First-time buyers planning on taking that exciting initial step on the property ladder can find it tough, but contrary to some headlines, it is not impossible.

How do first-time buyers get a mortgage?

The key is having the necessary salary to afford the loan repayments and enough of a deposit to qualify for a mortgage.

Most lenders require you stump up a reasonable amount of cash for a deposit – typically between 10% and 25% of the property value – before they lend you the cash.

Unfortunately for first time buyers it can be hard to get sufficient funds in place because most are young so have not yet amassed enough cash, though help is at hand (see below).

You also need to have a decent credit history which means you need to be up-to-date with any loan and credit card payments and not have any other outstanding arrears.

Lenders often demand first-time buyers’ credit records are even better than other borrowers’ to give them the confidence to lend in the knowledge they are likely to get their money back.

Some deals are designed specifically for first-time buyers but that does not mean they cannot apply for a standard mortgage. A broker can tell you which are best.

Help for first-time buyers

Many twenty or thirty-somethings are forced to resort to the bank of mum and dad to get on the housing ladder if they don’t have enough cash for a deposit.

But if that’s not an option for you, you may be forced to look elsewhere.

Some developers offer money off for first-time buyers while the Government may also be another source of help.

At times, it has waived the tax you pay when buying a property, called stamp duty. So check whether that applies when you buy.

In addition, you can sometimes get help buying a home via a shared equity or shared ownership plan, sponsored by the Government.

With one of these, you buy a share of the property and, for the remaining share, you either pay rent to a housing association or pay it the money back over time.

To qualify for a shared equity or shared ownership deal, your household income usually needs to be £60,000 or under and you often need to live or work in the area you are buying.

Those deemed to be key workers, such as teachers and police officers, tend to get priority treatment.

A broker can tell you which schemes are available and whether they are suitable for you.