HSBC this week released their 90% LTV mortgages again, which for first time buyers is a step in the right direction. Over the past year, first time buyers have felt the pressure of high loan to value rates and stuck with needing higher deposits than usual due to COVID-19. For a property worth £250,000, buyers would need £37,500 on a 85% mortgage as a deposit or £50,000 on an 80% mortgage, compared to £25,000 on a 90% mortgage. With a lot of people on furlough and loosing their jobs, some buyers were either having to dip into these savings or not being able to continue saving as their income had decreased.
HSBC are offering a 2 year fixed fee saver mortgage with an initial interest rate* at 3.99%, followed by currently a 3.54% variable rate with an APRC of 3.7%. As well as this they are also offering a two year fixed standard mortgage with an initial interest rate* of 3.69%, followed by currently a 3.54% variable rate with an APRC of 3.7%. These 2 years fixed rates are only until 31.05.23. They are also offering a 5 year fixed fee saver mortgage, a 5 year fixed standard mortgage and a 5 year fixed premier standard mortgage. These are five years fixed rate until 31.05.23.
If you need help with mortgages and/or financial planning, get in touch with Fingerprint financial planning for free advice. They have access to all mortgage providers, so they can give their advice on what is best for you. These types of mortgages include first time buyers, buy to let and re-mortgages. Head over to https://fingerprintfp.co.uk/about-you/home-buyers/ to find out more, or call 03452 100 100 to speak to an advisor.
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