Most lenders are looking for a minimum 10% deposit from first time buyers so on a purchase of £100,000 you would need £10,000. However, some schemes exist that will allow you to put down less of a deposit, or even no deposit - check out our "Co-ownership" and "Special Schemes" section below.

The amount you can borrow has been reduced by many lenders over the last few years due to pressure from the Financial Services Authority to lend more responsibly. Typically at the moment 4.5 times salary would be around the maximum available from most lenders but this is then cross checked through an affordability calculator which may restrict your borrowing capacity further.

Bear in mind that you are committing to your mortgage for a long period so you must be satisfied that you are comfortable with the monthly costs for the foreseeable future and allow for rate increases where possible. Even if a lender would be willing to lend, say £100,000, you may be better to look for properties in a lower price bracket so as not to over stretch yourself.

In addition to your deposit there are a number of possible fees that you may encounter -

Legal Fees - payable to your solicitor on completion of your purchase "Contact us" for a quote from a leading Northern Ireland firm of solicitors or shop around for your own quote. Typical fees for a £100,000 purchase could be around £830 including the solicitors fee, outlays, search fees and VAT.

Valuation Fees - When you apply for your mortgage the lender will organise a basic mortgage valuation on the property. Whilst some lenders include this free of charge others will charge you up front for it and typical costs could be in the region of £250. Bear in mind, if you pay for it and the sale doesn't go through you will have lost that money. Also remember that this is only a mortgage valuation and you may be wise to instruct your own more detailed survey to avoid costly surprises once you move in.

Arrangement Fees - Most mortgages now come with arrangement fees which can vary from very little to £1,000+. You must check that the fees you will be charged do not make the particular deal more expensive than one with a higher rate but lower fees. In the majority of cases these arrangement fees can be added to your mortgage balance but you will be charged interest on them over the term of your mortgage so "get independent advice".

Broker Fees - NIMortgages and John Grant Limited do not charge broker fees for their advice but many other mortgage advice companies or financial advisors do. Be careful. If you are to be charged a fee it should be made clear to you in writing at the very first meeting. Also be careful as some companies say they don't charge a fee but then attach a condition "provided that you arrange a suitable life insurance policy with them" which is often from a restricted choice of insurers and can cost you much more than it should.

Stamp Duty - Stamp duty is a tax on property transactions payable by the purchaser. For First time buyers it is not payable except on sales over £175,000 at the moment.

Since June 2007 property prices in Northern Ireland have declined dramatically. For anyone already owning a property this has meant in some cases that the value of the property is now less than they owe on their mortgage (negative equity).

Property prices are now back to 2005 levels in most areas of Northern Ireland and whilst further drops can not be completely ruled out we would appear to be nearing the bottom. Increased activity from First time buyers and investors during 2010 is starting to stabilise the lower price ranges, typically good ex council properties, terrace properties and semi-detached properties. Many detached properties remain over priced and you should tread carefully or look for what is selling in any given area.

As a company which deals in both Estate Agency and Mortgage Advice we are ideally placed to offer guidance. However - most people buy property as a home and therefore you should expect to own it for a number of years. With a repayment mortgage your debt will reduce through time and, when normal market conditions return, your property should increase in value at a modest but steady rate.

Many First time buyers want the security of knowing what their monthly mortgage costs are going to be in which case they should lean towards a fixed rate which fixes the monthly costs for a period of years regardless of what underlying interest rates do.

However, in the current climate, underlying interest rates are low and therefore some variable, tracker or discounted rate mortgages are cheaper than the equivalent fixed rates and some borrowers opt for the variable rate as it is the cheaper monthly payment.

If rates remain low this will be of benefit to these borrowers but if rates increase they may wish they had chosen a fixed rate for the protection that it offers. Advice, Advice, Advice has to be our recommendation. You must understand the pros and cons of both options and do what is right for you.  Contact us.

The Northern Ireland Co-ownership Scheme has enabled many First time buyers to get the right house at the right price. Under this scheme you mortgage part of the property and co-ownership provide the balance of the purchase cost. Often no deposit is required reducing the up front costs to you. If the property goes up in price Co-ownership own a set percentage of the property and will be entitled to that money back if you sell the property in future.

You can of course buy out co-ownership at any stage if your circumstances allow you to do so either by increasing your mortgage or paying back a lump sum. As always contact us as advice is the key to understanding the pros and cons of this scheme.

A number of special schemes exist which can not be shown in league tables such as on this site. Notably some local banks are offering mortgages with lower deposits depending on your credit status, by adding a guarantor or in conjunction with some builders on new developments. These need to be examined closely to ensure that you know what you are signing up to.

Again, contact us for free advice before making any move.

A mortgage is the biggest financial commitment that most people will undertake in their lives but you shouldn't fear it provided that you have thought it through properly from the outset. There are also insurance products available that needn't cost the earth but can provide you with much need protection should your circumstances change. Protection should one party to a joint mortgage die during the mortgage term, Protection if you are taken ill and are unable to work or pay your mortgage, Protection if you are made redundant and are unable to pay your mortgage.

We offer these products from the widest range of insurers rather than just a single company so we can get the right cover at the right price - be careful of "Independent" mortgage brokers who are tied to a "single" insurance company as that insurance company could be very expensive compared to others available.

Many people will automatically go to their own bank when they need a mortgage rather than speak to an independent mortgage broker. This could be a costly mistake for a number of reasons. A broker will compare deals across a range of lenders and show you why a particular deal might be better for you. Your lender may not offer the scheme that you need or their lending criteria may not fit with your circumstances.

It's not just about picking a headline mortgage rate but about matching you to the right lender and rate so that you get the best outcome for you.

The broker also works with your estate agent, your solicitor, your mortgage and you to ensure that the process runs smoothly from start to finish. Mortgage brokers are also accountable to the Financial Services Ombudsman for the advice which they give and have to retain certain qualifications to prove that they have the professional knowledge to correctly advise clients.

This gives you a safety net if anything goes wrong or you are badly advised - most lenders do not offer mortgage "Advice" but restrict their activities to "Arranging" mortgages - are you sure you know enough to take all of the responsibility for choosing the right deal from your lender?

Contact us to discuss your needs and get the right solution.