First Time Buyers - Not Getting the Full Picture
New market analysis compiled by mform.co.uk has revealed that mortgage lenders are not always making their best rates available to first time buyers. With the Bank of England base rate cut, the standard variable rate has come down, however lenders are denying access to the better rates for new mortgage products.
Typically, the SVR deals acted as default products for those who couldn’t or wouldn’t search for better deals, ie they were a last resort but were still attractive due to the lack of fees attached. Not only are some lenders not reflecting the base rate cut in their mortgage options, arrangement and early redemption fees have started to pop up on these SVR products, making it even more unappealing to first time buyers.
Read more on this topic…
Lenders barring applicants from SVR deals - Mortgage Strategy
SVR disappearing to new borrowers - Mortgage Solutions
Some of the best SVR mortgages unavailable to new customers - Fair Investment
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