10% Deposit Deals On Offer Again

There is good new for first time buyers this week as HSBC announce new deals with deposits as low as 10%. Experts hope that other lenders will begin to compete. These deals have not been around since Autumn 2007 when the best offers started to dry up.

The new deals are not amazing when compared to deals in the past but they are the first affordable loans for first time buyers for some time. With a 10% deposit a borrower could take out a two year fixed rate deal at 4.99%. There is an arrangement fee of £1,499. A tracker mortgage with a current rate of 4.59% has an arrangement fee of £999.

Experts hope that this will be the beginning of some healthy competition between lenders. Borrowers with small deposits can once again hope to get onto the property ladder.

Borrowers are advised to take expert advise and consulting one of our advisors at Mortgage Fox would be a good first move towards that new home.

NOTE: Do not make any financial decisions based on the information on this page. Always take professional mortgage advice first

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