What is the best mortgage for those struggling to move up the ladder?
What is the best mortgage product for those first-time home-owners who find themselves stuck in an unsuitable property?
Lloyds TSB's latest survey found that there are families in Britain looking to move up the property ladder who find that they are stuck in a first-time buyer flat. They lack equity due to stagnation of the housing market.
Many of those wondering what is the best mortgage to fund a move, bought their property at the housing market peak in 2007. According to the figures some have been stuck for 12 around months and now have children which means their property has become too small.
Stephen Noakes who is the mortgage director at Lloyds TSB commented on the figures saying that first-time property sellers now face a tough challenge when trying to move up the property ladder. He added that it is vital that first-time property sellers receive increased support as they play a very important role in improving the UK proprty market .
Lenders are introducing products which may help those wanting to move up to ladder. Many have responded to the fact that high deposit levels can be hard to achieve for some and so are introducing new deals at higher loan to value levels. For those of you with as little as 5 or 10 per cent equity in your property it may now be possible to find a new deal to fund your move.
Recently Skipton launched a new 3 year fixed product specifically aimed those who have a smaller deposit. Their new deal is offered at 6.19 per cent for 90 per cent loan to value. An application and completion fee also apply.
For those wanting to know what is the best mortgage deal available, Deal Direct can offer mortgage help and advice to get you moving on to a bigger and better property. As 'whole of market' brokers we are familiar with different mortgage providers lending criteria and we are best placed to source you the very best deal.
Please note: Any rates or deals mentioned in this article were available at the time of writing.
