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Nine steps to buying your first house

First-time buyers need to know as much as they can about the housing market. What's a fixed rate, a tracker or a standard variable rate? Going into the housing market without knowing all of this will make everything seem much more complicated.

2) Shop around

It might sound tempting, but don't go into a bank or building society and simply ask for a mortage. Asses the whole market and find the product that suits you. Watch out for mortages with very low interest rates these often come with hefty repayment fees, or lock you in after an initial deal to an expensive standard variable rate.

3) Check affordability measures

Traditionally mortage lenders have been offered 3 to 3 ½ time's borrower's salarty or 2 ½ times joint earning. However wages are not the only factor considered in affording mortgage repayments. The current Bank of England base rate is 4.5% and some lenders are extending borrowing through affordability measures.

4) Let other's money help you

Offset mortgages combine a savings account and mortgage to help lower monthly payments. The concept is that by forfeiting interest on a savings sum, the interest on that sum is in turn taken off the mortage. Many banks offer family offset mortgages, where parents can forgo interest on their savings and ease their children's mortage costs.

5) Learn to balance your budget

Sit down and write down the cost of every outgoing you have, for example your travel insurance, your holiday's and everything else you regularly pay. Then start searching for cheaper options. You will be amazed at how much the savings add up to.

6) Rent out a room

If you can use affordability to stretch to a bigger mortage but are worried about meeting the repayments, it's worthwhile considering renting out one of your rooms. In places where house prices are particularly high, rents tend to follow suit and a first-time buyer cost get a large amount towards the cost of their mortage.

7) Join forces

Consider teaming up with a friend if you don't have a partner as this can really break up the cost of a house. Pool your deposits, work out a legally binding contract in case things go pear-shaped and apply for a joint mortage to boost borrowing power.

8) Move away                                            

It's a big step but first-time buyers could benefit from moving to a different area. If you live in a high price area and are struggling, move elsewhere if you can. A move doesn't need to be forever, once you are on the property ladder it's a lot easier to move about as you wish.

9) Take time to relax

It may seem obvious but don't panic, although it may seem like there is no light at the end of the tunnel, experts agree that getting on the property ladder will get easier.  It's thought interest rate cuts could be on the horizon and first-time buyers can bargain for good discounts on asking prices. The best idea at the moment if you are looking to own your first house and can be to hold on, get saving and cut back on uneccessary expenses, and perhaps most importantly stay positive.