Aspiring homeowners benefit from discounted rate mortgages

15-Sep-2005

Shopping around for the best discounted rate deal could save aspiring homeowners a significant amount of money, according to new research.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley

The report, released by Your Move, indicated that potential property buyers could benefit from choosing to take out a discounted rate mortgage, while those who switch to the deal could save almost £2,000 in the first year.

Jon Round, analyst at Your Move, agreed that savings could be made and said that "discounted variable rate mortgages have cheapened", making properties for first time buyers more affordable in the long-term.

However, for aspiring homeowners looking for a fixed rate mortgage, the report also shows that mortgage deals in this range have improved and that fixed rates are likely to remain stable in the current uncertain market.

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Mr Round advised buyers looking to get on the first rung of the property ladder to shop around for deal that suits their financial situation and to seek mortgage advice before taking out an agreement.

"Savings with discounted rates have shot up over the last month, reaching their highest for more than a year but fixed rates remain competitive, " he concluded.

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