By Rachel Wait

Taking your first step onto the property ladder is a big achievement, but unfortunately it's not an easy one. Thanks to the credit crunch, lenders have tightened their criteria, meaning the days of mortgages for 100% of the purchase price are mostly gone for now.

This means anyone hoping to buy a house will need to save hard to build up a decent sized deposit before they can apply for a mortgage. Generally, the very best deals will be available to those with a deposit of 40%. But having said that, the good news is that home affordability is at its best since 1997. The research by Halifax shows that mortgage payments for a new borrower in the second half of 2011 were at their lowest as a proportion of disposable income for 14 years.

With base rate having remained at an historic low of 0.5% since March 2009, mortgage rates have also come down dramatically. Those on tracker mortgages have obviously been benefiting from the low rates, but even fixed-rate mortgages are at record lows. Last summer, Moneyfacts reported that interest rates on new mortgage deals had fallen to their lowest level in 23 years.

What's more, mortgages that require low deposits are creeping back onto the market. According to Moneyfacts, there are now 49 mortgages available for those with a deposit of just 5%. This is more than double the 24 recorded in January 2011. And there are 280 deals on offer for those with a 10% deposit, up from 199 from January 2011. The time for first-time buyers to get on the property ladder could have arrived.

Choose a deal

Your first decision is whether you would prefer to fix your mortgage for a few years so your rate won't change or whether you're prepared to take more of a risk with a tracker mortgage which follows the base rate up and down. If you prefer knowing your monthly repayments will stay the same and would struggle to keep up with them if interest rates increased, you're better off with a fixed-rate. If you can afford your repayments to rise if interest rates go up and you're happy taking the risk, take a look at a tracker mortgage. To be fair, economists are not predicting base rates to rise this year and some reckon it'll stay at 0.5% into next year too.

Best for those with 10% deposit

If you've managed to scrape together a deposit of 10% of the purchase price and you decide to go for a fixed-rate deal, Leek United Building Society is offering a three-year fixed-rate mortgage (fixed until 31 January 2015) at 3.99%. It comes with a fee of £995.

Alternatively, if you'd prefer to fix for five years, you can choose from HSBC's five-year deal (fixed until April 2017) at 4.89% with no fee or Leeds Building Society's 4.94% deal (fixed until March 2017) with a £999 fee. For those after a tracker, HSBC offers a lifetime tracker deal at 4.59% at 90% loan-to-value (LTV). It tracks 4.09% above base rate and is fee-free. Alternatively, NatWest's two-year tracker deal at 4.89% (tracking 4.39% above base rate) has a fee of £999. All these deals require a 10% deposit.

Best for those with 5% deposit

For those with a smaller deposit of 5%, Newbury Building Society offers a variable FirstBuy mortgage for three years at 3.95%. It comes with an application fee of £500.

Those preferring to fix could look at the Leeds BS five-year fixed-rate deal (fixed until February 2017) at 5.99% with a £999 fee. Alternatively, Saffron Building Society has a three-year fixed-rate mortgage (fixed until April 2015) which charges 5.79% and has a fee of £195.

Special deals for first-timers

Some lenders are also offering deals specifically targeted towards first-time buyers which are likely to be more competitive but require a helping hand.

For example, for those with a deposit of just 5%, Lloyds offers a Lend a Hand mortgage at 4.04%. However, you will need the support of someone (probably your parents) who will put their savings up as additional security for the mortgage. They will need savings of 20% of the property value so that your total deposit comes to 25%. Your mortgage will be fixed for three years and comes with a fee of £1,094. In return, your "helper" will receive interest on their money at a rate of 3.70% AER (3.64% gross) for three and a half years and should eventually get it back – providing you manage to keep up the payments.

National Counties also has a Family First Guarantor Mortgage which allows you to borrow up to 95% of the purchase price. The rate offered is 4.69% and this is fixed until 30 September 2014. It comes with a fee of £495. You will need someone – again, probably a parent – to act as guarantor, putting their own home up as security against the loan.

Improve your chances

If you want to ensure you'll get accepted for a mortgage, there are a number of steps you can take. Firstly, it's well worth checking that your credit rating is up to scratch. You can check your credit rating by signing up to a free 30-day trial with Experian or Equifax - just make sure you cancel the subscription before you get charged. Alternatively, you can get a £2 statutory credit report from Experian, Equifax or Callcredit.

You should also avoid applying for too many mortgages in one go. When you apply, the lender may run a credit check on you and this leaves a footprint on your credit record. If you have too many credit searches in a short period of time, this will go against you and you're more likely to be turned down. You can read more about this in Boost your chances of being accepted for a mortgage. If you're worried about this you can get our regulated mortgage broker to search the market for you.

Don't forget

You can use our mortgage calculators to work out how much you can afford to pay in monthly mortgage repayments, the deposit you need and any stamp duty.  If you are planning to buy a house in the not-too-distant future, the most important step is to save hard. The larger the deposit you can save up, the better the mortgage deal you are likely to be offered. However, it's not just the deposit you need to save for.

As you'll have noticed, most mortgages come with an arrangement fee so you need to factor this in when you're comparing deals. They can vary anywhere from £500 to £2,000, with some being a percentage of the amount borrowed. Some mortgages will come fee-free, but it's important to compare the interest rates on these deals carefully to ensure they are competitive.

On top of this, you'll also have to pay for valuation fees, survey fees and solicitor fees, which can run into hundreds or even thousands of pounds.  And, depending on the price of your new home, you'll have stamp duty to pay. First time buyers escape this for homes costing less than £250,000 until 25 March this year. Just one more reason to take the plunge sooner, rather than later.