Mortgage rates have fallen to their lowest level in nearly 25 years, and this applies to first time buyer with just a 1-% deposit.
Lenders are continuing to impose strict lending criteria and ration the mortgages approved despite having access to cheaper funds through a new Government scheme.
According to Yorkshire Building Society, savers face an eight-year wait trying to save enough deposit required to buy their first home.
First time buyers are finding it increasingly difficult to gain access to the best mortgage deals as lenders have cut their rates for people with larger deposits to put down on a property
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