5 Percent Deposit Mortgage Northern Ireland

Can you get a mortgage in Northern Ireland with a 5% deposit?

In short, yes – it’s much the same as in the rest of the UK. 5% deposit mortgages are available for certain applicants in Northern Ireland.

How can you get a mortgage in Northern Ireland with a 5% deposit? How do I qualify for this?

Firstly, applicants should check their credit score. Lenders will always want to see that you handle your debt responsibly. There’s always a higher risk in lending a huge percentage of the value of a property.

You’ll need to work out your budget in terms of monthly payments, how much deposit you have and the type of property that you’re going for. I’d always recommend using the services of a mortgage advisor for these things. It can be quite daunting – you could miscalculate, get things wrong and make assumptions which aren’t correct.

After that, it’s the usual process of getting together the relevant income documents – followed by applying for a Decision in Principle and then the full mortgage application after that.

What government schemes are available in Northern Ireland for a mortgage with a 5% deposit? Is the Mortgage Guarantee Scheme still available?

The Mortgage Guarantee Scheme with 5% deposit is available. It’s a government-backed scheme that encourages lenders to offer 95% Loan to Value mortgages – so you only need a 5% deposit.

The government doesn’t give you the money, by the way. You’ve got to save that yourself. But it guarantees part of the loan to the lender, making them more confident to lend to buyers with a smaller deposit. You do need sound income and good credit for this.

Lending 95% of the value of a property is a bigger risk for them, so I can understand why they would be hesitant. They want to make sure the income and good credit is there.
But the fact that the government guarantees it is a big safety net for them [information correct at the time of recording in April 2025].

Which lenders provide 5% deposit mortgages in Northern Ireland? Are there many?

Yes, plenty of lenders offer these 95% mortgages. Off the top of my head, they include Halifax, Santander, Barclays, AIB, Danske Bank, Ulster Bank and Progressive Building Society [correct as of April 2025].

There’ll always be a wider pool of lenders in the rest of the UK, because some lenders don’t lend in Northern Ireland at all. But there are certainly enough here to keep us going.

What are the benefits of 5% deposits in Northern Ireland for First Time Buyers and home movers?

A 5% deposit allows people to get on the property ladder sooner. It can be difficult to save for a deposit for many different reasons – such as high outgoings, having children and managing the general cost of living.

A 5% deposit lets you avoid delays in buying a first home. Also, people moving home may be moving from a modest property value to their dream home – which could be quite a big jump. A 5% deposit could allow them to reach a higher purchase price.

What credit score is needed for a 5% deposit mortgage in Northern Ireland?

It’s difficult to give an exact credit score, but you will need fairly good credit to get a mortgage with a smaller deposit.

Lenders are taking a greater risk in lending such a large percentage of the value of the property. They’ll therefore want to ensure an applicant’s credit rating is good or even excellent.

Where a credit rating is not so good, some lenders may insist on minimum deposits being increased to 10% or even 15%.

How can a mortgage broker help here? Is there anything else to consider?

An experienced mortgage broker will be able to guide you to the most appropriate lender. We offer bespoke advice tailored to you, and help you navigate your way through the market.

It’s not usually so simple that anyone can just jump on and do it themselves. Our goal is to successfully get you onto the property ladder as quickly as possible.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.