The number of first time buyers has fallen by nearly 20% according to Halifax , a direct result of property value going up. The average value of property has almost risen a hundred thousand pounds in the last 10 years.

With the interest rates being low it's easier for people to afford repayments but with the risk of them being raised, many property owners will have trouble meeting their repayments. Many lenders are helping first time buyers avoid this by offering a wide range of options form discounted mortgages to flexible rates.

For first time buyers it's often the choice of having mortgage protection insurance in place helping them against any sudden interest rises. Fixed rate deals offer a rate that would not change for a period allocated within the deal. The special rates would only apply for a specified time period.

One of the most important things to consider are the up front costs of buying property, solicitors fees, mortgage arrangement fees and survey costs. If you go for a discounted, fixed or capped product you may also have to pay an early repayment charge if you move your mortgage before the end of the introductory deal.