First Time Buyers Hit by Higher Charges
First time buyers are facing higher mortgage rates if they are unable to raise a large enough deposit.Previously, a 10% deposit was large enough to qualify for Nationwide's best deals, such as a two-year fixed rate deal at 5.85 per cent.
First time buyers will now need to raise a 25% deposit to qualify for this rate, otherwise they face a rate of 6.05 per cent.
The average first-time property costs £130,000, meaning any buyer wanting to get Nationwide's best deal will have to find £32,500 as a deposit, far more than the national average annual salary!
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