Mortgage Solutions - First-time buyer ‘caution’ behind low take up of discounted variable rates
Reseach by Moneyfacts suggests some first-time buyers may “instinctively” look for fixed rate mortgages, although they could be better off if they take a discounted variable deal instead.
Aaron Strutt, product and communications director at Trinity Financial, said: “The smaller lenders tend to offer the most discounted variable rates and some of these deals available to first time buyers seem to be getting better.
“There is a selection of building societies providing low discounted rates and they are competing with the biggest banks at higher loan-to-values. Yorkshire Building Society and HSBC have had some great discounted deals in the past although they have not always been as popular as you would have thought.”
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