Searching the market for a suitable mortgage can be an exciting, but nerve-wracking time for first-time buyers.
A range of lenders offer mortgage products designed specifically for those making their first step onto the property ladder.
Here is a selection of some of the best fixed rate deals currently offered to first-time buyers.
Newcastle Building Society – 2 Year Fixed
First time buyers with just a 10pc deposit are being offered a rate of 5.15pc from Newcastle Building Society. The rate is fixed until 31 March 2013 and is subject to a £195 reservation fee, plus a £699 completion fee. Advances range between £25,000 and £250,000. This deal also offers the flexibility to make overpayments.
Leeds Building Society – 3 Year Fixed
Leeds Building Society offers first time buyers with a 20pc deposit a rate of 3.89pc, fixed until 31 March 2014. For borrowers requiring mortgages of less than £500,000 a £800 completion fee is payable, while larger mortgages are charged a 1pc completion fee. A £199 booking fee is also payable. Borrowers are required to take out building and contents insurance with the society to qualify for the deal.
Post Office – 5 Year Fixed
Borrowers looking to fix their repayments for five years are being offered a rate of 5.99pc until 31 January 2016. The deal is available to borrowers with a 10pc deposit and is subject to a £995 arrangement fee. No incentives are offered, although borrowers can make overpayments of up to 10pc of the outstanding balance.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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