Finding and obtaining the right mortgage as a first time buyer is far from straightforward in these difficult times, so here are some tips to help you.

1) Make a careful assessment of what you can comfortably afford. You should thoroughly assess your monthly expenditures against your regular monthly income in order to establish a true and realistic figure for your monthly disposable income. Your new mortgage should not overstretch you at all, and affordability should be your primary focus.

2) You need to decide whether to take out a fixed or variable rate mortgage.

Do you think that interest rates are going to go up or down? Do you want the stability of monthly payments offered by a fixed rate mortgage, or would you prefer to take a risk on interest rates going up with a variable rate mortgage? Could you afford your mortgage if interest rates go up and you have obtained a variable rate mortgage?

3) Speak to your existing Bank or Building Society First. As you have an account with them, you are not starting a brand new relationship. See what they have to offer you, and this can act as a benchmark.

4) Once you have been to your bank, seek advice from a whole of market independent mortgage adviser.

He or she should be able to research the whole market for you and provide you with advice and recommendation. You can establish whether you are better to proceed direct with your bank or with a mortgage deal recommended by an independent mortgage adviser.

5) It is good to get a range of advice and quotes, but try not to have too many credit searches. One or two is fine, but more than 2 in a short space of time could be negative for your credit rating.

Hopefully this has been a helpful mini-guide, and helps you to find a good range of first time buyer mortgages, and ultimately offers some useful tips to help you obtain the 'right' one for you. Whatever you do, make informed sensible decisions which remain focused around affordability. Affordability should always be the most important thing, as failing to pay your mortgage can lead to property repossession.

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