More lenders offering 5% deposit mortgages
The introduction of the government's Help to Buy scheme has led to a large increase in the number of mortgages available to borrowers with very low deposits.
Over the last six months lenders have started to offer more 5% deposit deals and figures from Moneyfacts show there are now 177 mortgage schemes available. This is up considerably on the number before the Help to Buy scheme launched. Aaron Strutt, product manager at Trinity Financial, says: "The government's scheme really gave the market confidence to offer these mortgages.
Many of the rates are available through the building societies and they can range significantly in price." Woolwich is offering one of the lowest 5% deposit two-year fixes at 4.99%. It does not have an arrangement fee and the APR is 4.8%.
After the fixed rate period the mortgage reverts to the Bank of England base rate plus 3.39% - currently 3.89%.
Call Trinity on 020 7016 0790 to secure a low deposit mortgage.
May 9, 2014
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