95% Mortgages in Manchester
Looking to buy a home in Manchester with just a 5% deposit? Our expert broker at Search Mortgage Solutions can help you secure a 95% mortgage. We offer personalised advice, access to the right deals for you. Let us make your homeownership dream a reality.
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5% Deposit Mortgages in Manchester
5% mortgages enable you to own a home with just a 5% deposit, with the mortgage lender covering the remaining 95%. This option is especially attractive for first-time buyers in Manchester who find it challenging to save a traditional 10% deposit.
For instance, if you’re eyeing a property valued at £200k, you’d only need a minimum deposit of £10k (5% of the property value). The remaining £190k would be financed through a 95% mortgage.
These mortgages aren’t limited to first-time buyers. Existing homeowners in Manchester looking to remortgage and release capital for various purposes can also take advantage of 95% mortgages.
If you need advice on 95% mortgages in Manchester or have questions for our expert, don’t hesitate to reach out. Your first mortgage consultation is the perfect opportunity to take the first step toward owning your dream home.
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Securing a 95% Mortgage
Your income and employment status are crucial to securing a 95% mortgage. Mortgage lenders must ensure that you have a stable and reliable income to support the monthly mortgage repayments.
The type and construction of the property you’re interested in can also affect your eligibility for a 95% mortgage. Some lenders may restrict specific property types, such as leasehold flats or homes built with unconventional materials.
Your existing credit commitments are another critical consideration. Mortgage lenders will review any personal loans, car loans, or credit card debt you currently hold. They want to see a good track record of managing and repaying your debts on time.
Lastly, your credit score and account conduct are vital. Lenders will assess your credit history to see if you have a record of late payments or loan defaults. A strong credit score improves your chances of securing a 95% mortgage in Manchester.
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Is This the Right Time for a Mortgage Over 60?
At Search Mortgage Solutions, our expertise and support have helped numerous first-time buyers, home movers, and existing homeowners secure competitive 95% mortgage deals with just a 5% deposit in Manchester.
Whether you’re applying for a joint or sole-name mortgage, our broker is here to assist you.
Our comprehensive mortgage broking service includes informing you about the maximum amount you can borrow and providing crucial insights into your monthly payment obligations. Additionally, we will prepare a mortgage agreement in principle to ensure a smooth and efficient process.
Reach out to our dedicated mortgage advisors in Manchester today. We are here to guide you through every step of your mortgage journey.
Buy Your Dream Home
We offer our services to you at no cost, so why wait? Search Mortgage Solutions Mortgage brokers Manchester are here to help.
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We are here 24/7 providing customers with expert advice and solutions for their next mortgage, whether that’s for a New Home, remortgage or but to let.
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We have access to the whole of the market of mortgage providers and because we don’t charge a fee, this can mean a savings for you of hundreds of pounds.
FAQs
Calculating how much you can borrow to buy a home will be based on your income / incomes. If you wish to apply for a mortgage, use our borrowing calculator on the website as this will give you a rough idea of how much a lender might offer you. This is based on how much you earn and whether you’re buying with anyone else. Mortgage lenders will decide how much you can borrow by basing income multipliers on your salary / salaries .Banks and building societies will offer between three and four-and-a-half times the annual income of you and anyone you are buying with. This means if you are buying on a single applicant basis and earn £30,000 a year, you could be offered anything between £90,000 and £135,000. There are exceptions to this, however, especially if you work in a certain profession and then income multipliers may be higher. Other factors will impact how much you can borrow as well. Lenders will want to know your monthly outgoings and how you spend your money to complete an affordability assessment. Loan repayments , student loans and credit card balances , Regular bills (e.g. gas and electricity) Transport costs Grocery costs Spending on leisure activities Recent bank statements may be needed and payslips to support your application.
