According to the latest figures, mortgage lending is at the lowest level in almost two years.

Compared to the highest level of 2007, when mortgage lending approvals rocketed to 120,000, December saw just over 42,500 come to fruition.

Lending was also short some 3 billion pounds in 2010. It totaled 8.15 billion pounds, down from 11.3 billion pounds in 2009. The year 1987 is when a figure around 8 billion pounds was last recorded.

The strict lending criteria are not likely to change anytime soon, either. Recent figures released by the Bank of England confirm this.

Despite the paltry lending numbers, the number of mortgage products available has doubled over the last twenty four months. Borrowers who are fortunate enough to have a 20% deposit have seen the number of available deals blossom by a factor of three. Several lenders are offering their best deals to only those with at least 25% deposit.

Moneyfacts.co.uk spokesperson, Michelle Slade, commented on the state of most lenders, saying: "Although lenders' windows may be full of best buy deals, it doesn't mean they want to lend.

"The increase in the number of mortgage deals for those with smaller deposits is encouraging, but only a limited number of such mortgages are likely to be approved."

Chris Eagle, marketing director of Creditchoices.co.uk, discussed the main thing lenders are currently focusing on, saying: "It still comes down to the size of your deposit but more importantly how much you can afford to repay.

"So if you are struggling to get a mortgage, compare all the deals available online and see what you can get for the size your deposit and individual circumstances."