First Time Buyer Mortgages
Rising house price make owning a property a very attractive prospect, but at the same time make it very hard for first time buyers to raise enough for the deposit required on most mortgages. There are two types of first time mortgage - 100% mortgages and standard mortgages which include features tailored to first time buyers.

Standard Mortgages
The features of a standard mortgage that may be appealing to first time buyers are cashback on completion (up to several thousand pounds), refunds of property valuation fees, help with legal costs etc. Some even offer free kitchen appliances as an incentive.

The standard mortgages that are usually most suitable are fixed and capped mortgages since they both allow the borrower to rigidly set their monthly budget.

Deposits and savings
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.

Stamp Duty
Stamp duty was recently abolished on properties sold for less than £150,000 in around 2,000 of the most deprived areas of 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.