV mortgage are:

  • Your deposit - you need a deposit worth 5% of the property value or price (whichever is lower)
  • Interest rate - the higher your initial interest rate, the larger your monthly repayments are, and vice versa
  • Arrangement fee - this is the main fee when getting a mortgage and can vary depending on the deal
  • Legal fees - the cost of a solicitor to sort the legal paperwork may be included as part of the mortgage deal, but it's not always so make sure you check the terms and conditions to find out how much it is
  • Valuation fee - lenders usually want to conduct a property valuation to make sure the amount you're paying for the property matches up, but this fee may also be included as part of a deal
  • Broker fee - some mortgage advisers charge for providing advice, but not all do

It's important to be aware of all the associated costs and fees when comparing mortgages so you can choose a deal to suit your circumstances.

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

Lenders usually want a 15% or 20% minimum deposit for a new build property. But there are schemes available that can help you get a new build home with a smaller deposit.

New Build Boost, run by lender Gen H, currently offers a similar route: a 5% deposit, an 80% mortgage, and an interest-free 15% equity loan to close the gap. It's available on selected developments, so check with your builder whether a plot qualifies.

If you're in Wales, you can still apply for a Help to Buy equity loan, now open until 31 March 2027. This provides a 20% equity loan to boost your 5% deposit.

And you could consider shared ownership on a new build property, which would mean you could purchase a share of the property and pay rent on the rest, so the deposit amount required would be less.

Can I get a mortgage with less than 5% deposit?

5% deposit is usually the minimum amount accepted by mortgage lenders.

There are a few 100% LTV deals on the market which allow you to get a mortgage with no deposit. But these usually require a family member to act as a guarantor, or put up their own savings or home equity as a deposit.

Skipton Building Society has launched a 100% mortgage deal for those with a strong track record of rental payments, but who are struggling to put away money for a deposit.

YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties. 

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To contact Mojo by phone, please call 0333 123 0012.

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