95% mortgage rates cut


Pete Mugleston

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Clydesdale & Yorkshire banks have announced the release of some headline deals for first time buyers with low deposit.

In deals exclusive to first time buyers, rates will be dropped from 5.49% to 4.99%, and arrangement fees slashed from £999 to £0. Borrowers will also benefit from a free basic valuation and £250 cash back for taking the deal.

This is in direct competition to the government backed Help to Buy 2 deals currently only offered by Halifax and Natwest, but without the Help to Buy status - it's straightforward 95% lending and may just be a more attractive proposition to some borrowers.

Andrew Pearce, Retail Director for Clydesdale Bank, said:
“We are long-time supporters of first time buyers with lower deposits having kept 95% loans available when others withdrew theirs.
This underlines our on-going commitment to playing our part in a healthy, sustainable housing market.”

With Help to Buy 2 already driving buyers to the market, there is added positivity as lending continues to improve. As a result of the increased demand, house prices are beginning to rise, so buyers might be best off getting in sooner rather than later if they want property at rock bottom prices.

As with anything of value, if supply remains constant but demand increases, prices inflate, and this new flood of buyers to the market is only going to send prices one way. Unless the volume of housing increases, it's suspected that we could be at the start of a housing bubble, one that could be damaging to the economy if/when it bursts. Some economists are calling for relaxation of development and green belt restrictions across the country if a property crisis is to be avoided.


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