The mortgage was launched by Accord which is owned by Yorkshire Building Society is aimed at helping first-time buyers who can afford the monthly repayments but are struggling to get a deposit together and is vaild on houses upto £500,000.
The £5000 deposit mortgage has a 5 year fixed rate of 5.99% which is slightly higher than the most competitive rates on the market at the moment which are just above 5% but even so it will still help first-time buyers who had previously given up hope of ever owning their own homes considering that the average deposit in 2023 for FTB’s was £66,029 and the average first house price £270,602.
Accord has waived arrangement fees which will also help with the financial burdon of getting a step on the property ladder, however the product is not available on an interest-only term. The term of the loan is flexible and can be paid off over a maximum of 40 years or buy the time the homeowner turns 70 years old.
If you’d like more information on this product or any other offers available to help first-time buyers contact us today on 0800 975 0222 or email themortgagedesk@gmail.com