Nationwide announced recently that it was cutting 0.1% off its 40% deposit mortgages, bringing rates as low as 2.24% for its 60% LTV two year fixed rate deal, which comes with a lower-than-average £900 fee.
One of the lowest rates currently on offer in the UK is through the Chelsea Building Society, with their 1.74% two year fix, with a fee of £1,545. Both HSBC and Yorkshire are currently offering 1.79% fixed two year deals with 40% deposits.
Stephen Ludlow, Chairman, ludlowthompson says:
"The range of low fixed-rate options available for buyers with deposits is very impressive at present.
"Rates are hitting historic lows for a number of different providers, meaning buyers can shop around and find the right deal, with the right rate, deposit, and fees. Second- or third-time buyers with existing equity might be surprised at the range of mortgages available to them.
"Some homeowners who managed to move onto the housing ladder over the last few years have found it difficult to upsize as they have started a family and needed more space, because of a lack of new first time buyers in the market. The Government's new Help to Buy scheme could start to ease this problem. If that does happen, the availability of these mortgages means these homeowners should soon be in a position to move into a larger flat or house."
