First-time buyers have been given a once-in-a-decade opportunity, says property expert

Why? Banks have eased the criteria on which they will lend, interest rates have been reduced, and mortgage costs as a share of income are at their lowest for three years.

Demand from buyers has held up, and the market has been stable, despite a degree of uncertainty in the market.

With the rising cost of living, people have been choosing longer terms and smaller deposits to make the numbers work.

But with house prices rising more slowly than incomes for the past three years, and the prospect of more interest rate cuts, the trend of improved affordability is expected to continue.

If you are a first-time buyer, this is now a great time to buy, but it's worth remembering that there's a lot you can do in advance to maximise your chances of getting a mortgage and having an offer accepted.

You can usually borrow about 4.5 times your annual salary, but other factors are taken into consideration by lenders.

Other items that will be examined are job stability, credit history, type of employment, and the total of outstanding debts you may have.

A clean and stable picture of your finances will go down well, so avoid major purchases and applying for credit for between three to six months before applying for a mortgage.

Here are five other tips that can help if you are a first-time buyer.

Boost your income

To ensure you apply for the highest mortgage you can get, consider applying for a pay rise, working extra hours, or doing a side job.

Don't forget to add the income of your co-buyer if you are buying together. You could also use the extra income to pay off outstanding debts and improve your financial picture.

Reduce your outgoings

Your outgoings are scrutinised as much as your income by lenders, so reducing regular monthly expenses shows a prospective lender that you have more disposable income for mortgage repayments. It goes towards making you a more attractive prospective customer.

Check your credit score

Your credit history is critical when lenders assess your application, so do check your credit report through Experian, Equifax, or TransUnion. Check for errors and make sure it's accurate, and remember not to miss a payment in the run-up to making an application.

Save for a bigger deposit

Having a larger deposit than the minimum required makes you more attractive because a higher loan-to-value ratio means less risk for the lender.

Get the paperwork ready

This can speed up your application and avoid delays that may affect the size of your offer. It makes you look like an organised and responsible borrower. Make sure you have payslips and P60s, bank statements, proof of other income, and details of existing debts.

Jonathan Rolande is a property expert and the founder of House Buy Fast. For more information, visit www.jonathanrolande.co.uk.

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