What are the best mortgage interest rates if you are a first time buyer?
It is important to get the best mortgage interest rates possible if you are a first time buyer, to make the most of your hard earned cash. At Deal Direct we can help you with your first step onto the housing ladder. We provide independent advice and can source the best rates available in from the whole of the market.
If you are struggling to save a deposit, only a small number of lenders are now offering to lend up to 95% of a property's value. Last year it was reported by some lenders that well over 10% of approved mortgages were for first time buyers and that homes bought cost on average around £120,000.
Some lenders are reducing their rates for 95% loan to value mortgages with 2 to 3 year fixed rates available at around 5.99%. The size of deposit you can save makes a big difference to the mortgage interest rates you can get. If you can increase your deposit from 5% to 10% rates drop to around 4.99% and if you have a 15% deposit you can get a deal at around 4.19%.
A number of lenders are reducing their product fees, some of them have even been changed to fee free, to make first time buyer loans more affordable. There are also a number of schemes specifically aimed at first time buyers, such as the NewBuy scheme for new build homes.
Are you looking for a mortgage for the first time?
Call Deal Direct for advice and the best mortgage interest rates on offer in the market.
