The mortgage market moves pretty fast – particularly at the moment. Housing minister Grant Shapps has just launched the NewBuy Guarantee, which aims to help an estimated 100,000 Britons buy their dream home with deposits of as little as £10,000. On the flipside, mortgage lenders such as Halifax and Clydesdale and Yorkshire Banks will soon hike the Standard Variable Rates (SVRs) paid by borrowers not on fixed or tracker deals. Here are some pointers to help you make the most of the support available and ensure you get the best possible mortgage deal.
By Clare Francis
Maximise your deposit to pay less interest
While the amount you can borrow will generally depend on your household income, the interest rate you will pay is also influenced by the size of t
Take advantage of government schemes
For many cash-strapped buyers, of course, saving up even 10% of a property’s value can be hard - especially for those living in expensive areas.
Don’t stand for rising SVRs
Despite the Bank of England base rate languishing at 0.5% for the past three years, and showing no sign of an upwards move in the near term, several of Bri
Shop around for the best deals
While it is clearly worrying that lenders are hiking their SVRs despite the base rate remaining at 0.5%, there are still some great mortgage deals out there.<
Don’t forget about stamp duty
The two-year first-time buyer stamp duty concession announced by the government in 2010 is coming to an end on March 24.