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95% Mortgages & 5% Deposit Mortgages in Manchester

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95% Mortgages & 5% Deposit Mortgages in Manchester

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What are 95% mortgages in Manchester?

95% mortgages essentially allow buyers to own a home with just a 5% deposit, as the mortgage lender covers the remaining 95%. This type of mortgage is particularly appealing if you are a first time buyer in Manchester who is struggling to save up a traditional 10% deposit.

Let’s say you’re interested in purchasing a property valued at £200k. In this case, you would only need a minimum deposit of £10k (5% of the property value). The remaining £190k would be covered by a 95% mortgage.

It’s worth noting that these mortgages aren’t only available to you as a first time buyer in Manchester. Existing homeowners who are looking to remortgage in Manchester and release capital for various reasons can also benefit from 95% mortgages.

If you are looking for 95% mortgage advice in Manchester or want to ask our experts a question, don’t hesitate to get in touch. Your first mortgage appointment is completely free, so make sure to take advantage of this opportunity and set yourself on the path to owning your dream home!

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95% Mortgages & 5% Deposit Mortgages in Manchester

Can you get a 95% mortgage in Manchester?

Well, the answer to that question lies in a few key factors. First and foremost, your income and employment status play a crucial role. Mortgage lenders want to ensure that you have a stable and reliable income that can support the monthly mortgage repayments.

The type and construction of the property you’re interested in can also impact your chances of getting a 95% mortgage in Manchester. Some mortgage lenders may have restrictions on certain types of properties, such as leasehold flats or homes with unconventional construction materials.

Your existing credit commitments also come into play. Mortgage lenders will take into account any personal loans, car loans, or credit card debt you currently have. They want to see that you have a good track record of managing your debts and paying them off on time.

Last but not least, your credit score and account conduct will be assessed. Mortgage lenders want to know if you have a history of making late payments or defaulting on loans. A poor credit score can make it challenging to secure a 95% mortgage in Manchester.

Getting 95% Mortgage Advice in Manchester

With our expertise and support, we have successfully helped countless first time buyers, home movers, and existing property owners secure competitive 95% mortgage deals with a 5% deposit in Manchester.

Whether you are applying for a joint name or sole name mortgage, our team is equipped to assist you. We cater to the needs of first time buyers, home movers, and those looking to raise capital for various purposes.

As part of our comprehensive service, we will not only inform you about the maximum amount you can borrow on a mortgage but also provide vital insights into the monthly payment obligations. In addition, we will prepare a mortgage agreement in principle document to ensure a smooth and efficient process.

Do not hesitate to reach out to our team of dedicated mortgage advisors in Manchester, we would love to help you through your mortgage journey.

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Popular Mortgage FAQs in Manchester

How Can You Get a 95% Mortgage in Manchester?

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Obtaining a 95% mortgage can be achieved either through a mortgage broker in Manchester, such as ourselves, or by approaching a lender directly. However, it is important to be aware of the potential pitfalls that can arise during the application process. These can include complications with the mortgage application itself, issues with the property survey, problems with valuations, and challenges with the conveyancing process.

To navigate through these potential obstacles smoothly, it is always advisable to enlist the services of a mortgage broker in Manchester. Not only can they guide you through the process, but they can also save you both time and money.

What is a 95% Mortgage in Manchester?

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A 95% mortgage is a loan that covers 95% of the value of a property, leaving you to put down a minimum deposit of 5%. This means that if you were buying a property in Manchester worth £200k, you would need to contribute £10k towards the purchase. This deposit can come from your savings or a gifted deposit.

The remaining £190k would be provided by the mortgage lender and would need to be repaid on a monthly basis over the course of your mortgage term, which is usually 25-30 years for first time buyers.

If you happen to have more than a 5% deposit available, it might be worth considering a 90% LTV mortgage. This will allow you to compare the savings you could make on a monthly basis. With a lower loan-to-value ratio, you may be able to secure a better interest rate and potentially save more money in the long run.

Who Offers 95% Mortgages in Manchester?

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In Manchester, there is a wide range of banks that cater to individuals looking for 95% mortgages. These mortgages are available to first time buyers, home movers, and even those who wish to remortgage to raise capital. However, it is important to note that each bank will have its own set of criteria and affordability assessments when it comes to offering these mortgages.

To navigate through this complex landscape, it is highly recommended to seek the assistance of an experienced mortgage broker in Manchester. With their expertise and knowledge of the industry, they will be able to guide you towards the best 95% mortgage deal based on your personal circumstances.

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Our Simple 4-Step Process

Book Online

Step 1

When you book your free mortgage appointment, you'll have the opportunity to speak with a mortgage advisor in Manchester.

You can book your free mortgage appointment online or by giving a member of the team a call!

Free Mortgage Appointment

Step 2

During your free mortgage appointment, our team of mortgage advisors in Manchester 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.

Finding a Suitable Product

Step 3

Our team will search through 1000s of mortgages to find the perfect 95% mortgage deal for you in Manchester.

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!

Submit Your Application

Step 4

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.

Reasons to Choose Us For Mortgage Advice in Manchester

Free Appointment in Manchester

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Contact us and arrange a free mortgage appointment with one of our mortgage advisors in Manchester at your convenience.

During this appointment, your expert mortgage advisor in Manchester 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.

Search 1000s of products

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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 Manchester, 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.

Our Service

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As your mortgage broker in Manchester, 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.

7 Days a Week

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Our team of experienced mortgage advisors in Manchester are available day and night, ready to provide you with the reliable 95% mortgage advice in Manchester 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.

Malcolm and Amy Davidson - Mortgage Advice in Manchester

We search 1000s of 5% deposit mortgage deals in Manchester

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Common Mortgage Questions in Manchester

95% Mortgages with Bad Credit in Manchester

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Whether or not this is possible depends on how bad your credit was and the severity. As a general rule, the more historic your bad credit was, the lower the amount, and it’s now all settled will aid your chances of being accepted for a 5% deposit mortgage.

If you have bad credit, you may have had encounters with CCJs, defaults or missed payments. These are some of the leading factors as to why people have bad credit.

As an experienced mortgage broker in Manchester, we have had experience helping customers take out a mortgage with bad credit, and we will be more than happy to look into your situation and help you determine whether it is possible or not.

 

95% Mortgages for the Self Employed in Manchester

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As a mortgage broker in Manchester, let us reassure you that securing a 95% mortgage with just a 5% deposit can be possible for both employed and self employed individuals alike.

The process doesn’t differentiate. If you’re self employed, don’t stress about how long you’ve been in business, the number of years of accounts you have, or a recent switch from being employed to self employed, speak to a mortgage broker like us and we can run through your financail situation with us and help you determine if or when it is possible to get a mortgage in your situation.

95% Mortgages for Debt Consolidation in Manchester

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If you’ve owned your home in Manchester for some time, you may have accumulated significant equity. This equity could be leveraged through a debt consolidation mortgage to settle outstanding debts such as credit card balances and personal loans.

However, it’s crucial to consider both the benefits and drawbacks of this financial move. Opting for a debt consolidation mortgage may seem like a solution, but it’s not without risks – you might end up in a less favourable position.

Our team of expert mortgage advisors in Manchester are here to guide you through the complexities of debt consolidation, ensuring you grasp the implications of transforming unsecured debt into a charge against your property.

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Manchestermoneyman.com & Manchestermoneyman 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, Manchester, 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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