There could be some welcome cheer for house buyers this Spring with signs that the mortgage market is opening up for borrowers with small deposits.
The range of mortgage products on offer is the widest for nearly eight years, with lenders increasingly willing to compete for riskier business.
According to Moneyfacts, the average two-year fixed-rate mortgage rate for buyers with a 10% deposit has fallen below 3% for the first time since the Credit Crunch and there are now 845 products on the market for those seeking 90% loan-to-value.
The launch of schemes such as Help to Buy, which allows people to get on or move up the property ladder with deposits as low as 5%, has helped to boost competition between lenders at the low deposit end of the market.
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