A good deposit can help you get the best mortgage deals on offer.
To get the best mortgage deal, increasing your deposit could help by giving you access to a wider range of products. Contact Deal Direct for advice on different deals available for the level of deposit you can afford.
The best mortgage offers are likely to be available to you if you have a large deposit and in the last few years this has become quite important. If you have a higher deposit than say 10% the deals that are available to you are generally better.
In many cases an extra 5% deposit can help to give you a wider choice of better fixed and tracker rates. It makes sense that if you can get a lower mortgage rate due to a larger deposit you will reduce the interest on your loan and therefore reduce your monthly payments.
One of the main reasons that the best mortgage deals are more difficult to secure with a lower deposit is that there is a greater chance of falling into negative equity. If you have a larger deposit, you will reduce the risk of having negative equity and this in turn reduces the lenders risk.
Always remember that the best mortgage deal for you is one that suits your circumstance. At Deal Direct we can source a wide range of mortgage products to find a great deal that suits your situation. Contact us by telephone or fill in our online enquiry form.
