2 year fixed rate mortgage products for first time buyers.
If you looking for a 2 year fixed rate mortgage and you are a first time buyer, there are a number of products that have been recently launched under the government’s NewBuy scheme. The new products are available with a low deposit of just 5% with lenders offering 95% loan to value on new build homes.
Halifax is offering two new deals with 2 year fixed rates of 5.99% and 6.39%. The product with the lowest rate has a fee of £999 fee whereas the product with the higher rate has no product fee. Both products have a maximum limit of £500,000.
Nationwide, NatWest and Barclays are also offering products under the NewBuy scheme with rates for 2 year fixed rate mortgage products from as low as 4.79%. Fees vary for different products and different deals are available with different builders.
The examples highlight the importance of comparing not just rates but the whole cost of mortgage deals. A higher fee can make a deal with a lower rate more expensive depending on the size of loan you require. In the longer term, early redemption charges also have an impact on which is the best deal.
At Deal Direct our experts can help you through the process of trying to understand all the variables when comparing 2 year fixed rate mortgage products. Give us a call and we can help you make the right choice by sourcing the best deals that suit your individual situation.
