Most lenders are looking to lend more overall in 2013 and many are looking to lend more to those with low equity levels, increasing the number of 90 per cent to 95 per cent loan-to-value (LTV) mortgages in the months ahead.

First-time buyers have already benefited from the funding for lending scheme driving numbers of new home owners in 2012 to the highest level for five years.

This guide looks at the difference between advising first-time buyers and more experienced property purchasers, which situations should require advisers to warn potential clients off home ownership, what schemes there are to help first-time buyers, and how to secure clients the best mortgage deal.

Additional material supplied by Brian Murphy, head of lending at Mortgage Advice Bureau; Jonathan Clark, mortgage partner at Chadney Bulgin; and a spokesperson for Yorkshire Building Society.