For some time, it was close to impossible for a first time buyer to get on the property ladder, but the housing market has eventually begun to get better and banks need to be prepared to loan money again, or the home market is in danger of stagnating. Rather than offering, for example, only 75 percent mortgages, some banks will offer current account owners Ninety percent mortgages.

Some mortgage suppliers offer special deals to first time buyers, particularly those who bank with the supplier.

Not just anybody qualifies for these current holder of the account deals though . On a property costing 200k, it's the difference between an one-off sum of 20k and 50k. There are council housing, housing association and state schemes, which offer house-buying occasions to low income homes. These deals , therefore, are only available to folk earning at least 1000 after tax - which is Fifteen thousand every year before tax.

The schemes available alter across the land, but they include rent-to-buy, where the rent on a property is offered at 80% of the market rate, to allow the renter to save up the other 20% towards the deposit required on the property.

You dont have to be earning under Fifteen thousand to take advantage of these schemes though . With shared ownership schemes offering the sale of between 25% and 75% of the house, the first time buyer is in a position to get up to a Seventy five percent mortgage without requiring a lump sum.

Other schemes include shared ownership, where the purchaser pays lease on the part of the property they dont buy.

Say, for instance, you purchased 75% of the property and leased the other 25 percent.