Put simply, a 95% mortgage allows you to borrow up to 95% of the value of the property you want to purchase, which is really useful if you are buying your first home. 95% is the Loan-to-Value of the mortgage you would need.
(5% of the property value)
(95% of the property value)
Many first time buyers are tempted by 95% mortgages, mainly due to the fact that the deposit is smaller, although our 95% mortgages are also available to home movers.
You could borrow between £50,000 and £500,000 (subject to lending criteria), but it's worth considering that your mortgage repayments on a 95% mortgage may be larger than on a mortgage with a lower loan-to-value. You also should consider other mortgage costs such as product fees, which can cost up to £995, depending on the mortgage deal you choose.
At Yorkshire Building Society, we base the amount we can lend to you on your income, including:
You can use our simple 5% deposit calculator below to get an idea of how much you would need to pay:
Tell us the estimated cost of your ideal home:
So you'll need:
We have a range of 5% deposit fixed rate mortgages for homebuyers. The product fee is either £0 or £845. Early repayment charges and other fees and charges will apply.
If you want a quick estimate of how much your mortgage repayments might be, then you can use our repayment calculator to work this out.
To find out how much we may be able to lend to you, our borrowing calculator is also available:
If you are unclear what something means, our
Mortgage glossary can help.