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As you are probably
aware mortgages are not as easy to come by these days,
90% mortgages are
the new 100%
attracting a higher rate of interest, despite the base
rate remaining low.
However last week
saw light at the end
of the tunnel for First Time Buyers, with
new deals for those with only a 10%
deposit.
Over the past year
the cost of a mortgage with a 10% deposit has been significantly higher
than if you had 15% to put down, the good news is that
we now have access
to a 2 year *tracker mortgage of 4.79% for those of you
with a 10% deposit!
*A
tracker mortgage follows the base rate, so if the base rate increases so
does your mortgage repayments
This makes the
monthly payments
much more affordable compared to the typical cost of
a mortgage with a 10% deposit has been over the last year. The cost of
some fixed rate
mortgages at this level have also been
reduced
for those who prefer peace of mind.
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Example - If you were to buy a property for £100,000 |
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Put down
10% deposit |
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£10,000 |
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Your
monthly mortgage payment on the new two year tracker at
4.79% |
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£520.90 |
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Examples given correct at
time of publication 26/11/2009 |
With the assistance
of your LSAP providing up to £8,500 towards your deposit and some
careful saving a 10% deposit is well within your reach and could see you
on the property ladder in the next 3 months.
Mortgage approvals
for house purchases continued their steady ascent in October, hitting
the highest level
since January 2008.
This means more and
more people are seeing the opportunity to get on the property ladder and
realise that now is the
time to buy!
Lifetime Service
A mortgage is
possibly the biggest financial commitment you will ever make, so you
will be pleased to know that here at Forces Homes we don’t just help you
onto the property ladder and wish you good luck for the next 25 years,
we offer a lifetime service!!!
This means our
mortgage broker will review your mortgage at the end of your
fixed/tracker rate at no extra cost, ensuring you are always on the best
mortgage deal to suit your needs. By reviewing your finances and
possibly transferring your mortgage to another lender
this can
potentially save you £££’s in interest, all this at no extra cost
because once a Forces Homes customer always a Forces Homes customer!
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