First-time buyers will be glad to hear that the availability of mortgages is on the rise.
There has been an increase on the number of home loan deals on the market in the UK, with lenders continuing to relax their criteria.
Compared to the start of the year, there has been a 20 per cent increase, according to financial information website, Moneyfacts. Some of these include deals requiring a relatively small deposit of 10 per cent.
Many first-time buyers have found it hard to get on the property ladder during the fall-out of the credit crunch, with many having to ask their parents for financial assistance. There was some comfort in the fact that the debt risks associated with taking high loan-to-value deals did decrease.
Since October, mortgage providers have been less strict when it comes to their deals, with 66 per cent of deals on offer requiring a deposit of at least 25 per cent.
January saw the figure fall to 61 per cent and the start of February saw further decreases as the figures dropped to 58 per cent.
Recent property rises have made lenders feel they can extend the availability of mortgages, with the number of deals ? around 1,700 ? the highest since November 2008.
Darren Cook, of Moneyfacts, told the BBC how competition and variable rates could continue the trend: ?Better rates and an increase in appetite to lend could indicate that lenders are opening their doors just a little wider and trying to compete for business.?
Mr Cook went on: ?If standard variable rates continue to rise, many customers will be forced to find a better deal elsewhere and lenders may now be wise and gearing towards the prospect.?
