As a First Time Buyer, you may also be eligible for one of the Shared Ownership schemes run across the UK that have been put in place by the government and local authorities.

Normal shared Ownership schemes that are run by Housing Associations result in borrowers buying a share of a property (between 25% and 75%) and paying rent on the rest. The borrower under this arrangement does have the right to increase their share in the future if they desired.

Under the Homebuy scheme, Local Authority and Registered Social Landlord tenants can also apply for an interest free loan equivalent to 25% of the property purchase price.

There is also additional help for "key workers" such as nurses, teachers and police officers who live in London, the South East and the East of England; areas of the country where buying a property has been particularly difficult.

The Government has also teamed up with a select few lajor mortgage lenders to launch the Open Market Home Buy scheme which aims to help 20,000 first time buyers by 2010.

This is a shared equity scheme where the government and the lender each contribute 12.5% of the cost of a property for qualifying purchases, though it's only initially a pilot scheme.

Naturally, as a First Time Buyer, there will be tough competition for all these schemes but they are worth considering.

For more information visit www.communities.gov.uk. You can alternatively contact the Housing Corporation, your Local Authority and/or Housing Association.