It's something of an understatement to say that the financial crisis turned the mortgage world on its head.
The first-time buyer market was dealt a particularly harsh blow as products disappeared left, right and centre from risk adverse lenders.
Thankfully, high loan-to-value products and a degree of competition have returned to the market over the past year providing prospective borrowers with hope that they will one day be able to purchase their first home.
Over the past few months a range of competitive mortgages aimed specifically at first-time buyers have emerged onto the market, offering competitive rates with high loan-to-values (LTVs).
In fact, the average two-year fixed rate mortgage at 90% LTV stands at 5.34%, compared to in January this year when it stood at 5.51%.
Choice has improved immensely in the high LTV market. According to Moneyfacts.co.uk, there are 281 deals at 90% LTV available today, compared with just 71 recorded at the height of the credit crunch in May 2009.
Finance expert at Moneyfacts.co.uk, Louise Holmes, said: "The first-time buyer market is often considered to be the life-blood of the housing market and mortgage lenders recognise this.
"It will be interesting to see the impact of the Government's Funding for Lending Scheme on the market over the coming months, as lower, competitive rates become more widely available to borrowers who need them the most."
Here are just some of the best first-time buyer mortgages launched over the past couple of months:
Santander has been commended for launching the only three-year variable tracker mortgage with a 90% loan-to-value, available direct to borrowers rather than via an intermediary.
This deal offers a competitive rate of 4.79% for three years and has no arrangement fee. A host of incentives are also offered with this deal, including a free valuation (max £190) and a £250 rebate upon completion, handy for keeping initial mortgage costs to a minimum.
NatWest Mortgage Services issued its attractive five-year fixed mortgage last month, offering a rate of 4.79% to 31.1.18.
Intended for first-time buyers with a deposit of 10% or more, this deal has no arrangement fee and allows overpayments of up to 10% to be made per year.
The Co-operative Bank offers a pleasant two-year fixed rate deal to borrowers with deposits of 10% and over. As well as having no arrangement fee, borrowers will also receive a free valuation.
Flexibility with repayments is offered by means of overpayments of up to 10% of the outstanding balance, underpayments and payment holidays.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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