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Low-deposit mortgages make a comeback

low cost mortgagesMortgage products allowing applicants to put down a deposit of just 5% have become much more common in the past year, figures show.

Some 307 such deals are now on the market in the UK, up from 253 a year ago, according to financial information service Moneyfacts.

This is the first time since the 2008 financial crisis that the number had surpassed 300, it said.

The typical interest rate for a two-year deal of this kind is 4.02%.

Charlotte Nelson, of Moneyfacts, said the increased number of deals at this loan-to-value level should improve competition.

However, she pointed out that this section of the market, attractive for those with little in savings, was “often neglected”.

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