By Marcus Leach

Data released by Moneyfacts on Monday revealed that the number of different mortgage products on offer in the UK are at their highest level since November 2008.

This is mainly down to increased competition, which has seen a steady drop in mortgage interest rates on new deals.

The main area of increase, according to Moneyfacts, is the number of mortgages offered with just a 10% deposit.

A year ago there were 176 products at 10% deposit, and that number has now risen to 261 at the start of July.

Banks, however, are still remaining stringent on who can and can't borrow, with rigourous credit history checks still at the fore.

"Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers, as previously cuts were only being applied to the lower loan-to-value bands," a Moneyfacts spokeswoman said.

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