Make a mortgage comparison to get the most affordable deal.

When you are making a mortgage comparison between various lenders offers, having the deposit required can be the deciding factor in the deal.

If you are a first time buyer, then saving up for a mortgage deposit can be a large commitment and take some considerable time to achieve. Some mortgages come with a small deposit but not that many are available.

There are several ways to save for a deposit. You can do this with an Isa or a savings account. It is as important to get the right product to save your deposit with, as getting the mortgage itself.

Getting the right mortgage as a first time buyer may be easier than you think. A call to Deal Direct mortgage brokers will help, as we do the mortgage comparison on lots of deals from the whole of the mortgage market for you.

Deal Direct compare lenders rates, fees and the deposits required to find the best deal for you.

Currently First Direct are offering a mortgage deal for first time buyers that requires a 10% deposit.

It is a 2 year fixed rate mortgage with an interest rate of 4.19%, which is 3.9% APR for overall comparison.

First Direct also have a savings account that pays 8% on its regular savings account. This is an excellent savings rate, although there are restrictions that limits your savings contributions to £300 a month.

Saving in a cash Isa can also be a good way to save for your deposit, as any interest made is sheltered from tax. You can save up to £5,640 into a cash Isa in a tax year.

For more information on low deposit and competitive rate mortgages contact us at Deal Direct. We save you the time spent on making a mortgage comparison with lenders, so you may concentrate on getting the best deal.