First Time Buyers Hit Hard

Mortgage rates for first time buyers are at an 8 year high.

An average borrower with just a 5% deposit looking at a two-year fixed rate deals has seen mortgage offers jump from 6.55% to 6.64% last month, the dearest since June 2000.
Tracker rates also followed the trend, increasing from 5.96% to 6.04%, according to Bank of England figures.

Almost half of all mortgage products have been removed by the banks in recent months, with borrowers with small deposits watching the best deals being removed as lenders have sought to deter the 'riskiest' customers during the credit crunch.