Where to find the best mortgage rates

30-Jan-2012

First time buyers have enjoyed a strong start to 2012, as lenders around Britain re-introduce the 95 per cent mortgage, according to the Guardian.

Recent research from the Bank of Scotland has revealed that buying is cheaper than renting, with a significant reversal of the situation three years ago when the average cost of buying was nearly half as much again (47 per cent) as the average rent. A 37 per cent decline in the average mortgage payment, which has been attributed to low mortgage rates and falling house prices, has made now the perfect time for first time buyers to make the leap onto the property ladder.

The Guardian has compiled a list of the top lenders for first-time buyers in the UK, although low confidence will still dictate a large proportion of the loan. It's very important to seek impartial mortgage advice for first time buyers in order to secure the best deal that is suited to you.

Mansfield Banking Society (BS) has an excellent deal that starts at 4.99 per cent and at the end reverts to the society's standard variable rate (SVR), currently 5.59 per cent. Leeds BS also offer a two-year discount mortgage which starts at 5.25 per cent. A two-year 5.75 per cent fix pegged mortgage is available at Ipswich BS, and a similar deal is on offer at Newcastle BS at 5.95 per cent.

Saffron BS, Skipton BS, Nationwide BS and Lloyds also have attractive deals on offer for first-time buyers.

Published by Joshua Scott

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