According to the latest data from Nationwide, the average price of a house in the UK is between £205,000 and £210,000. This figure is quite out of reach for most first time buyers looking to purchase a property and move onto the first rung of the property ladder. Young or even middle-aged, those looking to purchase a first time home are going to have to expect to pay more than £20,000 on a deposit, or participate in a government assistant programme.

This is the plan in theory at least that many are expecting when they start the search for a first time home. Although many make the sacrifice and produce the needed down payment for that first property, some go looking elsewhere, and indeed find affordable housing which is quite suitable.

There are homes with two bedrooms priced at £50,000 available, just not in the south of England. All are terrace properties, but they do provide opportunity for those looking to purchase a property and begin a life in their own homes.

Buyers will need yearly incomes totaling around £11,000, and be expected to produce a down payment of around £2,500.

Those already in houses have opportunities to move forward with a financial plan as well. A remortgage is able to help save money off the cost of the monthly mortgage. Lenders are offering exceptional deals which feature low interest rates and low administration fees.

House owners now have the option of searching for a more affordable house, or obtaining a remortgage on their current property and stay home. The year may be coming to a close, but many lenders are making it possible for homeowners to find a mortgage lending tool which can make quite a difference.