Leap in Deals for Low Deposit Borrowers

Leap in Deals for Low Deposit Borrowers

Leap in Deals for Low Deposit Borrowers

According to Moneyfacts.co.uk, the number of mortgage deals requiring a 10% or 15% deposit has risen sharply in the past year. In fact, there are now more than 1,000 different mortgage deals on the market for borrowers with a 20% deposit or less, compared to just 523 in December last year.

Whilst this is of course good news, it should also be pointed out that many lenders are still reluctant to enter the 90% market and as a result, interest rates remain high due to a continuing lack of competition: perhaps one of the reasons why the number of first time buyers actually decreased during the last quarter compared to last year, as they are generally the biggest customers when it comes to low deposit mortgages.

With the amount of choice on offer, borrowers are encouraged to seek advice from awhole of market mortgage broker to help wade through the deals and separate the good from the perhaps not so good.

It is worth remembering that of these thousand or so mortgage deals on the market, not all of them will be available on the High Street or comparison websites and often those that may look attractive could carry high arrangement fees or early repayment charges. It's also easy to miss out on cash back or free valuation offers if you don't know what you're looking for.

With more deals comes more mortgage confusion; avoid any costly mistakes by seekingwhole of market mortgage advice.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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