It’s completely normal if the thought of buying your first home fills you with equal parts excitement and terror.
However, don’t let the terror hold you back as rates for first-time buyer mortgages are on the decline and you don’t want to miss out on these!
The average five year fixed rate mortgage rates on a 95% LTV (loan-to-value) have fallen by 0.26% year-on-year, while average two-year equivalent rates have also fallen by 0.19%.
Good news for first-time buyers as 95% LTV mortgage rates fall year-on-year https://t.co/zvHALLsNNz
— Moneyfacts.co.uk (@Moneyfacts_couk) February 10, 2020
As more and more 95% LTV mortgages increase in popularity so does the competition between lenders. This is great news for you as it keeps rates low.
Not only is this great for first-time buyers, but anybody looking to remortgage with just 5% equity in their home benefits.
Previously, the interest rates on a 95% LTV have always been higher compared to lower LTVs, as they are considered riskier lending.
However, with rates decreasing it seems that mortgage lenders have regained their confidence, with our Head of Financial Services, Stephen Ridgway, stating…
“As confidence continues to grow, more lenders are entering and competing in the high loan to value market. With such low rates available, it is a great time for First Time Buyers to take their first step onto the property ladder.”
If you’d like to know about what is available to you and how you can benefit from the falling rates, please get in touch with our friendly financial services team today on 0161 443 4830 or drop us an email at [email protected]
You can also complete our form here and a member of our team will get back to you.