First time buyers should be finding it easier to secure a mortgage after new research from Moneyfacts.co.uk revealed lenders have been progressively relaxing their lending criteria.
The number of mortgage deals available to borrowers with up to a 10% deposit has almost doubled since reaching a low of 84 in May last year to stand at 153 today.
The appetite to lend to riskier borrowers has coincided with an improvement in the conditions in the economy and a steady rise in property prices.
Indeed, according to the latest data from the Halifax, the average house price in the UK has increased by more £10K since last May.
The news comes after Moneyfacts recently revealed that the cost of fixed rate mortgages had fallen for the fifth consecutive month.
The average rate on two year fixed rate deals has dropped to 4.88%, its lowest level since June last year.
The average two year tracker rate stands at 3.76%.
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