Report reveals rise in mortgage availability

Figures from Moneyfacts have revealed in the number of mortgage products.

The credit crunch resulted in a tightening of lending criteria and mortgages have been hard to secure without a substantial deposit.

However, the number of different mortgage products has risen to its highest level since November 2008, according to Moneyfacts, due to increased competition.

In particular, mortgages offering just a 10% deposit are rising, good news for first-time buyers, the financial information service said.

Mortgages offering a 10% deposit now stand at 261 compared with 176 this time last year.

However, banks remain cautious about who they lend to with strict credit checking in place.

A spokesperson for Moneyfacts said: “Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers, as previously cuts were only being applied to the lower loan-to-value bands.”

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