Enable of Bishop’s Stortford note with interest that the cheapest mortgage deals to hit the high street in years have recently been announced. Tesco has a two-year fixed-rate deal is priced at just 1.99pc. The supermarket bank said it was government funding that had enabled it to offer such a low deal. This “Funding for Lending” scheme was initially designed to help boost mortgage lending for first-time buyers.

As our experienced IFA’s at Enable would expect the Tesco deal is only available to those who have at least a 40pc deposit (or 40pc equity for those re-mortgaging). You don’t have to analyse the vast data or sources from its Clubcard scheme to know that this really isn’t the profile of your average first-time buyer.

It’s not the only bank that is using the funding to improve the mortgage deals available to those who already have sizeable equity in their home. As Sylvia Waycott from Moneyfacts pointed out: these borrowers already have access to cheap and plentiful lending. For those looking to borrow 90pc of their property – or less that are struggling – to date neither the availability of such home loans, nor their price has significantly improved.

There are huge amount of deals out there with varying criteria. If you want to be improving your current mortgage deal Enables IFA’s can help you find the best options.  If you are a first time buyer we can help you cut to the chase and avoid frustration and disappointment.