Those trying to get onto the property ladder for the first time may well need to consider taking advice about First Time Buyers Mortgages. There are lots of products out there to help those who are finding it difficult to purchase their first home.

Guarantor first time buyer mortgages are a safe bet for lenders as they can feel reasonably confident in the knowledge that a guarantor, such as parents, will honour the liability should you fail to make your mortgage payments. Some companies also may lend you more than they otherwise would based upon your parents’ borrowing ability.

Some lenders offer cash-back first time buyers mortgages. This is where the lender will give you a lump sum cash payment to cover such costs as stamp duty and other costs associated with moving.

Another option would be to get together with a friend or a relation in order to share the costs, but also the liabilities, of the purchase. These types of loans are called joint first time buyers mortgages and are a good way to borrow more that you would otherwise could have done as a sole purchaser. You can also keep payments down by offsetting your family’s saving interest against your mortgage interest.

Shared ownership first time buyers mortgages are becoming increasingly popular as house prices rise out of the reach of potential first time buyers. You can own a share of a property, usually with a housing association, which you pay mortgage payments on whilst paying rent to the joint owner for the other share. As personal circumstances change you may well be able to purchase the property outright at a later date.

There are options for making the monthly repayments less such as making the term of the loan longer. This can be up to 40 years instead of the standard 25 years but you need to be aware that the overall amount of interest paid on the loan will be a lot more by the end of the term.

Lenders will often lend more money to people who are graduates or professional people as they know that earnings will potentially rise over time. These types of loans are called graduate and professional first time buyers mortgages.

The first time buyers mortgages listed above are by no means the only products available. A mortgage advisor will be able to look at your individual circumstances and advise you accordingly on your options.