Mortgage for small deposit holders is outstanding | Product News - Moneyfacts

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Mortgage for small deposit holders is outstanding

Mortgage for small deposit holders is outstanding

Category: Mortgages
Date: 23/10/2015

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 It is now over 6 months old so the content may be out of date.

Hanley Economic Building Society has decreased the price of its two-year discounted variable rate mortgage by a significant 0.50%, enabling it to take a place at the top of the Moneyfacts charts for first-time buyers and win the top accolade.

The basics…

This deal now has an attractive discounted variable rate of 3.29% (1.90% disc) for two years. It is available at a loan-to-value (LTV) of 95% and has absolutely no product fees.

The finer details…

This mortgage is available to all borrowers with a modest deposit of just 5%. House purchase customers can benefit from an enticing £250 rebate upon completion, while those looking to remortgage can profit from free legal fees (max £250) and free valuation (max £260).

Repayment flexibility is also offered, with overpayments of up to 10% of the outstanding balance permitted per annum.

Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian CreditExpert to investigate your credit report.

Why we like it…

Borrowers in possession of only a modest deposit are likely to seize upon this offer. Not only does it offer a highly attractive rate, but it also promises to keep upfront costs down, an important consideration when budgets are tight. Remortgagors in particular can benefit from a very generous incentive package, while all borrowers can profit from the absence of any fees and the option to make overpayments to reduce their overall balance. This is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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