First-time buyers getting raw mortgage deal
Tue, 22 Sep 2009
Recent research from MoneyFacts shows that first time buyers and those with smaller deposits are getting a raw deal on their mortgage borrowings.
The research shows that for 10% deposit mortgage products the rates have come down 0.12% in the last 2 years, whilst the cost of this funding has actually come down some 4.35%.
These narrow reductions come in contrast to 60% loan to value mortgages which have seen rates come down some 1.86% in the same 2 years.
These figures are not great news when considered with MortgageForce’s recent reports revealing first time buyers deposits have been shrinking in the last 3 months.