The number of smaller deposit mortgage deals is increasing.
Smaller deposit property buyers now have access to an increasing number of competitive mortgage deals.
Lenders who now have access to cheaper funding are beginning to increase the availability of lower deposit mortgage deals for those hopeful buyers who find it a struggle to save enough for a deposit for their first home.
If you are looking for a first time mortgage you are advised to contact a Deal Direct mortgage adviser who will search the entire market for an affordable deal for you.
Post credit crisis lenders reduced the availability of smaller deposit mortgages, viewing such deals as high risk. Lenders withdrew many 90% and 95% mortgage deals as the lower the deposit the higher the risk for the lender.
First time buyers therefore have found it a struggle in the last few years to purchase a home without a large deposit.
However the situation for first time buyers is looking up.
According to Defaqto over the last 12 months the number of 5% deposit mortgage deals has virtually doubled and for those with access to a 10% deposit around 350 mortgages are on offer.
Mortgage fees however remain high and working out which mortgage deals offer the best long term value is not easy, therefore you are advised to enlist the services of a mortgage expert.
Call Deal Direct today and we will source the most affordable mortgage deal appropriate for your financial circumstances.
Call one of our advisers today for a mortgage quote.
Let us find you a cheap offer.
