Mortgage rates are now cheaper at higher LTVs.
For the last several months mortgage rates have fallen at the lower deposit end of the market, making now a good time to climb on the property ladder or move up to the second rung of the ladder.
Over the course of last year buyers previously unable to purchase a home because of high deposit levels, found the market opening up and more deals on offer to choose from.
Lenders who had competed for large deposit customers at the beginning of the year, started to cut rates to attract lower deposit buyers around the middle of the year. Not only did would-be buyers find more products on offer but rates had dropped too.
The Help to Buy scheme offered even more hope to those looking for an affordable mortgage for their first home. However the scheme has come with a downside, as it has started to push house prices up as more people are able to buy which is increasing demand.
As an 8% increase in property prices is predicted for this year, getting a lower deposit first time mortgage is more important than ever.
If you want to climb on the property ladder you are advised to act sooner rather than later. Not only are property prices on the up making buying a home more expensive, mortgage rates are predicted to rise throughout 2014 too.
To buy a home, move up the property ladder or remortgage in 2014 you are recommended to speak to an adviser at Deal Direct for a low rate mortgage quote.
For free advice and a personalised mortgage quote,
call 0800 048 8828.
