However, thanks largely to the rising house prices that make home ownership so appealing, many first time buyers simply can't afford to get together a deposit of a sufficient size to meet the loan to value requirements on most mortgages.

First time buyer mortgages can be divided into two types:

100% mortgages.

Standard mortgages that are tailored to include certain features or incentives that are particularly appealing to first time buyers.

Historically first time buyers were offered better deals than existing homeowners or people looking to re-mortgage. This used to be done through the use of deals that were exclusive to first time buyers, but these days it is rare to find deals that are not open to all types of borrower.

All types of mortgage sometimes come with incentives or features that hold particular appeal to first time buyers. These can include: cash-back on completion (ranging from a few hundred to several thousand pounds), a refund of the property valuation fees, help with legal costs and so on. With new build properties, it is sometimes possible to get additional incentives such as free kitchen appliances or deals that allow you to move in to a fully equipped property for a set sum of money as a deposit.

Within the bounds of standard mainstream mortgages, many first time buyers go for fixed or capped rate mortgages. This is often a sensible choice as it allows borrowers to rigidly set their budget at a time when spare income may not be freely available to cope with increases in interest rates that may otherwise affect their mortgage payments, if they had a discounted rate for instance.

First time buyers should be aware that to get the best deals in terms of interest rates, the bigger the deposit the more competitive the rate. If possible, it is usually best to try and aim for at least ten percent. But this fact leaves many potential borrowers facing a dilemma of whether to delay the purchase and save a larger deposit or to take on a mortgage loan with a marginally higher interest rate. While saving can be good preparation for the financial rigidity that is required in making your mortgage payments each and every month, delaying the purchase often means you have to pay a higher asking price as the markets are likely to have risen by the time you get round to buying.

A final point that first time buyers should remember is that while the normal threshold for paying stamp duty is £120,000, under the last budget stamp duty has been abolished on properties that are sold for less than £150,000 in around 2,000 of the most deprived areas in the UK. Some of these regeneration zones are actually quite popular with first time buyers anyway, so this can be an added incentive to target those locations.