This article discusses the best value for money mortgages currently available in the UK as of October 2020.
Lenders base their lending on something called Loan To Value ( LTV ) and in these times of COVID-19 there are currently no 95% mortgages available and very few at 90% and those available come with many restrictions therefore Manchester Mortgages is concentrating on mortgages available with a 15% and 20% deposits.
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, 3 & 5 year fixed rates with and without lenders arrangement fee on a repayment mortgage over 35 years.
| 15% Deposit | Interest Rate | Mortgage Payment | Arrangement Free |
|---|---|---|---|
| 2 year fixed | 2.25% | £443 per month | £999 |
| 3 year fixed | 2.29% | £446 per month | £999 |
| 5 year fixed | 2.69% | £473 per month | £999 |
| 2 year fixed | 2.95% | £488 per month | £none |
| 5 year fixed | 2.99% | £489 per month | £none |
| 20% Deposit | Interest Rate | Mortgage Payment | Arrangement Fee |
|---|---|---|---|
| 2 year fixed | 1.79% | £388 per month | £999 |
| 3 year fixed | 1.94% | £398 per month | £999 |
| 5 year fixed | 1.94% | £398 per month | £999 |
| 2 year fixed | 1.99% | £397 per month | £none |
| 3 year fixed | 2.05% | £401 per month | £none |
| 5 year fixed | 2.34% | £419 per month | £none |
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 as at 8 September 2020.
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-mortgagers, 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.
