The number of mortgage packages targeted at first time buyers has risen sharply in the last few months, according to an online survey.

The rise comes after a difficult few years for first time buyers with many banks and building societies requiring large deposits of 25% before they’ll lend.

It is one of the main reasons that the housing market has been struggling for so long. 

Now many lenders are providing a more flexible range of mortgages in an attempt to stimulate the market.

Research by moneysupermarket.com found there had been a 17% increase in the number of first time buyer mortgages on the market between June and July. It says there are at least 312 products available for people with only a 10% deposit – the highest number since November 2008.

The average interest rate on these mortgage deals was 5.87%. That’s a fall of 0.53% compared with last year.

The housing market is still struggling to recover but it is encouraging to see lenders are making more products available to help first time buyers get on the property ladder.

Please contact us if you would like more information about the issues raised in this article or any aspect of buying and selling a property.