Top 5 Mortgage Deals of 2020

Top 5 Mortgage Deals of 2020

If you’re considering buying your first home or acquiring another property as an investment, you will probably be looking at mortgages, and as with anything in life, you will want to find a good deal. Mortgage deals aren’t something we hear about often, but we can assure you that they do exist.

 

Which deals are open to you depends on the type of mortgage you are looking for. Are you a first-time buyer, looking to remortgage, buy another home, move home or buy to let. If you are looking to upgrade your home or buy another home as an investment, then you are probably considering equity release when looking at mortgage deals.

 

Equity release has become very popular recently with people buying second properties as investments. It essentially entails remortgaging your home in order to release some of the equity tied up in it as you have been paying off your mortgage. Equity release may also be something you want to consider if your house has gone up in value quite drastically, whether you are looking to remortgage or not.

 

We’re going to show you some great 2020 mortgage deals in just a minute, but before we do, we should remind you that these deals are subject to your personal circumstances and may change when you apply. Similarly, it is always good practice to read the fine print and check for any fees and hidden fees that may be applied. It is not common practice to hide fees in mortgage applications, but in general, if the deal looks too good to be true, it probably is.

 

Without further adieu, let us present to you the top 5 mortgage deals of 2020.

 

LTV = Loan To Value (Ratio of mortgage to the value of the property)

 

  1. Halifax 2 Year Fixed Mortgage

 

Maximum LTV – 60%

Initial rate – 1.19% fixed until 28/02/2023

Subsequent rate – 3.59% variable

Overall cost for comparison – 3.5% APRC

 

  1. Halifax 2 Year Fixed Mortgage

 

Maximum LTV – 75%

Initial rate – 1.43% fixed until 28/02/2023

Subsequent rate – 3.59% variable

Overall cost for comparison – 3.5% APRC

  1. First Direct 2 Year Fixed Mortgage

 

Maximum LTV – 60%

Initial rate – 1.59% for 2 years

Subsequent rate – 3.54% variable

Overall cost for comparison – 3.2% APRC

 

  1. First Direct 2 Year Fixed Mortgage

 

Maximum LTV – 75%

Initial rate – 1.69% for 2 years

Subsequent rate – 3.54% variable

Overall cost for comparison – 3.2% APRC

 

  1. First Direct 5 Year Fixed Mortgage

 

Maximum LTV – 60%

Initial rate – 1.74% for 5 years

Subsequent rate – 3.54% variable

Overall cost for comparison – 2.8% APRC

 

 

If you’re currently looking for a mortgage and equity release is a priority of yours, the above mortgage deals could help you achieve your property dreams. Equity release can often be a hard concept to wrap your head around, but with the right mortgage deal, it can single-handedly give you the funds to purchase an investment property. While the idea of remortgaging still has some negative connotations attached, this process is only going to get more popular as time goes by.