How do you get the best mortgage rates to climb onto the housing ladder?
The best mortgage rates to allow renters to become buyers, need to be cheap with low deposits and fees. Is this achievable with rates already on the rise and the Bank of England warning of sharper rises possible over the summer? Call Deal Direct for advice and the latest rates on offer.
According to recent statistics from the Council of Mortgage Lenders, most British adults want to own their own home. However the size of deposit needed to buy a property is increasing with rising property prices and also affects how much you will pay for a mortgage.
For a deposit of 25% on an average first-time buyer purchase estimated at around £150,000, you will need to save £37,500. If this seems out of reach there are deals specifically aimed at first-time buyers who have only a small deposit. However the best mortgage rates are offered if you have a larger deposit.
Recently published research suggests that nearly a quarter of parents had their adult children living with them to allow them to save. Almost a third of parents are using their own savings or remortgaging to help children buy a property and over 5% contribute to their children's monthly mortgage payments.
If you are a first time buyer or a parent trying to help your son or daughter onto the property ladder call Deal Direct. We are independent advisers with access to the whole of market lenders and can source the best mortgage rates to suit your situation.
