Many of us will at some stage have to make the decision on whether to buy our own house or carry on renting. Mortgages and equity release schemes are harder to come by since the financial crisis, with many banks seemingly unwilling to part with their money on any terms.
The first step of getting onto the property ladder is the hardest and you will need a sizeable deposit in cash to have any hope of getting a mortgage. Gone are the days when you could pop into your local friendly bank and get your hands on a one hundred per cent mortgage – now you will probably have to save a minimum of ten per cent of the purchase price, plus duties and fees.
Many first time buyers end up relying on their parents for help and it is increasingly common for parents to either fund the deposit for their child's first house or to secure their own home against it - how spoilt is that!
Despite the poor housing market at the moment, prices are still fairly high and the bank will want to make sure that you can afford the payments comfortably, especially as interest rates are likely to rise this year.
Once you have your first home and are on the property ladder, things do start getting easier but it is a huge decision to make the leap.