03 Mar 2020
There is a double boost for first-time buyers, with news that mortgage rates have been falling at the same time as the number of available deals is on the rise.
Aspiring homeowners saving for a 5% deposit will be delighted to learn that the average five-year fix on a 95% loan-to-value (LTV) has dropped by 0.26% year-on-year, while two-year rate is down by 0.19%.
Financial services company Moneyfacts says the typical five-year deal on a 95% LTV was 3.78% in February 2019, while today the average rate is 3.52%.
The two-year rate was 3.41% a year ago, but today it stands at 3.22%.
In addition, there are currently 405 deals in the 95% LTV chart - the highest level since May 2019.
When buying your first home, one of the first steps is finding out how much you can borrow.
Use our free mortgage calculator below to get a rough estimation.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of lenders. Make an appointment to receive mortgage advice suitable for your needs and circumstances. We reserve the right to charge a mortgage fee in some cases. Your home may be repossessed if you do not keep up repayments on your mortgage.