For those of us trying to get on the housing ladder, saving enough money for the deposit can be the first hurdle. So, imagine our excitement when we found out that we might only need a 10 per cent deposit.
And though a number of these 90 per cent mortgage deals have been released onto the housing market, it appears they may not be for everyone.
The number of mortgages available to buyers with a 10 per cent deposit has plummeted over the past 12 months amid job losses and house price concerns.
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And now lenders have relaunched a number of enticing deals aimed at first-time buyers, but only around a third of these mortgages are available to all.
According to analysis by Defaqto, the financial product comparison service, out of 86 mortgages available to first-timers with a 10 per cent deposit, only 25 of these mortgages are available to everyone in the country.
While 22 mortgages are restricted by postcode, 25 aren't available in Wales and 18 of the 86 mortgages available can only be applied to through selected intermediaries.
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Katie Brain, banking expert at Defaqto, told Mortgage Solutions: "This year we have seen many 90 per cent loan to value (LTV) products launched into the market, only for them to be pulled just days later. It looks like the market is stabilising now and borrowers have more certainty about getting one of these mortgages.
"The bad news for first time buyers is that many of these products have restrictions which prevent the majority of people from accessing them, so they still have little choice."
And, according to Defaqto, these mortgages are also 12 per cent more expensive than they were a year ago.
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But it's not all bad news for prospective buyers. Last month the UK government announced a new Help to Buy scheme.
Homes England put out a statement saying that first-time buyers interested in new-build homes could apply for the new Help to Buy: Equity Loan scheme, which covers 2021-2023, from Wednesday 16th December.