Getting a mortgage if you are a first-time buyer (FTB) is harder than ever, as the credit crunch means that mortgage lenders are asking for much higher deposits. If you are an FTB then it is important that you save as much of a deposit as possible, to increase the chance that you get accepted for a loan at a good rate of interest.

Michael O’Flynn from website FindaProperty has claimed that FTBs must make sacrifices if they wish to own a home in the current economic climate, saying that they should aim for a deposit of at least £16,500.

Flynn suggests that “treats such as eating out and holidays abroad may be worth missing out on for a year or two, as long as they keep their mind on the end goal of owning a home.”