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I'm a first time buyer and I desperately need a home!

So, you’ve decided it’s high time you stopped paying rent to money-grabbing landlords and got your foot on the property ladder? Well, good luck!

With the average first time buyers salary is around £23,000 and the average first time buyers property costs £138,000, a deposit of £28,00 will leave you with a first time buyer mortgage of £112,000: five times the average home buyers salary.

But the Council of Mortgage Lenders estimates that the average deposit needed by first time buyers is more like 18% of the purchase price. So this means that you’re looking at £32,000, on average.

It’s no surprise then that Nat West estimates that it takes first time buyers over five years to get the cash they need. That’s a cheery thought, isn’t it?

In all seriousness though, it’s great news that you’re looking forward to buying your first home, but as a study by UK revealed, it’s no mean feat getting the cash together for the deposit.

More than a third of first time buyers have to rely on handouts from their mum and dad to fund the deposit for their first home. But research from the Council of Mortgage Lenders reckons it’s even worse than that, with up to half of all young first time buyers getting help from their parents to fund their deposit.

Take a look at our financial section for more info on first time buyer mortgages