Save money with a mortgage with low deposit
Despite the fact that many of us are still struggling due to the current global financial crisis, there are encouraging signs coming from many of the financial institutions within the United Kingdom lately, as mortgage deposit requirements are gradually edging their way downwards to relieve the strain on first time home owners, and those seeking to move into a bigger, better house.
Research conducted by the website MoneyFacts.co.uk has indicated that there has been a forty nine per cent increase in the number of ninety per cent loan to value (LTV) mortgages available this year, with the biggest jump coming in February, when the survey was conducted.
On top of this, we have seen a massive increase in the number of eighty five per cent loan to value mortgages being offered by UK financial institutions in the last twelve months, an increase of more than eighty per cent when compared to February of 2010.
This is great news for anyone who has been holding off on purchasing a new home due to the uncertainty of the market, and shows that confidence is slowly creeping back into the UK economy.
Not only are there more low deposit mortgages on offer though, the overall variety and selection of mortgages has increase all round. Numbers on offer tumbled between 2008 and early 2010, but things really look like they're starting to pick up again which is great news for buyers and sellers alike.
And to add a final cherry to the top of all this great news, interest rates have fallen between 0.37 and 0.43 per cent in the last year, making mortgages more affordable for everyone.
So if you were waiting to see how the market would react before taking the plunge, now is a great time to make an appointment to see you local bank's mortgage advisor to thrash out some great terms.