You can get all types of mortgages as a first time buyer. You can, for example, choose between a repayment mortgage and an interest-only deal. And, you'll be offered some of the best fixed, capped, discounted, variable, cash back and tracker deals in the market.

It's quite common for first time buyers to take out a 100% mortgage and some lenders will even let you borrow up to 125% of the value of your property to help you cover associated costs. Nothing with a 100% first time buyer's mortgage. Most other standard products will ask for at least 5% of your property's value.

Every lender wants a first time buyer and you will get some of the best deals and special offers in this situation. Lenders will compete most heavily for your business and - because they work in a competitive sector - will package together some very attractive deals to encourage you to sign up with them. So, you can, for example, get cash back payments, have your fees and costs partly paid or paid in full and can choose from all kind of rate deals and discount offers. This can help you out a lot with all the costs associated with buying a property and, if you shop around, you will probably find a perfect deal to suit your needs.

Recent rising house prices have made it more difficult for first time buyers to buy a property. So, to do so, many have had to stretch their finances to the limit or borrow maximum amounts. In the short-term this can mean that budgeting can be hard and it's very easy to get into trouble with repayments. Good advisors will tell you to work out what you can afford very carefully before making a decision. If money is tight you'd do well to look at fixed rate or capped deals so you can guarantee that your repayments won't rise for a while until you find your feet. If you opt for variable rate deals then make sure you have the extra cash to cope if rates do rise. You may also want to take out a deal that gives you free repayment holidays - so if things do get a bit tight, you can then have a month off paying your mortgage every now and then. This can be very useful at the beginning of your mortgage life.

There's nothing more frustrating than deciding on a property to buy then to miss out because you're not ready to put in an offer or someone else gets there first. If you ask your lender for an 'agreement in principle' this can help you move more quickly. This agreement basically puts you under no obligation but it says that the lender has agreed - in principle - to allow you to borrow a certain amount. This can make property sellers feel more comfortable about your offer.

The key thing to do as a first time buyer is to make sure you read the small print. The great deals and special offers you'll be given may look good now but if they tie you into deals for years or will result in penalty payments then they won't look so good down the line.