Despite the mortgage market remaining tight, first-time buyers can triumph over adversity by following these steps.

By Robert Adungo

First-time buyers and those looking to upgrade, downgrade or remortgage their properties are likely to be in for another difficult year as the financial climate continues to make economic recovery hard.

Two months into 2012 and the Bank of England has already embarked on another quantitative easing exercise - effectively printing more money – and has chosen leave interest rates unchanged. Experts predict base rate is likely to remain at 0.5% for months to come.

Despite the harsh economic climate, the result of which is tight mortgage lending conditions, homeownership ambition does not appear to be stifled as recent data showed the number of mortgages in January was at its highest level since December 2009.

And the end of the stamp duty holiday for first-time buyers on homes costing less than £250,000 also appears to be incentivising potential buyers as the number of residential valuations in January increased by 43% year-on-year - many hoping to beat the 24 March deadline.

Use an expert to get right mortgage

Yet, becoming a buyer is fraught with many hurdles, one of which is knowing how to successfully navigate the complex mortgage market and convoluted lending criteria to land an attractive deal.

Unbiased.co.uk recently spoke to a cross-section of experts who offered a number of useful tips, one of which is to use an independent financial adviser or whole of market mortgage adviser, especially if buying for the first time.

It is vital to get it right the first time round and a qualified professional will help you to find success as they are likely to know what lenders are seeking and guide you to the right one. Read about the full benefits of using a mortgage broker in Should you use a mortgage broker?

If you are on a tight budget then a fee-free mortgage broker will do all the work for you and instead of charging you at the end of the process, the firm will bill the mortgage lender. If you do want to speak to a fee-free adviser, you can talk to one right here at mortgages.co.uk. Simply fill in a form or call 0844 209 8725.

The early bird catches the worm

Early preparation is key to a relatively stress-free experience when it comes to obtaining a mortgage. Once you make up your mind about buying, ask your mortgage broker to show you what options will be available to you and how much your repayments are likely to be. You can also take a look at our mortgage calculator which helps you to work out your repayments.

If you're concerned it's too soon, don't be. As Andrew Richards of Plutus Wealth Management, explains: "The ability for a borrower to reserve a product up to six months ahead of completing on that reserved product will allow someone today to secure a great low rated long-term fix that may pay off."

He told unbiased.co.uk that borrowers have "no obligation to complete if rates have stayed the same or improved".

Have the correct paperwork

But before you even think about approaching a lender, you need to have the correct paperwork in place, which will ensure you have a smooth process. Lending criteria remains tight and lenders continue to be jittery about who they give their money to.

This makes having the right documents important, according to Bob Riach of Riach Independent Financial advisers, who says "first-time buyers and home movers should be prepared to be able to give evidence of their financial position and ability to afford the mortgage".

He recommends having proof of identification, a P60, the last three months' payslips and bank statements, full documented details of any other income, as well as details of any loans and credit cards held.

Don't fall for the headline rate

This is a pitfall you should be able to avoid if you use an independent financial adviser or a whole of market mortgage broker as they are bound to look beyond the advertised rate and let you know what the true picture is.

Aspiring buyers will be faced with several options when it comes to borrowing, such as "capital and interest" or "interest only" when it comes to repayment, as well as fixed rates or tracker rates of interest. But there are other charges involved, notably the arrangement fees.

"You should consider the pros and cons of each option before you decide which is most suitable for your needs," says Dan Clayden of Clayden Associates. "Make sure you don't become a mortgage moth and get drawn in just by the headline rate."

He adds: "You need to take into account all of the costs associated with arranging a mortgage and balance these against any savings that a lower rate might give you on your monthly payments."

Arrangement fees can vary dramatically from anywhere between nothing to £2,000. Some are also expressed as a percentage of the amount borrowed, so do ensure you have factored this in. Usually those mortgages with the lower interest rates come with the higher fees.

Better to own a hovel than rent a castle

For those first-time buyers who can afford something but still wonder about whether buying is a good option or not, IFA Kevin Tooze of Equity partners UK has some sound advice.

"It is far more appropriate to think of your first property as a stepping stone, your very own and full of the freedom that comes with it such as: decoration choice, alteration choice, pets or not, sub letting, even growing your own veg if it has a garden," he explains.

"In time, yes it may appreciate and greater equity may be helpful, but for now be happy you are paying for something you will own, rather than filling a landlord's pockets."