Desperate to get on the property ladder? Be sure to consider these options for first time buyers.

Buying your first hose can be a challenge, no doubt about it. Nonetheless, thousands of people all over the UK buy their first home every year, and there are plenty of ways to go about it. This guide takes a look at a few of them.

Raising that all-important deposit

You’ll really need at least 5% of the cost of a new home in cash, preferable 10-25%. The best way is of course to start saving, and do so sooner rather than later. Diverting funds to a savings account or an ISA automatically every month can work, but can be quite difficult when you’re paying rent.

Buying a home without a deposit

Despite being blamed by many for the housing bubble collapse not so long ago (and the stock market crash that followed), 100% (no deposit) mortgages are still available, and are especially attractive to first-time buyers. Just be careful, as the interest rates charged on some of these loans can be calamitous. At the end of 30 years, you could end up paying twice as much than if you had scraped together a deposit.

Many of these will require a guarantor – usually a parent or relative who will swear to pay the mortgage if you fail to do so for any reason. Needless to say, calling upon them to do so can place a serious strain on the relationship!

Government schemes to help first-time buyers

The government is currently running several programmes designed to help people get on the property ladder for the first time. Options like a Help To Buy ISA, an equity Loan, Shared Ownership schemes and Mortgage guarantees can all be explored at

There may be more ways to take that first step onto the property ladder today than at the peak of the last housing bubble – just remember to be cautious. Defaulting ona  mortgage in your youth could make it all but impossible for you to buy a home later in life, when you could actually afford it.