First Time Buyers

The good news: you are likely to pay less stamp duty. You don't have a property to sell, so no chain behind you to slow down the sales process.

The bad news: If you don't have a good deposit (25% or more) then the number of lenders that will lend to you is smaller. As a result, you are likely to pay a higher rate of interest.

Tips for First Time Buyers:

Make sure you have a credit history. If you have never had a loan or a credit card then lenders cannot determine whether or not you are a good credit risk. A pay as you go mobile phone is a good start. Get a credit card and use it every month but make sure you always pay the full balance outstanding every month.

Consider renting a room to help you with the mortgage payments.You can receive up to £4,250 a year tax free

Get a good deposit together - ideally 25% (OK, that's a lot for most first time buyers). The days of 100% mortgages are gone. Only a few lenders offer mortgages if you have a 5% deposit. There are more lenders if you have 10% and more still at 15%. The bigger your deposit the less interest you will pay.

There is no rush, if you delay buying a house for a year or two how much do you thunk it will cost you? This calculator may give you the answer.

Take advice, don't be afraid to ask questions no matter how trivial you think they are.

Life assurance may not be important but an insurance policy that pays the mortgage if you are ill is a good idea.