Saturday, 2 July 2011

First-time buyers benefit from slashed mortgage rates.

Those buying housing for the first time, especially those with little savings, are to benefit from mortgage rates being cut by banks this week.

HSBC have offered those who can afford a 15 per cent deposit will be able to get a two-year fix with a £899 fee at 3.99 per cent. This would mean that the monthly payment would be £791 on a mortgage worth £150,000, and the total cost would end up at £19,883.

Although they have been offering the same rate for some time now, Norwich & Peterborough offer a fee of £995, resuting in a total cost of £19,979.

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