95% Mortgages

Your first home is closer than you think.

If you have a 5% deposit, you could jump onto the property ladder with a 95% mortgage. See how much you could borrow.

Mortgage calculator

Why choose a 95% mortgage?

Low deposit needed

You only need to put down a minimum of 5% of the total property value as a deposit.

Fixed interest rate options

For the first 2 to 5 years of your mortgage.

Faster route to home ownership

A 95% mortgage helps first-time buyers purchase a property sooner by reducing the need for a larger deposit.

95% mortgages explained

What is a 95% mortgage?

With this mortgage, you could borrow up to 95% of your home’s value. This means you’ll just need to pay a 5% deposit.

Example of a 95% mortgage on a property worth £150,000:

  • You'll need to pay a 5% deposit – worth £7,500 – to purchase the property.
  • Your mortgage can then cover the remaining 95% – £142,500.

Your mortgage would have a 95% LTV, or Loan to Value. Loan to Value is simply the percentage of the property value covered by your mortgage.

Mortgage calculator

Find out how much you might be able to borrow and how much your mortgage could cost.

Mortgage calculator

Before you go ahead

Are you a first-time buyer or home mover?

95% mortgages can help first-time buyers. They can also assist existing homeowners who want to move. You may qualify if the following applies to you:

  • Your property is under £600,000.
  • Your deposit is between 5 to 10%.
  • It's not a buy to let or remortgage.

Exclusions and conditions may apply.

Things to consider

While there are benefits to a 95% mortgage, it may not be right for everyone. Here are a few things to think about before you apply:

How to apply for a 95% mortgage

Looking to apply? Follow these 3 simple steps to apply for a Lloyds mortgage.

Agreement in principle

An agreement in principle (AIP) can help you understand how much you might be able to borrow. The final amount will depend on your full mortgage application when you're ready to buy your home.

It's useful to have an AIP before you start viewing properties, so you know what’s in your price range.

Agreement in principle

Make an offer on a home

With your AIP in place, you can start looking for a property. Search online or in estate agents, book a few viewings and find your new home.

Once you’ve landed on a property, it’s time to make an offer.

Making an offer

Apply for your mortgage

Once you have your AIP and the offer on your new home accepted, you can then apply for your mortgage. We’ll guide you through the process from start to finish.

Applying for your mortgage.

You could lose your home if you don’t keep up your mortgage repayments

Let’s look at the details

  • You can get a 95% mortgage whether you’re a first-time buyer or are looking to move home.

    The home you want to buy must:

    • include a deposit of at least 5% and less than 10%
    • be your only home – and not a buy to let property
    • be worth a maximum of £600,000, with a maximum loan of £570,000
    • be a repayment mortgage
    • be a shared ownership home (excludes Scotland)
    • not be a new build flat, but new build houses and bungalows are acceptable
    • not be a new build conversion or renovation 
    • not be a shared equity home or self-build

    You’ll also need to meet the criteria, which we check during the application process. This can include checks on your income and any outgoings, plus a credit check.

  • We offer 95% mortgages on properties worth up to £600,000. This means you may be able to borrow up to £570,000 with a 5% mortgage deposit.

    As a responsible lender, we make mortgage offers tailored to you, based on various factors. This includes your credit score, affordability assessment and sometimes the energy efficiency of your property.

  • You can get a 5% deposit mortgage on most types of properties with Lloyds. This excludes new build flats and some other property types. The property must be your only home and not part of a shared ownership scheme in Scotland, shared equity, Right to Buy, or buy to let schemes.

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