FIRST-time buyers should look at the support they can get to help them onto the property ladder, says a solicitor.

Amy Leslie, of the residential property team at Cumbrian law firm Napthens in Kendal, said there are "plenty of incentives" for would-be buyers, above and beyond help towards their deposit from Mum and Dad.

This method usually sees homebuyers receiving a contribution from close family, treated as "gifts" which a mortgage lender will need to approve.

However, Amy explained there are other methods of support available, including a "springboard mortgage", Help to Buy and shared ownership.

She said: “Even for those family members of close friends who cannot afford to gift a sum of money, they can still contribute by way of a springboard mortgage.

“In this instance, the purchaser does not have to find a deposit, and instead a third party can provide 10 per cent of the purchase price as security. The money will be paid into a separate account which will earn interest over time.

“The government Help to Buy schemes are also popular, with first-time buyers able to access an equity loan or ISA.

“However, it is vital that buyers should look into the details of these schemes to make sure there is no confusion regarding eligibility. For instance, to qualify for a loan, a property must be new-build, have a purchase price of less than £600,000 and be the only property to be owned.

“Shared ownership is also an option, with a buyer owning 25 to 75 per cent of a property and a housing association owning the rest. Rent is then paid to the association, and buyers must check they are comfortable with obligations set out in the lease.”

Amy warned that appropriate advice should be taken, whatever option is chosen.

She added: “It is also prudent to speak further to an independent mortgage broker, one who has access to the whole of the market, in order to ensure a buyer is aware of all of the options and any new schemes which may assist.

“It is also worth noting that a lawyer who advises a first-time buyer cannot also advise a family member or friend offering financial assistance, and they would need to take separate independent legal advice.”