5% deposit loan

AndreaSelby

Hi is it possible to get a loan with 5/6% deposit only? The property cost around 260k. My credit score is fair and my husband is excellent. I am self employed and we are first time buyers. Thanks

Caz3121

not enough information
income? how may years self employed?

Retired_Mortgage_Adviser

Yes it is indeed possible to buy homes with 5% deposit - either using the many 95% LTV products in the market or with the help of Help to buy equity loan (if new build).

Whether your circumstances are likely to qualify for one (affordability mainly) needs more information - income, debt, dependents, nature of self employment (structure, how many years accounts,etc) etc. Do you have any blemishes on your credit history - defaults, missed payments, etc (a free statutory credit report from Experian or your Clearscore report should give you an indication).

You being self employed may narrow the pool of lenders a bit but nothing that a decent broker shouldn't be able to place (assuming no other complications).

Exodi

95% LTV products aren't uncommon (though, as echoed above, will be available depending on your circumstances).

Due to the small savings available, I would double check your sums add up.

You will need to put aside at least a couple of thousand for conveyancing, surveys, etc. You should also give yourself a buffer for when you move in as, bluntly, bills don't wait for you to settle in! Plus I don't know if you're moving with every appliance (fridge, washing machine, etc) but you may need money for this also.