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Number of FTB mortgage deals up 32% year-on-year

The number of mortgage products available to first-time buyers has increased by 31.7% in the last year, research by Moneyfacts.co.uk shows.

Today there are 183 mortgage deals available for those taking their first steps onto the housing ladder, compared to 139 in June 2010.

The figure has risen from 174 in January 2011 and almost trebled since June 2009, when there were 62 products available.

The data also reveals the average mortgage rate for a first-time buyer is currently 5.22%, compared to 5.24% six months ago and 5.37% a year ago.

Louise Holmes, a spokeswoman for Moneyfacts.co.uk, says: “Higher loan-to-value mortgages have made a return to the market over recent months, suggesting lenders are taking positive steps to help the first-time buyer market.

“In fact there are currently 31 deals with 95% LTVs, an increase from just six deals in June 2009. These positive figures should offer some hope to those who dream of owning their own home.”

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