If you are looking to secure a property in Liverpool and are concerned about the size of deposit needed, a 5% deposit mortgage may provide the solution you have been seeking. At CRC Mortgages, we understand that saving a substantial deposit can be challenging, especially for first-time buyers, which is why we’re dedicated to helping individuals and families in Liverpool access suitable 5% deposit mortgages as possible.
A 5% deposit mortgage means you could potentially buy a home with as little as a 5% deposit of the purchase price, allowing you to step onto the property ladder earlier. Whilst securing such a mortgage can seem daunting at first, our experienced mortgage brokers in Liverpool are on hand to guide you through every step of the process.
What is a 5% Deposit Mortgage?
Purchasing your first home or moving house in Liverpool can be expensive, especially when considering deposits. A 5% deposit mortgage, sometimes known as a 95% mortgage, enables prospective buyers to purchase a home with only 5% of the property’s value upfront, borrowing the remaining 95% through a mortgage agreement. This type of mortgage can make home ownership more achievable as possible for first-time buyers or those with limited saving capacity.
There are various schemes and mortgage products available to support homebuyers who have a smaller deposit. Working with our professional mortgage advisors, you can understand clearly the options available for your circumstances as possible, providing clarity and guidance to help you make informed decisions.
YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT
The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £449 to £699 and this will be discussed and agreed with you at the earliest opportunity.
If you would like to speak with an adviser,
please contact us below.
What are the Requirements for a 5% Deposit Mortgage?
While 5% deposit mortgages provide an entry point into the housing market, certain criteria will need to be met. These typically include:
- A stable employment history or reliable income source
- A healthy credit score and credit history
- Proof you can comfortably afford the monthly repayments
- Meeting the lender’s affordability criteria and eligibility checks
Our expert Liverpool-based mortgage brokers will support you to understand these requirements clearly and assist you throughout the mortgage application process as much as possible.
Why Choose Our Mortgage Advisors Liverpool?
At CRC Mortgages, our team of experienced mortgage advisors have extensive local knowledge and understand the Liverpool property market intimately. We provide friendly, professional, and transparent advice aimed at helping you find a 5% deposit mortgage that suits your circumstances as closely as possible.
Choosing us means:
- Expert industry experience and local Liverpool market insight
- Clear and jargon-free communication
- Personalised mortgage guidance tailored to your individual situation
- A dedicated advisor who will support you from enquiry through to application as much as possible
5% Deposit Mortgages for First-Time Buyers Liverpool
For first-time buyers in Liverpool, a 5% deposit mortgage can offer a huge advantage in making home ownership achievable earlier. With property prices rising, it can be challenging to build substantial savings. Our mortgage brokers will help you understand the options available specifically for first-time buyers, including government-backed schemes aimed at easing entry onto the property ladder.
We appreciate that buying your first home can be a complex and overwhelming process. Our advisors are here to support you throughout, aiming to save you as much time and unnecessary effort as possible.
Remortgaging in Liverpool with a 5% Deposit
Although typically utilised by first-time buyers, 5% deposit mortgages can also be considered by certain homeowners who are looking to remortgage their property. If you have limited equity in your property but are looking to remortgage to secure more favourable rates or terms, our brokers in Liverpool can help review your circumstances and advise on potential options suited to your individual requirements as closely as possible.
Frequently Asked Questions about 5% Deposit Mortgages in Liverpool
Can anyone apply for a 5% deposit mortgage?
Eligibility for a 5% deposit mortgage varies by lender but typically includes factors such as affordability, credit rating, and employment stability. Our advisors can discuss eligibility criteria with you in detail.
Are the interest rates higher on a 5% deposit mortgage?
Interest rates on 5% deposit mortgages can often be higher compared to mortgages with larger deposits, due to the increased lending risk. However, rates and terms do vary between lenders and mortgage products.
Can I use government schemes to secure a 5% deposit mortgage?
Yes, certain government-backed schemes can help homebuyers secure a mortgage with a smaller deposit. Our advisors can discuss these schemes and their suitability for your personal circumstances.
If I have poor credit, can I still get a 5% deposit mortgage?
Securing a mortgage with poor credit can be more challenging, especially with a smaller deposit. However, every situation is unique, and our advisors can explore various options based on your individual profile as much as possible.
At CRC Mortgages, we are passionate about helping clients in Liverpool navigate the world of mortgages effectively as possible. Speak to our experienced mortgage brokers today to find out more about 5% deposit mortgages and how we could help you start your journey towards home ownership.