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Product focus: First time buyer mortgages

Product focus: First time buyer mortgages

Category: Mortgages

Updated: 26/01/2011
First Published: 26/01/2011

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 It is now over 6 months old so the content may be out of date.

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 Any products featured may be withdrawn by their provider or changed at any time.