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Product focus: First time buyers

Product focus: First time buyers

Category: Mortgages

Updated: 01/06/2011
First Published: 01/06/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

When bank base rate fell too its all time low of just 0.50%, there were just 85 mortgages available to borrowers with just a 10% deposit or less.

Today, that number has risen to 283 and the increased competition has meant that rates have started to become more competitive for first-time buyers.

Below are a selection of some of the deals on the market.

Skipton Building Society

  • The majority of the deals available to borrowers with just a 5% deposit require the borrower to have a guarantor for the mortgage.
  • One of the best deals not requiring a guarantor for the mortgage is from Skipton Building Society who is offering a rate of 5.99% fixed until 31 July 2013.
  • A £195 booking fee is payable for the mortgage, which has a maximum advance of £250,000 for first-time buyers.

The Co-operative Bank and Britannia

  • Borrowers looking to fix their mortgage repayments for five years are being offered a rate of 5.89% until 31 August 2016.
  • The deal is available to borrowers with a 10% deposit and is subject to a £150 booking fee and a £849 arrangement fee.
  • The mortgage offers flexible options and is portable.


  • For borrowers after a tracker mortgage then the lowest rate is being offered by HSBC.
  • The lender is offering a deal of 4.19% plus bank base rate (currently 4.69%) for the term of the mortgage.
  • No fees are payable to secure the deal and no exit penalty is applied, so borrowers can move to a new deal without penalty if required.

Find the best mortgage for your first home - Compare first time buyer mortgages

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 Any products featured may be withdrawn by their provider or changed at any time.

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