Have low mortgage rate offers benefited many first time buyers?
Due to the high deposit levels required to achieve lenders' low rate mortgage deals, few first time property buyers have been in a position to benefit from 'lowest ever' rates.
While exceptionally low mortgage rates have been advertised by various lenders, very few would-be first timer buyers have matched the criteria required to be accepted for a deal.
The deposit gap has widened in the mortgage market, and those with a large deposit achieve better rates than those who don't.
It remains true that the lowest rates are reserved for lower risk higher deposit buyers, and few of these are first time property buyers trying to get on the housing ladder.
What can you do if you are a small deposit first time buyer?
If you have a small deposit you are advised to call 'whole of market' broker Deal Direct to source you the lowest mortgage rate possible for your financial circumstances.
It is unlikely as a small deposit buyer you will match the criteria needed to achieve a 'lowest ever' mortgage rate, however one of our advisers will be able to find you a low mortgage rate to suit your deposit level.
As a 'whole of market' broker we source offers from all UK lenders and we are able to compare all current deals to ensure you receive the best rate possible.
Contact a Deal Direct adviser today.
