Nationwide, the UK’s biggest building society, has unveiled a new product aimed at first-time buyers, which offers an increased loan to income from 5.5 x to 6 x. Those looking to get on the housing ladder would be required to take out a five or ten-year fixed-rate deal, with a 5% deposit also required.
Competition between mortgage lenders has increased in recent months, and with rates predicted to fall in the short-to-medium-term, first time buyers look set to benefit from more products being brought to market – although the new Nationwide offer is expected to be attractive to those currently looking to buy in London and South East England.
Here at The Financial Planning Group we monitor rates daily and can switch our clients to lower rates if a mortgage offer has been issued but not gone live – we also work with our clients on the best strategy when a fixed-rate deal is coming to an end to provide flexibility and freedom to renegotiate when the time is right.
If you, or somebody you know, would like to find out more information on the options available to first-time buyers and families looking to help them achieve their first property, why not give Steve Padgham a call on 020 8614 4782 or email him at steve.padgham@fpgonline.co.uk.
