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Boost for first-time buyers as mortgage rates battle hots up

Thu 23 Jun 2016

The battle to slash mortgage rates to record lows has intensified - with a lender launching a deal at below 2% aimed at first-time buyers.
Yorkshire Building Society is offering people with just a 10% deposit saved a two-year fixed rate at 1.98%, with a £1,345 product fee.
The rate is the lowest for this type of deal that financial information website Moneyfacts.co.uk has seen on its records, going back to 1988.
It comes in the same week that HSBC launched a mortgage with a rate below 1% - the first sub-1% fixed deal since Moneyfacts' records started.
Like the Yorkshire's new mortgage, HSBC's deal at 0.99% is also fixed for two years. But borrowers need a much heftier deposit of 35% to take out the HSBC deal, which carries a £1,499 product fee. Yorkshire Building Society is also offering a new five-year fixed-rate mortgage for borrowers with a 10% deposit, with a fixed rate at 2.93% and a £1,345 product fee.
Many lenders have been offering their lowest mortgage rates ever in recent years, as the Bank of England base rate remains at its record 0.5% low.
Rachel Springall, a finance expert at Moneyfacts, said: "It's fantastic to see Yorkshire Building Society support first-time buyers by offering a competitively priced deal for those with a 10% deposit. It can be a great hardship trying to get on to the property ladder so finding a cost-effective deal to reduce monthly mortgage payments is essential. "Borrowers must always work out the true cost on their mortgage deal and raise enough cash to cover all their upfront fees, such as legal costs or a product fee.
"In this low-rate market buyers should ideally be aiming to overpay on their mortgage whenever possible so that they can raise the equity in their home and reduce the term of the loan."

Press Association - 23 June 2016

"It has been a pleasure in entrusting Simon with our two property sales over the last few months and Lucy with our two tenant rentals, because we know that a truly professional service will be delivered by all reflecting the knowledge of the market place, experience within the industry and a desire to complete the task. Our gratitude is sincere. Thank you to Simon and all in his team, we wouldn't be looking forward to moving into our new home without them."
G Merchant

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