The i - More people are taking 5% deposit mortgages - but are they actually a good deal?

Ultra-low deposit mortgages are becoming increasingly available to first-time buyers, but experts warn there are risks involved with taking them. There were more than 500 mortgage deals on the market at the start of the month for those with just a 5 per cent deposit, according to financial analytics firm Moneyfacts. 

Aaron Strutt of Trinity Financial mortgage brokers told The i: “If your only route on to the property ladder is by taking a low deposit mortgage then they are certainly worth considering, but it is also worth noting how much interest you would have to pay over the term of the mortgage.

“The amount of interest first-time buyers have to repay now that house prices and borrowing levels are so much higher can be pretty shocking. Having a longer-term plan to make overpayments as hopefully your career progresses and you earn more money, is well worth doing.”

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The information contained within was correct at the time of publication but is subject to change.

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