By Rachel Wait

The number of mortgages for those with a low deposit is on the up, giving hope to anyone wanting to take their first step onto the property ladder, according to research by Moneyfacts.

First-time buyers who can only stump up a deposit of 5% or 10% will find that more mortgage deals are now accessible to them thanks to a strong resurgence in both the 90% loan-to-value (LTV) and 95% tier.

The research shows there are currently 49 mortgages on the market at 95% LTV which is more than double the 24 on offer in January 2011. And there are 280 deals for those at 90% LTV, up from 199 a year ago.

The overall choice of residential mortgages on offer has risen over the past year from 2,527 to 3,180. At the peak of the banking crisis in 2009, there were only 1,209 deals on offer.

But the most choice can be found for those who have a 40% deposit, with a total of 393 deals in this category, up from 271 last January. However, the 60% LTV tier is often off-limits to first-time buyers who struggle to find a deposit this high.

The research also shows that despite the rise in the number of mortgages on offer, demand is outweighing supply and these deals only tend to be around for 27 days before they are fully subscribed. This compares to the historic average of 30 days which was hit in April 2010.

Those hoping to step onto the property ladder should also be warned that stamp duty relief for first-time buyers on properties up to £250,000 is due to end in March this year.