Review the best mortgage deals for smaller deposit buyers.
Looking for the best mortgage deal at the smaller deposit end of the market can be hard work.
Deposit levels remain crucial to working out what is the best mortgage you can achieve. The advice is try to get together as a large a deposit as possible, as the more you can put down against your home the lower the rate you will be offered.
However with property prices increasing and mortgage rates predicted to rise, you many not want to wait to save a larger deposit to buy your home.
So what can you do if you can't find more money to add to your deposit, what are your options?
The news is positive even if you have just 5% as a deposit.
Various new mortgage products have recently hit the market from lenders such as the Newcastle BS. UK lenders attention is being turned to smaller deposit mortgage deals, which is offering hope to many would be buyers and second steppers looking to move.
For those with a 5% deposit the Newcastle BS has a 2 fixed rate mortgage for 95% LTV at 5.25%.
However with a larger 10% deposit your options increase and mortgage rates significantly improve.
One of the best mortgage deals at this deposit level is from the Furness BS, it offers a 3 year fixed rate mortgage for 90% LTV at just 3.45%.
For those wanting a little extra security First Direct has a 5 year fixed rate mortgage for 90% LTV at 4.19%, however watch the fee as it is set at £1,499.
To review all of the best mortgage deals market wide call independent 'whole of market' broker Deal Direct. We offer impartial advice and low rate quotes at all deposit levels.
Call 0800 048 8828 today.
