First time buyers have been dealt a further blow as Britannia, the mutual mortgage lender, withdraws its low deposit mortgages. It has decided that it will not now lend to anyone who has less than a 10% deposit.

This leaves only a very few mortgage lenders offering to finance homes with small deposits – lenders such as the Yorkshire bank, HSBC and the Cheltenham & Gloucester. And even then the interest rates on offer are sky high.

So life remains tough for cash strapped first time buyers and even where deals are publicised, some borrowers can’t get the funds when they apply. Lenders are remaining very picky as to who they accept and who they don’t.

At the other end of the spectrum, if you are remortgaging with a good credit record and 40 or 50% equity in your home, then there’s a who host of lenders waiting to welcome you with open arms!