The number of people buying their first home has hit its highest level in 12 years according to data from UK Finance.
And, with an increase in buyers comes an increase in competition among mortgage lenders, which means it’s a great time to find competitive rates as a buyer.
Whilst it seems discounted variable rate mortgages are currently the lowest on offer there are also some very competitive fixed rate options on the market.
Fixed rate mortgages are ideal for those looking for the security of knowing their payments won’t change within the period agreed. Rates may look slightly higher from first glance but could protect you in the future.
To add to this, the benefits of a greater deposit still exist. For example, if a buyer had a deposit of 35%, they would be able to obtain an even lower rate on a fixed contract than possible with a 10% deposit. So, the more you can save initially the better.
All mortgages require a minimum 5% deposit (95% loan-to-value) but the more you can gather together the better. And, in a time of economic uncertainty, now could be a good time for first-time buyers to take the leap and get a foot on the ladder.
Are you ready to find out about the rates you could get for your first mortgage?