Low-deposit mortgage choice hits 17-year high - Mortgage advisor Birmingham

This is a summary of an article originally published on bbc.co.uk.

The availability of low-deposit mortgages in the UK has reached its highest level since the 2008 financial crisis, offering a significant boost to first-time buyers. According to Moneyfacts, there are now 442 mortgage deals for those with a 5% deposit and 845 options for those with a 10% deposit—almost double the choices available two years ago. However, interest rates for low-deposit deals remain high, averaging above 5%, while those with a 40% deposit enjoy lower rates.

Despite the increase in mortgage options, first-time buyers still face challenges such as rising property prices, high rental costs, and market uncertainty. Mortgage advisors are encouraging buyers to act quickly, as homes typically sell within 36 days on average. Two-bedroom homes are the fastest to sell, often within 23 days, while properties in the north of England tend to move quicker than those in the south.

For those navigating the housing market, working with an experienced mortgage advisor in Birmingham or a mortgage advisor in Solihull can help secure the best deal and offerguidance on realistic pricing and timing. With more homes on the market and a growing range of mortgage products, expert advice can make all the difference in securing a successful purchase in today’s competitive environment.

Article link https://www.bbc.co.uk/news/articles/ckgxdyyz8e1o