London, United Kingdom (15th November 2012) – MeetMyAgent.co.uk, an independent estate agent review and rating website, comments after the Co-Operative Bank announced the launch of a two-year fixed rate mortgage for borrowers with a 10 percent deposit, and charges under 4 percent interest.
The mortgage from the Co-operative Bank carries no set-up fee and charges 3.99 percent until 31st December 2014. This offer is now the UK’s official best-buy loan, having taken over Chelsea Building Society’s competitive rate of 4.19 percent, and represents what MeetMyAgent believes is a considerable saving for first-time buyers who can only save up a small deposit.
A spokesperson for MeetMyAgent commented: “This competitive mortgage offer from the Co-Operative is hopefully the beginning of some much-needed competition in the high loan-to-value section of the market.
“The government’s funding for lending scheme has certainly helped consumers with deposits of 20% or above, as mortgage lenders use the cheap loans from the government to pass on rate savings.
“However, the typical first-time buyer with a 10% deposit is yet to see the full benefits of the scheme, and lenders are remaining cautious; pooling most of their resources into borrowers with high deposits.
“To get the housing market moving, first-time buyers, who generally have modest deposits, need to have access to lending at competitive rates – providing that they are creditworthy, of course.
“It will be interesting to see how the 10% deposit end of the market develops in terms of rates over the next few months.”
For more information on MeetMyAgent and their estate agency services, visit their website at http://www.meetmyagent.co.uk.
MeetMyAgent.co.uk is a London-based company specializing in independent estate agent reviews and ratings to help homeowners find the best estate agents for property sales or lettings.
MeetMyAgent.co.uk’s website is simple and easy to use; a user simply types in their area or postcode and then can read independent, objective reviews and ratings from previous clients who have used estate agents in their area.
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