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First-time buyer mortgages getting cheaper
Banks and building societies have been reducing the cost of their first-time buyer rates while increasing the price of their cheapest mortgages.
Accord Mortgages recently lowered its 10% deposit rates by up to 0.6%, while Halifax improved its two and five-year lower deposit rates by 0.25%. Platform also decreased its rates by 0.2%.
If you are a first-time buyer looking to get on the property ladder, there is a good choice for 5%, 10% and 15% deposit rates. Many of them are available well below 2% and have £999 arrangement fees.
If you have a larger deposit, the most competitively priced 40% deposit fixed rates start at 1.1%, rising to 1.19% with a 25% deposit and 1.34% with a 20% deposit.
Kensington launches long term mortgages including 40-year fix
Kensington Mortgages has launched a range of ‘Flexi Fixed for Term’ rates allowing borrowers to lock in the interest rate for anywhere between 11 to 40 years.
For borrowers with a 40% deposit, fixed rates start from 2.83% for 15-years, 2.85% for 25-years and 2.90% for 30-years. For those with a 5% deposit, fixed rates start from 3.71% for 25-years and 3.77% for 30-years. Applicants with a 5% deposit will be able to raise up to six times their salary to help them on to the housing ladder.
Most borrowers take five, seven or ten-year fixes when looking for payment security, but they now have the option of never remortgaging again. The issue is, they will probably pay a hefty premium for the long term security, especially during the early years.
The products will be funded by Rothesay Life Plc (‘Rothesay’), the UK’s largest specialist pensions insurer. No