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95% Mortgages & 5% Deposit Mortgages in Newcastle

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95% Mortgages & 5% Deposit Mortgages in Newcastle

Search 1000s of 95% Deals with a Mortgage Broker in Newcastle.

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What are 95% mortgages in Newcastle?

Curious about 95% mortgages? These mortgage products allow both first time buyers and current homeowners to secure a property with just a 5% deposit, with the remaining 95% funded by the mortgage lender.

Ideal for first time buyers who might struggle to save a standard 10% deposit, a 95% mortgage offers a more accessible path to homeownership. Picture this example: You are eyeing a £200k property. With a 5% deposit of £10k, you can then apply for a 95% mortgage of £190k to cover the rest of the purchase price.

Moreover, 95% mortgages aren’t restricted to only first time buyers. Homeowners can also take advantage of these mortgages by remortgaging to release capital for various purposes.

Considering a 95% mortgage? Book in with one of our advisors for a free appointment today!

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95% Mortgages & 5% Deposit Mortgages in Newcastle

Can You Get a 95% Mortgage in Newcastle?

Securing such a mortgage depends on various elements such as your income, job stability, the nature of the property, and your current financial commitments including personal loans and credit cards. Your credit score and financial history also play a significant role in the process.

Embarking on the journey of acquiring a 95% mortgage with just a 5% deposit can prove to be a challenging task without the support of an experienced mortgage broker by your side. It’s essential to note that the interest rates on 95% mortgages typically lean towards the higher side compared to deals with lower loan-to-value (LTV), primarily due to the heightened risk perceived by the lender.

Don’t hesitate to reach out to a mortgage advisor in Newcastle for a free appointment and we’ll find the best solution tailored to your needs.

Our 95% mortgage advice in Newcastle service.

Our mortgage advice in Newcastle service specialises in helping first time buyers, home movers, and existing property owners secure 95% mortgage deals with just a 5% deposit.

Whether you’re looking for joint name or sole name 95% mortgages, or if you’re a first time buyer, home mover, or looking to raise capital, we’ve got you covered.

Our service includes calculating how much you can borrow, estimating monthly payments, and providing you with a mortgage agreement in principle document to get you started.

We can help with various situations, including family gifted deposits, purchasing properties below market value, handling complicated scenarios, exploring bad credit mortgage options, catering to individuals aged 50 and above, remortgaging for capital raising, consolidating debts, and securing mortgages for self-employed individuals with complex income structures.

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Popular Mortgage FAQs in Newcastle

How Can You Get a 95% Mortgage in Newcastle?

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Securing a 95% mortgage can be achieved by either collaborating with a mortgage broker in Newcastle, like us, or by approaching a lender directly. Navigating the path to a 95% mortgage approval can be fraught with potential pitfalls.

From the intricacies of the mortgage application and property survey to valuation challenges and the intricacies of the conveyancing process, there are many hurdles to clear.

That’s where the expertise of a trusted mortgage broker comes in, guiding you through the process and potentially saving you valuable time and money along the way.

To secure a 5% deposit mortgage, you’ll need to provide a range of documents, including proof of earnings, bank statements reflecting responsible account management, identification documents, proof of deposit for the new purchase, a credit report detailing any existing financial liabilities, and information on current credit commitments such as loans and credit cards.

Given the increased risk involved for the lender with a 95% mortgage, a meticulous application assessment is conducted. Depending on your unique circumstances, additional documentation may be requested throughout the process to ensure a comprehensive evaluation.

What is a 95% Mortgage in Newcastle?

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A 95% mortgage is a financing option where you can borrow up to 95% of the property’s purchase price, requiring you to contribute a minimum 5% deposit. Let’s paint a picture of this scenario with a £200k property as an example.

In this case, you would need to bring in a £10k deposit, which is 5% of the property value. This deposit can come from your savings or even a generous gift. The remaining £190k would be covered by the mortgage you apply for. You will then repay this amount monthly over the mortgage term, typically around 30 years for first-time buyers.

If you happen to have more than a 5% deposit saved up, it could be beneficial to explore 90% LTV mortgages as well. By comparing the two options, you can assess how much you could potentially save on your monthly repayments. It’s all about finding the right balance that suits your financial goals and circumstances.

Who Offers 95% Mortgages in Newcastle?

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Numerous banks extend a helping hand to first-time buyers, home movers, and individuals seeking to remortgage by providing 95% mortgages. Each bank has its own set of affordability assessments and criteria pertaining to these mortgages.

Engaging the expertise of a seasoned mortgage broker can be advantageous in navigating through these varied offerings to secure the most suitable deal tailored to your specific circumstances.

Furthermore, there are specialist 95% mortgage lenders willing to help individuals with bad credit histories or those who are self-employed. These tailored solutions aim to support first time buyers in stepping onto the property ladder, making homeownership a feasible reality even for those facing unique financial challenges.

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Our Simple 4-Step Process

Book Online

Step 1

When it comes to obtaining a mortgage for your dream home in Newcastle, it’s important to speak with a knowledgeable mortgage advisor.

Our team of experts is here to help you in navigating the ins and outs of securing a 95% mortgage, specifically tailored to first time buyers in Newcastle.

When you schedule a free mortgage consultation with us, our dedicated advisor will assess your financial background comprehensively.

Free Mortgage Appointment

Step 2

Embark on your path to owning a home with a mortgage broker in Newcastle like us, Newcastlemoneyman.

