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Great deal for first time buyers with 25% deposit
confused31_2
Posts: 1,272 Forumite
posted this in the mortgages, but thought it might help some of you out in here.
Ive just looked on the nationwide website and they have a 3 year tracker for first time buyers with a 25% deposit currently at 4.18%, and only a £299 pound fee, which i think is a great rate for a first time buyer.
The other good thing is nationwide have the switch and fix on their tracker rates, so has soon has you think the rates are going to go up you can jump onto a fixed deal.
There is a fee to swap from the tracker to a fixed but its only the product fee, which is usualy not that much.
It gets even better if you have a 40% deposit it goes down to 3.98%, this has got to have something to do with the governent telling the lenders to give first time buyers better deals.
hope this helps someone.
http://www.nationwide.co.uk/mortgage/firsttimebuyer-withproperty/trackerinterest-rates.htm
Ive just looked on the nationwide website and they have a 3 year tracker for first time buyers with a 25% deposit currently at 4.18%, and only a £299 pound fee, which i think is a great rate for a first time buyer.
The other good thing is nationwide have the switch and fix on their tracker rates, so has soon has you think the rates are going to go up you can jump onto a fixed deal.
There is a fee to swap from the tracker to a fixed but its only the product fee, which is usualy not that much.
It gets even better if you have a 40% deposit it goes down to 3.98%, this has got to have something to do with the governent telling the lenders to give first time buyers better deals.
hope this helps someone.
http://www.nationwide.co.uk/mortgage/firsttimebuyer-withproperty/trackerinterest-rates.htm
I am not a Mortgage Adviser
You should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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Comments
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Personally, if I was going for a mortgage and had 25/40% to put down, I would be looking at 10 year fixes as a hedge against inflation.
4.89% for 40% with 500 squid arrangement fee,
5.39 for 35% with above.
however, open one of their home saver accounts and you get 250 quid cashback and a free survey with the account, which would more than cover the arrangement fee.
I dont know where inflation is going to go. Anything less than a 10 year fix, and I dont want to go anywhere near it. I would much prefer to pay 2% P.A. just for the peace of mind...0 -
I agree with trying to get a long fix, but i think there are going to be some great long fixes later in the year, thats why with such a low fee and the switch and fix nationwide do i would go for this and then re evaluate when the new deals come out, but i suppose its only good for people who are buying now.
My brothers is on a great tracker at the moment and he's just waiting for a good long fixed deal to jump onto.I am not a Mortgage AdviserYou should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Even with 100% deposit house prices are still too expensive.
Mind you, trusting this bunch of troughing clowns seems as risky as buying an overexpensive house.0 -
I wonder how many average FTB's would have 25% deposit saved up. Many FTB's houses where I live are around £100-150K making the deposit £25K+ Most people I know are that much in debt!0
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besonders1 wrote: »I wonder how many average FTB's would have 25% deposit saved up. Many FTB's houses where I live are around £100-150K making the deposit £25K+ Most people I know are that much in debt!
Quite - which goes to show lending can't resume sensibly at current house price levels.0
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