AA Mortgages has launched a range of new mortgages for first-time buyers with a deposit as low as 5%.
For borrowers with a 5% deposit, its five-year fix has a rate of 3.99%, while the two-year fix has a rate of 3.82% and comes with £400 cashback. Both have no fees.
Those with a 10% deposit can choose between the five-year fix at 2.88% and the two-year fix at 2.38%.
Customers with a 15% deposit have the option of a two-year fix at 1.43% or the three-year fix at 1.87%. Both come with a £995 fee.
Alternatively they can opt for the five-year fix at 2.19% which comes with a £1495 fee.
Customers can also benefit from free standard legal fees and AA features including 15% off AA home insurance, 12 months AA Home Response Plus and AA Central Heating Response Plus coverage on selected mortgage products. A selection also provides free standard house valuations and £400 cash back.
Michael Johnson, director of financial services at the AA, said: “The AA is here to help and we are now able to offer a selection of mortgages to suit a variety of buyer needs.
“This competitive range aims to make mortgages simple and straightforward, with options for an array of borrowers – whether it’s those wanting to take their first step onto the property ladder or those simply wanting a better deal by re-mortgaging.”
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