Lenders have launched 10 new fixed-rate products for first-time buyers since the Summer Budget, according to analysis by Defaqto. 

The research also found that three more providers have returned to the market to offer 90% loan-to-value (LTV) products in that time: HSBC, Nationwide and Metro Bank.

The addition of 10 fixed rate mortgage products for first time buyers with a 90% LTV takes the total number of higher LTV fixed rate products to 28.

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Katie Brain, banking expert at Defaqto, said: “It can be really hard to save for a deposit for a home and high LTV mortgages are often the only way a first time buyer can get on the ladder.

“The stamp duty holiday may help first time buyers but without the finance, home-ownership will be out of reach for most.

“It is encouraging to see lenders returning to the market and new products coming out for those with small deposits.

“We are seeing many come onto the market for only a few days and so borrowers will need to act quickly to secure these deals.

“Buying a home is a huge investment and not without risk, anyone who is looking to take out a mortgage should speak to a professional adviser before committing.”

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