We work with a diverse network of lenders who specialise in providing 95% Mortgages tailored for first-time buyers in the Newcastle area.

Upon scheduling an appointment with us, we will promptly work to secure your mortgage agreement in principle, a process that typically takes around 24 hours.

Finding a Suitable Product

Step 3

After you have successfully had your offer on a property accepted, your assigned mortgage advisor in Newcastle will diligently process your mortgage application, ensuring all necessary documentation is included as per the lender’s requirements.

Rest assured, our dedicated case manager will keep you in the loop with timely updates as we guide you through the entire mortgage journey.

Submit Your Application

Step 4

Our team in Newcastle goes above and beyond to not only secure the best 95% Mortgages for first time buyers but also to ensure you have the necessary insurance coverage to protect your finances and loved ones.

Insurance plays a key role in providing a safety net for unexpected life events like death, disability, or job loss when you have a mortgage. By having insurance products that cover mortgage payments, the burden of repayment does not fall solely on your family in challenging times.

Reasons to Choose Us For Mortgage Advice in Newcastle

Free Appointment in Newcastle

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As a mortgage broker in Newcastle, we prioritise convenience for our clients by offering flexible appointment times. Our expert mortgage advisors are dedicated to working seven days a week until late, ensuring that we can accommodate your schedule. Whether you prefer a daytime meeting, an evening consultation, or even a weekend appointment, we are here for you.

During your free mortgage consultation, typically conducted over the phone or through a video call on Microsoft Teams, we take the time to thoroughly comprehend your unique circumstances and financial position. Our goal is to scour through a vast array of first time buyer mortgages to pinpoint the perfect deal that aligns with your specific requirements.

Search 1000s of products

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Navigating the world of mortgages can be overwhelming, but with us, you’re not alone. We’re your partners in this journey, from the initial search to finally unlocking the door to your new home. Our team of experts in Newcastle will guide you through the process, ensuring you’re always in the loop and explaining things in simple terms without drowning you in technical jargon.

Here with our mortgage advisors in Newcastle, we are dedicated to simplifying the home buying experience for you. With access to a wide range of mortgage products, we’ll sift through them all to find the perfect fit for your needs. Reach out to us now to schedule a no-cost consultation, and let us help you turn your homeownership dreams into a reality.

Our Service

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As mortgage advisors in Newcastle, our team of experienced advisors has successfully guided numerous first time buyers through the journey of becoming homeowners in this vibrant city. We acknowledge the challenges and uncertainties that come with purchasing your first property and are dedicated to simplifying the process for you.

Let us help turn your dream of owning a home into a reality, with our expertise and personalised guidance every step of the way.

7 Days a Week

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With two decades of experience catering to diverse mortgage requirements in Newcastle, our team has encountered a wide array of scenarios. There’s hardly a mortgage challenge we haven’t navigated. Count on our expertise and insights to offer you top-notch advice and direction for your 95% mortgage needs.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

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

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Common Mortgage Questions in Newcastle

How much can you borrow for a 95% mortgage in Newcastle?

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Having a rough estimate of your borrowing capacity can guide you in setting practical expectations and focusing your property search on homes that align with your financial boundaries.

As a mortgage broker in Newcastle, we recognise the significance of figuring out your maximum borrowing potential. This is why we offer online calculators on our website to help you in gauging your borrowing capabilities. However, it’s important to note that these tools provide rough estimates since they don’t encompass all the aspects that lenders scrutinise when evaluating your mortgage request.

This is where our team of mortgage advisors in Newcastle steps in. Our team can help determine a more precise maximum loan amount by considering all the elements that lenders take into account during the mortgage assessment process, including your income, employment status, credit history, and financial commitments.

Has your offer on a property already been accepted?

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Once you’ve sealed the deal with an accepted offer, it’s important to kickstart your complete mortgage application promptly. Our experts at the mortgage broker in Newcastle are here to streamline this process for you. They will begin by analysing your financial status and recommending the most suitable mortgage options tailored to your unique situation and the property at hand.

It’s highly advisable to speak with a mortgage broker in Newcastle before plunging into property offers. This proactive step allows us to assess your mortgage eligibility and furnish you with a precise Agreement in Principle (AIP) to substantiate any offers you put forth. This proactive measure grants you a clear understanding of your financial boundaries and shields you from potential disheartenment in case your offer doesn’t go through.

Our mortgage specialists in Newcastle prioritise understanding your specific requirements and circumstances, meticulously shepherding you through every step of the mortgage application procedure. We’ll help you in navigating the paperwork, compiling all necessary documentation, and liaising with the lender on your behalf.

Have you been declined by your Bank or Building Society in Newcastle?

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If you’ve hit a roadblock with your bank’s mortgage application process, fret not – our team of mortgage advisors in Newcastle are here to turn things around for you. Banks can turn down mortgage applications for various reasons like a patchy credit history or insufficient income. But as experienced mortgage brokers in Newcastle, we have access to a diverse panel of lenders, some of whom offer specialised products that might be a better fit for your unique situation.

Our dedicated mortgage advisors will delve into the reasons behind your declined application and explore alternative avenues on your behalf. We’ll evaluate your eligibility for different types of mortgages and recommend the most suitable products tailored to your specific requirements. Our ultimate aim is to help you in securing the most favourable mortgage deal aligned with your individual circumstances.

Free Mortgage Guides & Newcastlemoneyman 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.

Authorised and Regulated by the Financial Conduct Authority.

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