For the cheapest mortgage your deposit level plays a large part.
If you are looking for the cheapest mortgage one of the most important factors is the size of your deposit. The larger your deposit, generally the better the rates you can get.
Your access to the full range of products can be limited if you have a small deposit and especially if you are a first time buyer. The market is more restricted as some lenders have recently withdrawn interest only mortgages, which cost less in terms of monthly payments. For example the Co-operative bank, including Britannia Building Society no longer offer interest only mortgages.
Other lenders such as Santander now require a minimum 50% deposit for their remaining interest only products which severely limits the availability of this type of loan. Santander has also reduced the maximum loan to value to 85% for new-build properties, which may particularly affect first time buyers.
Deal Direct can help you find the cheapest mortgage that suits your individual circumstances. We have access to 'whole of market' deals and can source the best deals for different types of product.
With lenders tightening their rules it is important to get the best advice and check throughout the market to get the cheapest mortgage available.
Deal Direct constantly check the entire UK mortgage market to secure the best products.
