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95% Mortgages & 5% Deposit Mortgages in Birmingham

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95% Mortgages & 5% Deposit Mortgages in Birmingham

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What are 95% mortgages in Birmingham?

For many first time buyers, a 95% mortgage is an appealing option as a means to save up a traditional 5% deposit, making homeownership more achievable.

To put it into perspective, if you’re eyeing a property priced at £200k, you would only need a minimum deposit of £10k (5%) and then proceed with a 95% mortgage for the remaining £190k to seal the deal.

Furthermore, 95% mortgages aren’t just for those venturing into homeownership for the first time. Current homeowners can also consider these mortgages when looking to remortgage and free up capital for various purposes.

If you’re keen on exploring your options with 95% mortgages or have any mortgage-related queries, don’t hesitate to book a free mortgage appointment to speak with one of our mortgage advisors in Birmingham – the consultation is on the house!

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95% Mortgages & 5% Deposit Mortgages in Birmingham

Can you get a 95% mortgage in Birmingham?

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 of the property you’re interested in can also impact your chances of getting a 95% mortgage in Birmingham. 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 Birmingham. If you need any assistance, as a trusted mortgage broker in Birmingham, we’ll be happy to guide you through the process and do anything we can to try and secure you a 95% mortgage.

Our 95% mortgage advice in Birmingham service.

We specialise in helping first time buyers in Birmingham, home movers, and existing property owners find the perfect 95% mortgage deal with just a 5% deposit. Whether you’re interested in joint name or sole name mortgages, or if you’re a first time buyer, home mover, we’ve got you covered.

Our expert mortgage advisors in Birmingham will calculate how much you can borrow, estimate your monthly payments, and provide you with a mortgage agreement in principle document, all as part of our dedicated service. With our wealth of experience and knowledge, we can assist with various scenarios ranging from family gifted deposits to buying below market value properties, handling complicated situations, exploring bad credit mortgage options, offering mortgage solutions for those aged 50 and above, facilitating remortgages for capital raising, debt consolidation options, and providing tailored mortgages for self employed individuals or those with complex income structures.

For expert mortgage advice in Birmingham, speak to one of our advisors for free and let us guide you through the process with ease.

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Popular Mortgage FAQs in Birmingham

How Can You Get a 95% Mortgage in Birmingham?

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When it comes to securing a 95% mortgage, there are two main routes you can take: working with a mortgage broker in Birmingham like us or approaching a lender directly. However, navigating the complexities of a 95% mortgage application can be tricky, with potential challenges arising during the mortgage application, property survey, valuations, and conveyancing process.

In order to qualify for a 5% deposit mortgage, you will need to gather several key documents including proof of earnings, bank statements demonstrating good account conduct, identification, evidence of deposit for a new property purchase, a credit report detailing any outstanding debts, and information on existing credit commitments such as loans and credit cards.

What is a 95% Mortgage in Birmingham?

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A 95% mortgage is essentially a loan covering 95% of the property’s value, requiring you to put down a minimum deposit of 5% towards the purchase. Let’s illustrate this with an example: Imagine you’re eyeing a property priced at £200,000. In this scenario, you would need to provide a £10,000 deposit, which is 5% of the property value, either from your savings or as a gift.

To cover the remaining £190,000, you’d apply for a mortgage, which you would repay monthly over the typical term of 30 years for a first-time buyer. It’s worth noting that if you have more than a 5% deposit saved up, exploring 90% Loan-to-Value (LTV) mortgages could potentially help you save on your monthly repayments. Comparing different LTV mortgage options can give you a clearer picture of how much you can save each month.

Who Offers 95% Mortgages in Birmingham?

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Numerous banks provide 95% mortgages geared towards first time buyers in Birmingham, individuals moving homes, or those seeking to remortgage for various financial purposes. Each bank offering these mortgages will have its unique affordability evaluations and eligibility requirements. Therefore, enlisting the expertise of a seasoned mortgage broker can be invaluable in navigating through the myriad of options and securing the most favorable deal tailored to your specific 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 Birmingham. 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 Birmingham 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 Birmingham. 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 Birminghammoneyman

Free Appointment in Birmingham

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

During this appointment, your expert mortgage advisor in Birmingham 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 Birmingham, 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 Birmingham, 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 Birmingham are available day and night, ready to provide you with the reliable 95% mortgage advice in Birmingham 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 Birmingham

We search 1000s of 5% Deposit Mortgage Deals in Birmingham

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Common Mortgage Questions in Birmingham

95% Mortgages with Bad Credit in Birmingham

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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 Birmingham, 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 Self Employed in Birmingham?

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As a mortgage broker in Birmingham, 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 Birmingham

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If you've owned your home in Birmingham 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 Birmingham 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.

Free Mortgage Guides & Birminghammoneyman 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, Hull, HU9 1PU.

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