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Rise in mortgage deal availability

While it remains difficult for people to secure a mortgage, analysis by Defaqto has found that those able to do so can access significantly better deals now than when the base rate reduced to 0.50 per cent in March 2009.

According to Defaqto data, average mortgage rates have fallen markedly over the period and this equates to notable reductions in mortgage costs for those people taking out a mortgage today compared to March 2009.

David Black, Defaqto's Insight Analyst for Banking, said: "The current economic climate has made it extremely difficult for people to borrow, particularly first time buyers.

"However, the good news for those that manage to secure a mortgage is that mortgage rates are significantly more favourable now than they were two or so years ago - and, in monetary terms, people borrowing now will pay far less over the initial term of the mortgage than those that took out a similar product in March 2009."

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