Cambridge unveils a ‘stepped rate’ lower deposit mortgage deal.
For first time buyers with a 5% deposit, the Cambridge BS has launched a stepped rate, lower deposit mortgage deal.
The aim of the lender is to allow more buyers to climb on the property ladder by offering them reduced mortgage payments for the first 12 months.
Other lenders, such as the Leeds who are offering a 0% interest deal for a 6 month period, are also trying to help more mortgage holders out with a lower payment period.
For lower deposit mortgage applicants the Cambridge is offering a 5 year 95% LTV deal at 3.99% for 12 months. After the initial lower rate period, the mortgage will revert to a rate of 4.89% for the second year & third year and 4.99% for the fourth year.
The Cambridge says it new 'stepper rate' deal, aimed at first time buyers looking for a lower deposit mortgage, could help more people to purchase a first home.
There are currently several newly launched mortgages on offer for lower deposit buyers. New lower deposit mortgage deals include a range of 2 year fixed rate mortgages from Saffron BS, and a 3 year fixed rate mortgage from Clydesdale and Yorkshire banks. In addition there are also various Help to Buy mortgages on offer from lenders market-wide.
If you are a lower deposit buyer looking for a mortgage, you are recommended to call an impartial expert at Deal Direct on 0800 048 8828. We can review all the market has to offer on your behalf.
Deal Direct are independent and 'whole of market', we can find you the most competitive mortgage for your circumstances.
Contact an adviser on 0800 048 8828.
Call for advice and a low rate quote.
