If you are thinking of purchasing your first home, and taking your first step onto the property ladder, your head will be spinning with the amount of advice you will come across for first time buyers.

Everybody purchasing a house before you has experienced the same things, so you can take some comfort in that. If you know someone who has recently purchased a house, whether it be for the first time or not, it can be an idea to get some advice in simple terms from them.

Unless you are a person with substantial means, you will likely be looking to purchase your house using a mortgage. Often first time buyers do not have any money saved which they could use as a down payment, or deposit. This means that they will be borrowing 100% of the value of the home, and obviously repayments are going to be higher. If possible, it is always better to purchase a house using the biggest down payment you can afford, thus reducing your monthly repayments.

A 20% down payment is the threshold at which you're exempt from private mortgage insurance, which can add a few hundred non-tax-deductible dollars to your monthly payment.

If you cannot afford a deposit or down payment you must still find the money for the closing costs of buying your home, if you estimate about 2% – 3% of the purchase price then that’s a good ball park figure.

There are many different mortgages available on the market, and some are specifically for first time buyers. With so many lenders and so many different types of mortgage, going for one specifically for first time buyers is not always beneficial, so bear that in mind when you are researching.

One last thing, and most importantly is that if you do not keep up repayments on your mortgage, or any other loans secured on it, you are at risk of losing it, so don’t overstretch yourself, work out how much you can comfortably afford each month and don’t go above that. That is one thing you must be very strict on.