Buying new houses seem near impossible considering the current economic climate, making it therefore more difficult for first-time buyers to get their foot onto the property ladder. Newer houses are sometimes offered at a special rate, in that first time buyers may be able to purchase the house on a shared ownership basis or for a discounted deposit scheme. This means that first time buyers can buy a house for a small percentage of the deposit and part-own the house.

Shared ownership on new houses is a good investment as it allows first-time buyers to get their foot on the property ladder and increase their chances of having a stable investment. The downside is that they will not be the sole owner and will most likely expect between 45% to 75% ownership, the rest in which they may have to top up with ground rent. Not all first-time buyers are eligible to this scheme and may need to provide proof of income. Usually those on a salary of 20,000 pounds or above will be given higher priority and consideration over anyone earning under the above amount.

The first step a first-time buyer would need to take is the all important self-financial assessment. How much can you afford to pay for a new house and how much if any can afford to put down as a deposit? Do you have a clean track record and good credit rating? How much are you looking to spend and will the amount you pay be a solid investment? New houses are generally purposely built for a specific market, therefore if you would prefer new house then research into the development company and be clear on what you will gain from the price you have paid.

The next step is to consult a financial or mortgage advisor, they can tell you how much you are most likely to be given from lenders. It is important to provide every single minute detail about your financial status; this will not only include income, but will also include current outgoings and other debt repayments. Through the brokers you will also be able to calculate how much you can afford to pay off on a monthly basis, putting together the best mortgage plan for you.

Often going in on a house as a pair is much cheaper than going in by yourself. This will also enable you to be open to much more mortgage plan offers, because the two of you will provide a much higher income for the house and therefore doubling the chances of purchasing a new house. One thing that you will need to factor in is the added costs of bills, council tax and necessities fees. These will all amount significantly and should be calculated in advance, giving you a clear idea of what you will be left with at the end of the month - will you have enough to save?

Finally take a look on the internet, gain some advice from experienced buyers, financial advisors and read articles or forums. There you will find an abundance of information detailing who to contact, what some of the terminologies mean and the application process. Many people have surprisingly in the past ignored the preparation process resulting in a decision that may have affected their financial standing. It is always best to be over-prepared and taking care not to fall into the trap of repossession!