Despite a flurry of mortgage rate reductions over the past month, only a handful applied to products that require small deposits.
A total of 398 mortgage products were amended over the past month, the equivalent to 13 per day; however, just 33 rate changes were made to products with loan-to-values (LTVs) of 90% or over. Over 200 products have had rates reduced.
These figures suggest that lenders still see the high LTV area of the market as high risk and are focused on promoting their larger deposit products, despite them being out of many borrowers' reach.
Sylvia Waycot, spokesperson for Moneyfacts.co.uk, said: "The combination of new fixed rate mortgages on the market has brought the average fixed rate down 0.04%, from 4.78% to 4.74%.
"Industry experts and consumers alike will have been hoping to see the first time buyer market rejuvenated by the Bank of England's Funding for Lending scheme, but current evidence suggests that those in the 90% plus LTV bracket are not the ones getting the best value from the recent rate cuts.
"Mortgage lenders were already lending to the more favoured, less risky higher deposit market, so unless there is a big downward shift in rates in the higher loan-to-value market the Bank of England funding scheme will be a lost opportunity."
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