There is a better choice available for first time buyers and those with little equity following a recent easing in the lending market.
For example Cambridge Building Society is offering a three year fixed rate deal on a 95% loan in its local area at 5.59%.
A five-year fixed rate is also available at 5.99% with both deals will incurring a £599 fee.
Other lenders also offering 95% loans include Skipton (2-year fix, 5.99%, £195 fee), Mansfield and Saffron (3-year fix, 5.79%, £195 fee) building societies.
However, those with larger deposits will be able to get the best rates.