Newcastle launches low 5% deposit mortgage
Newcastle Building Society has launched one of the most competitively priced 5% deposit mortgages.
Trinity Financial has access to the impressively low 3.59% fixed rate which expires on 31 May 2018.
At the end of the fixed period, the mortgage reverts to the lender’s 5.99% standard variable rate. The overall cost for comparison is 5.7% APR.
Aaron Strutt, product manager at Trinity Financial, says: “If you have a smaller deposit and you are looking for a mortgage, there is a real choice of rates at the moment.
“The banks and building societies use mortgage affordability calculators to work out how much they will lend and the maximum loan sizes can vary quite dramatically.
“If you can raise a 10% deposit to put towards your purchase the rates are considerably lower.”
Newcastle's mortgage has a £199 completion fee and the maximum loan size is £350,000.
For help to secure a low deposit mortgage, call Trinity on 020 7016 0790.
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