Getting your foot on that first rung of the property ladder isn’t easy, but it isn’t impossible, and if you’re smart with your money, there’s no reason why you can’t save up enough for a deposit and secure one for yourself.

To give yourself the best possible chance to secure a mortgage as a first time buyer, here are our three top tips.

Save up a decent deposit

It’s quite obvious, but we can’t stress enough how important it is to have as big of a deposit as possible.

While some lenders will let you put down a deposit of as little as 10{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9} or even 5{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9} in some cases, it’s wise to hang on until you have at least 25{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9} of the value of the property you wish to buy, to avoid significantly higher interest rates.

Of course, you’ll also benefit from lower monthly repayments, so even if you think you can afford a deposit now, you might find it’s better to hold off for a couple of months to build it up a little.

Consider how much making little changes such as walking to work or taking a packed lunch instead of buying lunch could save you, and see how much you can beef up that deposit by!

Make the most of government schemes

There are some great government schemes out there which have been created especially to help people who are trying to secure a first time mortgage, so you’d be a fool not to take advantage of them.

For example, the Help to Buy scheme allows you to purchase a house with as little as a 5{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9} deposit, with the government putting up a further 20{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9}, giving you access to many more mortgage rates, and you won’t have to pay interest on the government’s share for the first five years.

There’s also the Help to Buy Shared Ownership scheme, in which the government will buy a share of the home (between 25{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9} and 75{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9}), which you will then pay rent on, and you can buy bigger shares later on if you can afford to.

Finally, there’s the Help to Buy ISA, in which the government will match your savings by 25{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9}, up to a maximum bonus of £3,000 (or £6,000 if you’re moving in with a partner who also takes advantage).

Do your research

There are lots of mortgage deals out there, probably even more than you first realised. In fact, there are lot of mortgages which are catered specifically toward first time buyers such as at Nationwide where they offer 5{4348bc372134b33f547a4abc8ca54ec2607be38c3666d40c870df9bbc4170cc9} deposit mortgages.

With so many deals out there that you might be overwhelmed, especially as a first time buyer.

For this reason, it can be a good idea to enlist the help of a mortgage broker. Mortgage brokers work with you to find you the best deal for you, but be sure to choose one which offers a ‘whole of the market’ service.

According to David from Search Mortgage Solutions in Manchester: “Many mortgage brokers are tied to certain lenders, and will only show you mortgages from this select pool, but with a whole of the market broker, you can rest assured you’ll have access to all the mortgages available to you, including ones which you won’t see on the high street.”