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Tempting Mortgage Offers Available

Written By On 18/07/2013

The Leeds building society have created an innovative mortgage deal which went on offer last week. It gives the customer the choice of a three year of five year fixed loan rate, but with interest free for the first three months.

This does not mean that nothing is paid at all at the start of the term as it is a repayment mortgage and not interest only. That means that the principle amount is still paid without any interest. But keep in mind that the interest will still be factored into repayments later on into the mortgage term.

A primary benefit of this is when most applicants are granted their mortgage the beginning can be a very tricky time in trying to keep all their balls up in the air. This will no doubt help by allowing a bit of extra funding to either be used for completion costs, DIY, new furniture or whatever is needed at the time.

The 'Welcome Mortgage' has been aptly named, and in general is having fairly decent reviews. However, some sceptics are concerned because they may feel this is not such a good idea as it may well result in giving people a false sense of security.

Since the government's Funding for Lending scheme was launched in April of this year more competitive mortgage deals are surfacing continually. First time buyers in particular, thanks to the Help to Buy scheme , now have much better purchasing options and choice than in recent times.

The Council of Mortgage Lenders have reported last month that the £15 billion gross amount their members loaned for home buyers was up by over a quarter compared to June last year. This is now the biggest monthly amount recorded for nearly five years.