The number of first time buyer products available is on the rise, and mortgage rates are at their lowest levels in three years, according to the latest MoneySuperMarket analysis.

The comparison website found the number of overall mortgage products available to first time buyers is currently 2,776. Thanks, in part, to Help to Buy, this figure is double the number of products available in April 2012 when there were only 1,324 first time buyer products on the market.

Meanwhile, the average rate on first time buyer mortgages has dropped by one percentage point in the last three years to 3.26%.

With the average loan to value (LTV) required for first time buyers remaining flat over the last three years (79% compared to 78% in April 2012) , those looking to get their first foot on the ladder would need to stump up a deposit of £31,500 on a £150,000 property. However, a 5% deposit on the same property would cost £7,500 and the number of 95% LTV mortgages available has increased significantly over the last three years.

Spurred by a the number of Help to Buy products available, there’s 170 mortgage deals currently on the market available to those with just a 5% deposit, an increase of 448% since 2012 when only 31 products available. In addition, average rates have decreased by 1.04 percentage points to 4.72% on average.

Kevin Mountford, head of banking at MoneySuperMarket, said: “The increase in the number of first time buyer mortgages, and the corresponding fall in interest rates, can only mean good news for those looking to get a foot on the ladder. Even better, borrowers who can scrape together a 10% or even 15% deposit will find they are able to get their hands on more competitive deals. The introduction of the Government’s Help to Buy ISA which will see the Government provide up to £3,000 towards a first time buyer’s deposit, could also help prospective homeowners get themselves into a new LTV bracket, thus helping them secure a more competitive deal.”