First time buyer mortgages

[Stevenj214]

I'll hopefully be in a position to look at a FTB mortgage in around 6-9 months (hopefully catching the bottom of the downturn). Out of interest, I've been looking at mortage deals available on £50-70k flats, with a 10% deposit and an anticipated salary of £20k-ish.

The only deals apparantely available are 6% fixed for 2-5 years. Considering the base rate is so low I was expecting a FTB mortgage rate to be along the same lines.

Will this be around the best I can expect?

[Stevenj214]

vinnie83 said:

try to wait a bit longer and get another 10% deposit together (I know easier said than done) but under 80% will get you access to much better rates.

Playing with the figures on moneysupermarket.com - the best rate with a 10% deposit is 6.29% 5 year fix, at 20% the best is 5.69% 2 year fix or 4.94% tracker.

Still seems ridiculously high compared with some peoples existing mortgages at a discount on the base rate (although I suppose it was this ease of credit that partly caused the problems in the first place).