The number of mortgage deals available has risen from 1414 at the start of the year to 2351 now. According to financial information service Moneyfacts this is a 66% increase from January this year.

Despite the number of new mortgage deals available for the general public, the deals requiring just a 10% deposit stands at a mere 8% of the total deals on offer. Moneyfacts also found that 58% of the deals on offer require a downpayment of a minimum of 25% of the value of the home being bought.

“There has been no real movement in the overall number of new mortgages available on the market [in the past month], but those that are available continue to be more competitive,” explained Michelle Slade of Moneyfacts.

“Many of the best deals are now available for a 25% deposit, having previously only been available for those with a 40% deposit.”

Although there has been little change this year in the proportion of mortgage deals requiring smaller deposits, the average interest rate being charged on them has drifted down.

While there hasn’t been much change over the year in terms of the proportion of mortgage deals allowing for smaller deposits, the average interest rate being charged on them has fallen somewhat.

The average two-year fixed rate deal now has an interest rate of 4.5% in comparison to 4.9% from January 2010.

Today, three-year fixed rates now cost an average of 5.2% instead of the 5.5% they were at the start of the year. Five-year deals have also fallen from 6.1% in January to 5.6% today.

According to Moneyfacts, a two-year fixed deal with just a 90% deposit comes with an interest charge of 6.2%, but a 25% deposit brings that down to 4.1% while a 40% deposit attracts an interest charge of just 4%.

Recent statistics released by the Council of Mortgage Lenders (CML) indicate that the average first-time buyer deposit now stands at £35,000 per home.

Aaron Strutt, of mortgage brokers Trinity Financial, said there were only four deals on general offer with just a 5% deposit.

He also found that offers from the larger financial institutions with 10% deposits were often very expensive.

“RBS have one of the worst rates available for first-time buyers with a 10% deposit – 6.89% fixed for five years,” he said.

“You would have to be really desperate to take this rate,” he adde