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Some borrowers may be living under strict curbs in their home towns but they are managing to secure low deposit mortgages.

Many of the smaller and regional building societies are providing people living in their lender's catchment areas (typically in certain postcodes or towns) with mortgages not available through the biggest banks.

Buckinghamshire Building Society, Stafford Railway Building Society, Furness Building Society, Vernon Building Society, and a selection of other lenders are offering a 90 per cent loan-to-value mortgages. One lender is Scotland is even offering 100% ltv mortgages to local first-time buyers.  

Aaron Strutt of Trinity Financial told The Sunday Times that mortgages for locals are offering first-time buyers a ray of hope. He said: "A lot of the bigger lenders still aren’t offering mortgages for people with smaller deposits. If you live in a more rural part of the country and you are close to a smaller building society it is worth finding out what products they have to help you get on the property ladder."

Teachers Building Society is one of the few lenders providing 90 per cent mortgages but you will need to be a teacher to qualify for its rates.

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