Good news for first time homebuyers

Sun, 14/03/2021 - 13:09 -- Editor

First time homebuyers can now get a mortgage with a deposit of just 5% of the value of the house they wish to buy.

This follows the government's introduction, in this year's budget, of a scheme whereby they guarantee banks will be protected if they offer the new favourable mortgage deposit rate.

Banks already signed up for the new rate include Santander, HSBC, Barclays and Nat West.

Northern Ireland is the cheapest region of the UK, with a 5% mortgage on the average property price now sitting at just £7,391.

The most expensive area, not surprisingly, is Greater London, where a 5% mortgage is £29,270 based on the average house price of £147,836.