Can I get a mortgage with a 5% deposit?

[AlwaysSomethingThere]

That. I'm trying to save 10% but I'm absolutely desperate to buy a house ASAP and I hear some lenders will lend 95%? Please let it be true. NOT touching a shared ownership. I want the house to be 100% in my sole name. No partner just a single woman frantically trying to secure herself.

Santander are offering 5% but you need to have an excellent credit rating to be accepted.

They do exist. Look at mortgage comparison sites.

Yes you can but interest rates will be higher and you'll need to have an excellent credit rating. You could go on a fixed deal then remortgage at the end of it when hopefully your loan to value will be less and can get better rates.

Your best bet is to contact an independent mortgage broker who can do all the finding for you, it makes life a lot easier !

Oh man alive if this is possible I literally feel like I'm having my first orgasm

Check you credit report, make sure it's all up to date and no adverse credit showing and then you can apply for a mortgage in principal online.

Your best bet is to contact an independent mortgage broker who can do all the finding for you, it makes life a lot easier !

This. You shouldn’t have to pay for them... ours made his money from the banks, but without him we wouldn’t have secured our last mortgage.

Ring London and Country. They are a mortgage broker but are free. They got us a good 95% deal 2 years ago

Yes, definitely go to an independent broker, much much easier.

Mortgage broker was a godsend to us

What about a help to buy equity loan? You would still own the house entirely as it acts as a second charge on the property. Best if you think paying back the equity is an option, as interest kicks in after 5 years.

Our broker is fab he got us a 2 year fixed deal lower than I could find andbthen got uscanother 2 years with cashback.

As a first time buyer you can get a lot of help to buy and yes it means you have to pay it back but it gets you on the ladder.

Quick google www.money.co.uk/mortgages/95-mortgages.htm?track=278994&creative=260179822215&network=s&placement=&adpos=1t2&gclid=EAIaIQobChMI1O2ykdfq3wIVTbDtCh1BwAdNEAAYAiAAEgLurfD_BwE

I have a 95% mortgage - no loans involved and nothing to pay government. It just meant if I defaulted the government covered the extra 15% to the bank. It was a help to buy scheme but not the pay back one.

My advice would be to get a mortgage broker, they can do amazing things!

London and county told me 5% deposit is ok but you will be paying 4% interest rather than 2%

Thanks everyone. A colleague of mine used a broker recently and said he was amazing so I'll give him a call next week and have a chat. It's all pretty scary x

Get a broker. Ours was £150 and was the best money we ever spent. We only had a 6.5% deposit and they found something (our lender does 5%) We’re with the Nottingham Building Society. Crap rate but when we remortgage in 16 months we should have over 10% and will be able to get a better deal elsewhere.

One more question. There is a house on the market I like the look of but it's very cheap and in an okay area. It looks well looked after and presentable but if it's that cheap it's for a bloody good reason! Maybe the plumbing and electric is fucked or something.

If I ask the estate agent what the catch is will they tell me the truth? Are they legally obliged to warn me of any major issues?

I wouldn’t expect them to price down for either of those things - they may not even know about them. You may find the answer once you’re in - photos can be misleading!