There are now more low-deposit mortgage deals available in the UK than at any point since the 2008 financial crisis, new data reveals. According to financial information service Moneyfacts,

the number of mortgage products requiring just a 5% or 10% deposit has hit a 17-year high.

This expanded range is welcome news for first-time buyers, although the reality of higher house prices and mortgage rates still makes homeownership a challenge. On top of that, competition remains fierce—Zoopla reports that homes are typically on the market for just over a month before being snapped up.

While the housing market has stayed relatively steady recently, buyers still face hurdles like unpredictable interest rates and potential changes to stamp duty in England and Northern Ireland.

More choice for low-deposit buyers

For those with just a 5% deposit, there are now 442 mortgage products to choose from—more than double the 204 available two years ago. If you can stretch to a 10% deposit, you have 845 options, up from 684 this time last year.

Despite the broader selection, interest rates remain high for low-deposit deals. On average, these borrowers are paying well over 5%, compared to under 5% for those able to put down a 40% deposit.

Rising rental costs have made it harder for many to save, but Moneyfacts’ Rachel Springall says the increase in available products is still a promising development. “A rise in product availability for aspiring homeowners is a healthy step in the right direction,” she said.

That said, only 6% of all fixed and variable mortgage deals currently cater to those with a 5% deposit—highlighting that there’s still plenty of room for improvement.

Uncertainty around mortgage rates continues, partly due to global economic pressures such as U.S. trade policies.