M&S BANK MORTGAGES

Buy your new home with just a 5% deposit

Think carefully before securing other debts against your property.

Your home may be repossessed if you do not keep up repayments on your mortgage

95% mortgages

  • We now offer mortgages for first time buyers and home movers that allow you to borrow up to 95% of the property value or the purchase price (whichever is lower). This means that you only need to provide a minimum of 5% deposit.
  • This is available for mortgages under £400,000.
  • The maximum amount we may be able to lend will depend on your individual financial situation, your other circumstances, the property you are looking to buy and the type of mortgage you choose.
  • The minimum deposit required differs for new build properties – please contact us to discuss your requirements.
  • First time buyers will also receive £1,000 cashback with a mortgage from our First Time Buyer range (minimum loan of £75,000). Terms and conditions apply.

Other considerations

  • Your monthly mortgage payments are likely to be higher with a 95% mortgage when compared to a mortgage with a lower LTV.
  • You always need to consider the risk of borrowing a higher amount secured on your property. If the value of the property falls below the amount of the outstanding loan, you may find it difficult to repay the mortgage if you sell the property.
  • Also bear in mind that if you can contribute a larger deposit, you may be able to benefit from a more attractive interest rate.

Ready to apply?

Your home may be repossessed if you do not keep up repayments on your mortgage