Better First Time Buyer Mortgage Deals

publication date: May 19, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Better First Time Buyer Mortgage Deals

First time buyers can now secure 90% mortgages from the Post Office, which is also improving lending rates between 75% and 80%, and the Post Office is not even charging fees for remortgaging for five year deals.

Up until the 13th May 2010 buyers could only borrow up to 80% of a property’s value whereas now they are offering up to 90%, following an agreement made with the outgoing Labour government in the last budget!

The new 90% Loan to Value range means for any first time buyers (and other borrowers) they can do so at the following rates:-

  • Two year fixed rate at 5.45% 
  • Three year fixed rate at 5.99%
  • Five year fixed rate at 5.99% 
  • Tracker at 5.49%

Post Office Director of Personal Lending, Marco Hughes, said: “Whilst there are existing 90% deals available, many remain out of reach for most borrowers because the rates are too high. Instead, we’re offering more affordable rates that will allow more borrowers the opportunity to take out a mortgage with a smaller deposit.  This should particularly help first time buyers.  However, we are not forgetting those looking to move lenders and are offering a new ‘fee free’ range to help them too".

Want to find out more via video? Then watch this YouTube video with Doug Strachan, Financial Services Director at the Post Office.

Check out how good these rates really are by comparing with Beat that Quote and via Shire Financial Services.

Need help finding a mortgage? Then contact us via or tel 0845 838 1763.

Get a helping hand with our new First Time Buyer Service for just £19.99!

Property expert, Kate Faulkner, has joined forces with B&Q and other industry experts to offer a unique service, where you purchase a ‘property project pack’ that gives you:-

  • An A4 ‘how to’ guide (approx 80 pages), containing Dos and Don’ts, Factsheets, Checklists, Handy Tips and Forms
  • Access to Kate and her team, by phone and email, for any queries you might have during your project.

See the full list of Kate Faulkner's unique Property Services here!

Need help with a property problem? Have a question? Why not call Designs on Property on 07585 897128 or Contact Us via email.
Kate's Consumer Portal
FREE Buy to Let eBooks

Download a copy of our
Buy to Let Show eBooks
for FREEsimply click on
the image below

Buy to Let Show - download our Buy to Let eBook for FREE