Choosing your first home is one of life's most important decisions. Before you start the process, make sure you consider the following:

1. Are you in a financial position to move?

We’ve all read the newspapers and heard the grim stories about how mortgages are difficult to come by at the moment. Indeed, lenders are being extremely prudent about how much money they lend and to whom. This presents both positives and negatives for first time buyers. On the down side, much more money is expected for a deposit which is sometimes difficult to obtain. However, there are alternative ways to fund your deposit  which we’ll explain later.

On the up side, the lack of mortgage lending is forcing house prices down, which means first time buyers have a much wider range of properties within their budgets if they are able to afford a deposit. Contrary to what you may have heard, there are still mortages available - it's just that lenders are asking for more as an initial deposit. This is a buyers market – you are in control!

2. Found your dream whitehot property but not sure how you’re going to afford a deposit?

Don’t fret; there are options! –

• Buyer Incentives:

Many whitehot properties come with fantastic buyer incentives including cashback and mortgage deposit contributions. Click here for a list of whitehot properties with buyer incentives between £100,000 and £200,000 or click here for a list of every whitehot property with a buyer incentive.

• Guarantors:

If you are struggling to find a deposit for a mortgage, you could always ask a parent to be a guarantor. A guarantor is someone who guarantees to repay the mortgage if the borrower can't or won't for any reason. You can request to remove a guarantor at a later date, when you are financially able to pay off the mortgage yourself. It is a good idea to get some legal advice if you decide to look into this option.

• Government assistance:

As part of an effort to help first time buyers on to the property market, the Government recently announced a number of measures to help with mortgage and deposit payments:

• First time buyers Homebuy – a scheme specifically designed for first time buyers. ‘English Partnerships’, with funding from the Government, will help you fund a mortgage. Talk to your local Homebuy office for more information.
  
• Open market Homebuy - you buy a property outright, part-funded by a conventional mortgage which is supplemented with the assistance of an equity loan from the Government.
  
• New build Homebuy - you share ownership of a new home with a housing association. This is designed for first time buyers who wish to purchase a new property from a home builder.

Click here for more information on the Government funding options available.