Over the past couple of years the mortgage industry has been through some tough times, and both consumers and the economy as a whole have been affected by the lack of mortgage finances that has been available.

However, according to recent reports the availability of mortgages is starting to increase, and this means that first time buyers may soon be able to see the light at the end of the tunnel after a particularly tough period where some have found it impossible to get a mortgage.

In the past month the number of mortgage deals available on the UK market is said to have increased, and many lenders are said to have relaxed their rules slightly in order to make mortgages accessible to groups such as first time buyers.

This will come as great news for those that have been struggling to get a mortgage over the past couple of years as a result of the difficulties that have arisen because of the global credit crisis and the recession.

Compared to the start of this year the number of mortgage deals available from lenders in the UK is said to have increased by 20 percent, and in many cases the deals that have been coming onto the market have been asking for relatively low deposits of 10 percent of the property value.

With lenders having demanded in excess of 15 percent even from first time buyers over the past eighteen months this will come as a relief to the many first time buyers that do not have a hefty deposit available to put down.

One financial industry official said: “Better rates and an increase in appetite to lend could indicate that lenders are opening their doors just a little wider and trying to compete for business. If standard variable rates continue to rise, many customers will be forced to find a better deal elsewhere and lenders may now be wise and gearing towards the prospect.”

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