Lenders lend in Loan to Values ( LTV ) with the highest values reaching 90% & 95%.
In these times of higher interest rates and inflation there are still some 95% loan to value mortgages available but a lot more at 90% and below.
Manchester Mortgages can advise on the current interest rates available whatever deposit you have available to purchase your first property.
Please bear in mind that lenders will require proof of where your deposit is coming from – this can be from your own savings or may be from close family members ( although one or two lenders will allow deposits to be provided by non-family members ).
You will be aware that mortgage interest rates have risen in line with the Bank of England base rate from the low of 0.10% to the current rate of 5.25% ( August 2023 ) which has resulted in much higher mortgage rates which in turn result in much higher monthly mortgage payments.
The effect of higher interest rates also means that lenders look more closely at your affordability and ability to repay your mortgage which in turn looks at the maximum mortgage amount you can borrow and if you have been looking to buy over the last few months you may have noticed a change in these figures meaning a reduction in the amount of mortgage you have been offered.
If you obtained a Decision in Principle / Agreement in Principle over three months ago these will now have expired – do not assume you can still borrow the same amount – contact Manchester Mortgages on 0161 706 0242 who will be pleased to obtain an up to date Decision / Agreement in Principle for you and to confirm what mortgage rates are available and more importantly what the monthly mortgage payments will be.
In these difficult and changeable 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 with our friendly advisors.
Manchester Mortgages welcomes enquiries not only from First Time Buyers but Home-movers Re-mortgagors and Buy to Let investors.