According to Moneyfacts, first-time buyers now have 442 mortgage products available with a 5% deposit and 845 with a 10% deposit—significant increases from just two years ago. However, buyers still face high interest rates, with rates over 5% for low-deposit loans.

While this expansion in mortgage choice is encouraging, rising house prices, higher mortgage rates, and competition are making it harder for many buyers, especially those struggling to save due to rising rent costs. Homes are selling faster too, with properties in England and Wales typically spending just 36 days on the market before agreeing a sale. For those hoping to buy, acting quickly and carefully selecting a mortgage remains key to securing a home in today’s competitive market.