First time buyer mortgages are better than ever

People often worry about how hard it is to get a mortgage as a first time buyer. While it can be a difficult area, you should remember that everyone has to start somewhere. Property prices may not be as out of reach as you think when you get a great rate. So long as you choose the best mortgage brokers for first time buyers in Bristol, you will get an amazing deal.

Record Low

Banks are currently making it very easy for people to take that first step onto the property ladder. When searching around, you will find that on offer are the lowest mortgage rates since 1995, the year when records began. From looking at figures provided by the Bank of England you can see that interest rates for two and five-year deals have fallen to the lowest in 23 years.

One example is someone looking to make a 5% deposit on a property and get a loan for the other 95%. You could expect to get a 2 year mortgage with a lower interest rate than you would have previously. In addition, 5 year mortgages will have a lower average rate than last year.

Mortgage rates are even better when you make a bigger deposit. A 2 year mortgage with a 10% deposit would have much lower interest than lending with only 5% of the property’s value. It is likely that this drop is due to lenders looking to increase business and beat the competition. Along with a cut in stamp duty for first time home buyers, it is easier to buy property.

Jump In The Market

Don’t waste your time by searching through the market. Instead, let Your Space Mortgages Bristol provide you with the best deal to save you time and money. We are specialists in an array of areas including acting as mortgage brokers for first time buyers in Bristol. To discuss our work further or for a consultation with no strings, contact us today.