Lenders lend in Loan To Value (LTV) and in these times of COVID-19 there are some 95% mortgages available but a lot more at 90% & 85% and below.
Manchester Mortgages is looking at current rates available if you have a 5% or 10% deposit available – please bear in mind most lenders will accept deposits to come from your own savings or close family (this is known as a gifted deposit).
The following examples are based on a First Time Buyer purchasing their first property for £150,000 and shows what monthly mortgage payments would be depending on current interest rates available.
The rates are quoted for 2 & 5 year fixed rates with lenders arrangement fees and without (fee can be added to mortgage with majority of lenders & included in monthly payment figures below).
Monthly payments are for a repayment (capital & interest) mortgage over 35 years.
5% Deposit Interest Rate Mortgage payment Arrangement Fee
2 year fixed 3.59 % £ 601 per month £ 999
5 year fixed 3.79 % £ 622 per month £ 999
5% Deposit Interest Rate Mortgage payment Arrangement Fee
2 year fixed 3.65 % £ 602 per month £ 0
5 year fixed 3.74 % £ 609 per month £ 0
10% Deposit Interest Rate Mortgage payment Arrangement Fee
2 year fixed 2.79 % £ 508 per month £ 999
5 year fixed 3.22 % £ 541 per month £ 999
10% Deposit Interest Rate Mortgage payment Arrangement Fee
2 year fixed 2.97 % £ 518 per month £ 0
5 year fixed 3.39 % £ 550 per month £ 0
All the above rates are from various lenders as Manchester Mortgages are whole of market ( independent ) mortgage brokers and are subject to you meeting lenders criteria.
Mortgage rates are subject to change without notice and are based on rates available on 7th July 2021.
As you can see there are many permutations available with thousands of other rates
available with and without arrangement fees.
Manchester Mortgages welcomes enquiries not only from First Time Buyers but Home-movers, Re-mortgagors, and Buy to Let investors.
In these difficult times save yourself the stress of trying to work out which mortgage is best for you by calling Manchester Mortgages on 0161 706 0242 to discuss your requirements.
