First time buyer mortgage
If you’re a first-time buyer, then a two or five-year fixed term mortgage is available with just a 5% deposit. Of course, if you can save more, then you’ll get better interest rates. So, if you can stump up 40% of your home’s value then you may be able to get a better rate.
A ten-year fixed rate mortgage is available to first time buyers but you’ll need to come up with a 25% deposit.
If you think variety is the spice of life then you can opt for a two-year tracker mortgage, this will give you some great rates but if the base Bank of England interest rate goes up, then so too will your mortgage.
TSB also offer a ‘Fit and Flex’ mortgage which means you can fix your rate for ten years but have the option of leaving after five.