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Borrowers 'get better mortgage deals with large equity'
Consumers can get hold of better fixed mortgage deals by having significant equity, according to new research.
The figures from Moneyfacts revealed that fixed mortgage rates are falling, but only for those with large deposits.
It found that the average two-year fixed rate for a borrower with a ten per cent deposit has risen to 6.48 per cent, while the average rate for those with a 25 per cent deposit now stands at 4.27 per cent.
Michelle Slade, spokesperson for Moneyfacts, said the rates were all part of lenders' efforts to "cherry pick the best customers".
She added: "First-time buyers are being offered little incentive to enter the market and there are no real signs of things getting better anytime soon for those with a small deposit."
Recent figures published by the Council of Mortgage Lenders revealed that the number of mortgage arrears and possessions in the UK fell during the fourth quarter of 2009.