As house prices continue to fall, every month sees an improvement in affordability for first time buyers. But few can afford the big deposits which lenders are now demanding.
Latest figures from the Council of Mortgage Lenders reveal that the average FTB is putting down a deposit of 24% - way out of reach for all but those who can borrow the deposit from their family.
But although there is not a lot of choice, 90% home loans are still available for first time buyers, and with mortgage rates at an all time low, they are affordable too – even if FTBs have to pay more than existing owner occupiers.
One of the best buy's comes from Clydesdale Bank which is offering loans up to 90% of the property’s value at a very competitive 4.59%. The rate is variable and is the same as Clydesdale Bank’s Standard Variable Rate. The arrangement fee is £999 and there is no higher lending charge to pay. There are no early repayment penalties so you can make unlimited overpayments.
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