Unfortunately for first-time buyers with a 10% deposit, the lowest fixed rates continued to rise this week. Leeds BS now offers the cheapest-priced two-year fixed deal that can finance up to 90% LTV. Charging 5.15% alongside a £999 arrangement fee, this mortgage comes with the benefits of a free valuation (up to £999) and is available to first-time buyers in England, Wales, mainland Scotland and Northern Ireland. Borrowers can access this deal from the lender directly or via an intermediary.
Alternatively, the same lender offers a different two-year fixed deal at 5.30% that has a maximum LTV of 90% and doesn’t charge any upfront product fees. This mortgage is available across the same lending areas as the previous deal and also comes with a free valuation (up to £999).
While Barclays Mortgage continues to offer the lowest five-year fixed rate on deals with a maximum LTV of 90%, this is at a higher 5.06% after the lender made selected increases this week. Borrowers in Great Britain and Northern Ireland can access this deal from the lender or via an intermediary and, as an incentive, they will receive a free valuation. Bear in mind it charges an arrangement fee of £899.
First-time buyers with a 10% deposit who want to minimise upfront costs and would prefer a five-year deal with a greater range of incentives could consider a mortgage from Coventry BS at 5.20%. In addition to not charging any product fees, this deal comes with a free valuation and the additional perk of £500 cashback. Borrowers in Great Britain can apply for this mortgage from the lender or via selected intermediaries.
For borrowers with a smaller 5% deposit, the lowest two-year fixed rate has edged higher to 5.50% and is now charged by a deal from West Brom BS. This mortgage comes with a £499 product fee and a free valuation (up to £740). Borrowers in England and Wales are eligible to apply for this mortgage from the lender directly or via selected intermediaries to finance up to 95% LTV.
If first-time buyers with a 5% deposit would prefer a two-year fixed mortgage without any product fees, Coventry BS offers a deal at 5.56% that qualifies as a Moneyfacts Best Buy. It also comes with the extra incentives of a free valuation and £500 cashback, which could help cover some of the costs of buying your first home. Borrowers in Great Britain are eligible to apply for this deal from the lender directly or from selected intermediaries.
Unlike the other first-time buyer rates we’ve looked at, the lowest five-year fixed rate on deals with a maximum LTV of 95% has remained at 5.32% and continues to come from Barclays Mortgage’s Springboard mortgage. This is a specialist type of mortgage product that allows family and friends to use their savings to help first-time buyers get on the property ladder; helpers must deposit a sum equivalent to 10% of the property price into the lender’s Helpful Start Account for a minimum of five years. See the lender for more details. Borrowers in Great Britain and Northern Ireland can apply for this mortgage, which doesn’t charge any product fees and offers a free valuation, from the bank directly or via an intermediary. Considering its features and overall cost, it qualifies as a Moneyfacts Best Buy deal.
Charging a slightly higher rate of 5.35% is another Moneyfacts Best Buy deal from Marsden BS. This five-year fix can finance up to 95% LTV and, in addition to not charging any product fees, it offers a free valuation. Note that only borrowers in England and Wales are eligible to apply for this mortgage.