Being able to find a mortgage has become more difficult for first-time buyers in recent years due to rising house prices. Even now, with resident property values falling in some areas, first-time buyers are still faced with difficulties when trying to secure a mortgage.

However, there are still options available to you even if haven’t been able to save a decent deposit or feel you can afford a mortgage on your own. These include:

Sharing a mortgage – lenders are now allowing up to a maximum of four people to buy a property together. Different lenders have different criteria for this with varying amounts you can borrow; some may consider all four incomes whereas others may consider only the two highest earners.

Guarantor mortgages – With a guarantor mortgage either a parent or relative agrees to guarantee your mortgage should you fail to meet the mortgage repayments. Having a guarantor may allow you to borrow more money that your income would usually allow because their income (less their financial commitments) is taken into account.

State help and government housing schemes – The Government has a number of affordable housing schemes designed to help people get on the housing ladder. The schemes vary depending on the region in which you live with many schemes designed for key workers, i.e. those employed as nurses, teachers or policemen.

Early Repayment Charges (ERCs) are applied to many special mortgage deals, such as fixed rates, capped rates and discounts, for those wanting to pay their mortgages off early. An ERC is payable if you choose to switch mortgages or pay it off before the end of the agreed period. So, for example, if you have a five year fixed rate, you will have to pay an ERC if you want to get out of that deal within the first five years.