Rishi Sunak announced the measure as part of his Budget, telling MPs: ‘Lenders who provide mortgages to homebuyers who can only afford a 5% deposit will benefit from a Government guarantee on those mortgages. ‘I’m pleased to say that several of the country’s largest lenders including Lloyds, NatWest, Santander, Barclays and HSBC will be offering these 95% mortgages from next mon... Read more
The Bank of England’s speculated rise in interest rates is likely to hit those seeking mortgages with the highest loan to value the hardest. Typically these are first time buyers with the minimum 5 percent deposit. Across the board mortgage rates for this group struggling to get on the housing ladder are the highest and often an enticingly low interest rate is front loaded with lender set-up f... Read more
It's true - mortgage rates have never been so low and there are some great deals to be had - however don't be enticed into signing up for the lowest rate without taking everything into consideration. When assessing the true cost effectiveness of a mortgage product, it is a common mistake to only take into account the effect that a lower APR % has on the monthly mortgage cost.
Remember each ... Read more