By Rachel Wait

The past year has been another volatile one for mortgages, with a mixture of good and bad news.

On the positive side, mortgage rates have been falling and mortgage deals have become far more competitive. With base rate having remained at 0.5% since March 2009 this may come as no surprise, but it's certainly been a help for homeowners who have had to tighten their belts and for those looking to make their first step onto the property ladder.

Tracker mortgages fell to an all-time low earlier in the year, but those preferring a bit of stability from a fixed-rate mortgage have also benefitted as fixed-rate deals have also been falling.

However, there has been much talk throughout the year about if and when mortgage rates will rise again. Predictions during the year have so far been proved wrong, but speculation now is that mortgage rates could rise next year. Whether this will happen remains to be seen.

First-time buyers, meanwhile, have benefitted from a greater range of mortgages for those with small deposits and we've also seen the return of the 100% mortgage.

However, the problems for first-time buyers are not over, with many having to pay seven times more than their parents did in order to get on the housing ladder. In fact, the average deposit has now topped £65,000.

First-time buyers were dealt another blow in November following the Autumn Statement, which revealed that stamp duty relief would be coming to an end in March 2012. Up until this point, first-time buyers haven't had to pay stamp duty on properties worth less than £250,000.

Negative equity has also continued to be a big issue, with the total balance up £17 billion in less than a year. However, before homeowners panic, they should bear in mind that negative equity only becomes a problem if you need to move.

Another major topic to regularly hit the headlines has been house prices. Views have been very mixed about house prices throughout the year, with reports they have risen clashing with reports they have fallen. However, the year ended on a good note for sellers, with asking prices for top properties up £20,000 since January.

Meanwhile, landlords have been enjoying a growing buy-to-let market as the rental market has remained starved of properties and it has continued to thrive as the year has gone on. More than a third of landlords have increased their rent levels in the third quarter of 2011, compared to 29% in the previous year.