bank for best mortgage rates

mrbooty

being a first time buyer would like advice of which bank gives best mortgage rates and what kind of mortgage I should go for I have a 5 percent deposit and im looking for a 20 year or 25 year mortgage

edinburgher

To be honest, there won't be a whole lot of competition for your custom at this point, as 5% mortgages are still in relatively limited supply. During the financial crisis mortgage availability fell through the floor and it was very difficult to get a mortgage with a smaller deposit.

It may be worth looking at Help to Buy as well, but be careful you're aware of all the T&Cs you're signing up for.

I'd recommend speaking to a whole of market fee free mortgage adviser such as London and Country (there are others, this happens to be the one my wife and I have used twice).

Re. mortgage types, you're looking at fixed rate or variable/tracker (probably just fixed considering the size of your deposit). It's worth considering that you pay a premium for a longer fix (for example, a 2 year fix might cost 4% (example), but the 5 year fix could cost 5.5% (example)). It's all down to your circumstances and what you feel comfortable with.

As regards term (i.e. 20 or 25 years), try finding a few indicative mortgage rates and putting the numbers into the MSE calculator to see whether or not you need a longer or a shorter mortgage based on your circumstances.

sleepygirl126

yes...I can recommend L+C too, very helpful to me