Some mortgage interest rates remain attractive

It is still possible for borrowers to get their hands on deals with attractive mortgage interest rates.

That is according to Persimmon Homes, which said that competitive first-time buyer mortgages are still available.

Despite the global credit crunch, the firm pointed out that lenders are still offering first-time buyer mortgages at good rates.

"Contrary to reports, there are still attractive mortgage deals available however you do need to move quickly to get them," said Suzanne Irons from Persimmon.

"This news, coupled with the fact that the Bank of England has reduced the interest rate by 0.25 per cent to five per cent, should come as a sigh of relief for anyone considering buying for the first time or those looking to make the next move up the property ladder," she added.

The base rate of interest has been cut three times since December 2007 and this has had a positive impact on mortgage interest rates.

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