Another cheap 90% LTV fixed mortgage arrives
Another lender has come to the rescue of would-be first timers trying to get on the property market.
Homebuyers with a deposit of just 10% can now snap up a 3.99% two-year fixed mortgage from Marsden Building Society.
Though still slightly trailing the 3.79% deal offered by Yorkshire Building Society and 3.69% from Chelsea Building Society, Marsden is helping to give first timers more choice.
Michael Ossei, personal finance expert at uSwitch.com, says: "This will be music to the ears of tens of thousands of would-be first time buyers who only have a 10% deposit to stump up.
"With free valuation costs included, this mortgage could be the little injection needed to get more first-time buyers into their own home and put their renting days behind them.
A catch-all phrase that can range from assessing the price of a property or vehicle before offering it for sale or the net worth of assets in an investment portfolio to the prices of shares on a stock exchange.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.