Newcastle BS reduces fixed rate mortgage costs for smaller deposit buyers.
If you want a fixed rate mortgage the news is good, as the Newcastle BS has cut its mortgage rates on 90% & 95% LTV deals.
For first time buyers looking for a competitive deal to climb on the property ladder, the Newcastle has reduced its 2 year fixed rate mortgage deals.
Many first time buyers still don't have the large deposit that the majority of lenders require to be considered for a competitive deal, so some lenders are stepping forward and are releasing deals specifically aimed at helping struggling first timers out.
For those with just 5% as a deposit, a 2 year fixed first time buyer mortgage is now on offer for 95% LTV from the lender at 5.99% which is down from 5.25%.
As well as a competitive rate, buyers also have the added bonus of no completion fee, free legals and a free standard valuation. Cashback is also on offer.
In addition a second 2 year fixed rate mortgage deal is available to those with a slightly larger 10% deposit. For up to 90% LTV the Newcastle BS are offering a rate of 4.10%.
If you are looking to get a mortgage to purchase a home before rates start to rise, you are advised to act soon.
For help finding a mortgage speak to an adviser at Deal Direct. We can help you source a low rate offer to match your deposit level and circumstances.
We can compare the Newcastle's new 2 year fixes against the wider market to see if they really are the most competitive mortgage for your deposit level.
Call today on 0800 048 8828.
