It is never easy getting on the property ladder in the UK, but recently it has begun to be impossible for first-time buyers to afford a home. Recent statistics shows that the average first-time buyer property now sits at £160,000, which means it is 78% harder for first-timers to get on the ladder than it was a decade ago*. So what choices do first-timers have? Well, one option is a self employed mortgage. One of the biggest problems for first-time buyers is getting a big enough mortgage, but with a self employed mortgage that isn't a concern. Also, many first-time buyers just don't have the huge incomes to be able to show they can afford a home - again, with a self employed mortgage that isn't a problem either.

If a first time buyer opts for a mortgage based on income multiples instead of affordability calculators of self employed mortgage products, it seems impossible they will ever be able to afford a home. The average age of a first-time buyer is now 29 years old**, which is too young to be able to afford a £200,000 mortgage on income multiples alone - the average wage for someone of that age is only £19,833***, meaning even if the mortgage lender will offer a generous five times income multiple, a first-time buyer will only be eligible for a mortgage under £100,000 - well below the average first-time house price. But with a self employed mortgage this number could be considerably higher.

Lenders of self employed mortgage deals offer mortgages not on income, but on potential. If the first-time buyer has a good credit history and has been good with debt in the past, there is no reason why lenders of self employed mortgage products will not lend considerably more than the constraints of income multiples. Because lenders know that many first-time buyers earn more with second jobs, through commission or even through bonuses. Through a self employed mortgage, a first-time buyer can afford a decent mortgage that will get them onto the housing ladder.

Unfortunately, a self employed mortgage is not a complete solution for first-time buyers. Because the loans are riskier, the rates will be higher and the lenders will demand a down payment of anything from 10% of the property's worth. But the main thing is that a self employed mortgage will do the hard work - the first-time buyer can get their foot on the ladder, after that it's a matter of taking their time to move up.

So if you are looking to get on the property ladder, but can't see how you could do it with your income, talk to an adviser about a self employed mortgage. They can help you look at your financial situation and your financial potential to see whether a self employed mortgage will be able to allow you that first dream home. It's not easy to get onto the UK property market, but it is possible - and a self employed mortgage could just be the key you are looking for.

* Statistics from Shelter, April 2008 ** Council of Mortgage Lenders *** Office of National Statistics