How homebuyers can get the best from the latest interest rate cut

First time buyers David Hollingworth of mortgage broker London & Country says it is possible to get a mortgage with a 10% deposit but the cost will be high: “You can easily be looking at the high end of 6% on fixed rates at a 90% loan to value ratio, and even then you will have to be a pretty sparkling borrower.” The best deal on offer yesterday for borrowers with just 10% to put down was a loan from C&G fixed at 5.69% for two years. Prospective borrowers can reduce the amount they have to pay by building up as big a deposit as possible (try saving in a regular high interest savings account).

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