Although rising 📈 house prices will make it harder for those trusting to urge into the property step, there’s a little great news for first-time buyers as mortgage rates for those with a 10% deposit have fallen over the past few months.
The average rate on a two-year settled 🏠mortgage for those with a 10% deposit stood at 2.56% at the beginning of October, this fell to 2.54% on 1 November and nowadays stands at 2.51%.
In the meantime, the average rate on a five-year settled mortgage requiring a 10% deposit has moreover fallen over the last three months, standing at 3.05% in October, falling to 3.02% in November, and falling again to presently stand at 2.95%.
For case, the most reduced rate on a two-year settled deal requiring a 10% deposit✨ and which is accessible to those found in all zones of Great Britain could be a bargain from Halifax advertising 1.64% (3.3% APRC) fixed until 29 February 2024 and after that returns to 3.59%.
The lowest rate on the comparable five-year settled deal comes from Digital Mortgages by Atom Bank which offers 2.34% (3.2% APRC) fixed until 28 February 2027 and after that returns to 3.50%.
When looking at mortgage deals, first-time buyers should consider speaking to a mortgage broker who will be able to look at all aspects of deals available, including associated fees and incentives, to advise the best options for their personal circumstances.