Get a foothold on the property ladder

As years go by, it seems to be getting more difficult for first time buyers to gain a foothold on the property ladder. In particular, young graduates and people on low incomes are finding it steadily harder to obtain a mortgage and buy their own property. However, it's possible for these groups of consumers to find help from a variety of institutions; both verbal and written advice can be found as well as help in the form of grants.

Homestake, a scheme set up in Scotland in 2005, is one such programme. Homestake aims to help people on low incomes who want to own their own home but cannot afford to pay the full price. Targeted towards first-time buyers, the principle behind the Homestake agenda is simple: a grant is given to a registered social landlord in order to help them fund a certain amount of the price of a Homestake property. Participants in the Homestake scheme will pay the majority of the share in the property (usually 60 to 80 per cent), and the social landlord will use the grant to pay for the remainder of the property. After two years, the Homestake home owner can increase their share in the property if they feel they can afford to do so.

Having recently acquired increased funding, the Homestake programme has been designed flexibly so that it can also cater to the disabled, as well as help older buyers purchase housing that's more suitable for their needs. Homestake's activities represent a much needed resource in the property market, and one that helps first time buyers enter the property market with both feet firmly on the ground.

However, if you're not from a low income background and you still find it hard to step onto the property ladder, don't despair. There are plenty of informational resources for first-time buyers. In fact, many financial institutions offer first-time buyer mortgages, through which financial consumers can obtain specialist advice and choose from a wide range of repayment options including: fixed (interest paid at a set rate for an agreed amount of time), tracker (interest rate rises and falls with bank average) and capped mortgages (where your interest rate won't rise above a certain level for a set period), among others.

Furthermore, many of these mortgage providers will offer tailor-made agreements for first-time buyers, such as shared ownership (similar to the Homestake scheme), guarantor agreements or housing association co-purchases. And with some providers offering mortgages of up to 5 times your salary, first time buyers will find a range of options available to them when choosing their first time buyer mortgage. So, don't be afraid to plunge into the property market for the first time: it may be difficult, but if you research your options carefully, you're sure to find resources that match your needs - whatever your income.

Martin McAllister is an online freelance journalist. He lives in Scotland.