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Lenders push low-deposit deals | 20/07/2010
First-time homebuyers and borrowers with little equity have more mortgage choice than six months ago, as more lenders offer 90% loan-to-value deals. However, rates remain stubbornly high. There are now 181 mortgage deals for those with a ten per cent deposit, up from 144 last February and just 98 at this time last year, according to data compiler Moneyfacts. Barnsley Building Society has just launched a two-year deal for borrowers with only a ten per cent deposit. It is fixed at 6.35% and has no arrangement fee.But it is still more expensive than the best fixed rates on the market for those with a small deposit. Co-operative Bank, for example, has a two-year fix at 4.99%. The fee is £499.Matthew Fleming-Duffy at independent mortgage broker Abacus Financial in central London says it is encouraging to see more activity from lenders in the 90%-loan-to-value sector, but warns interest rates vary widely.'The difference between the best and worst deals is wide,' he says. 'Borrowers looking for a good fixed rate and who have little deposit should seek out the best possible rate. It shouldn't be hard to get a deal at under 6%.'