Number of first-time buyer mortgages up 32%
The number of mortgage products available to first-time buyers has increased by 32% in the year, research by Moneyfacts.co.uk shows.
Today there are 183 mortgage deals aimed at first-time buyers compared to 139 in June 2010. The data also reveals that the average mortgage rate for a first-time buyer is currently 5.22%, compared to 5.24% six months ago and 5.37% a year ago.
The Coventry Building Society has launched a five-year fixed rate and it is targeting first-time buyers with a 10% deposit. It has a low booking fee at £199 and it also has a free property valuation. Even though the rate is fixed there are no early repayment charges. This allows borrowers to repay the mortgage early or switch in to a lower rate, if one is available.
The Skipton Building Society currently has one of the lowest two-year fixes if you have a 10% deposit at 5.49% and you are tied in for until the 30/06/2013.
June 10, 2011
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