Moving from renting to owning your own home is regarded as part of coming of age in many cultures – not only does it show you are taking on a financial responsibility, but also that you have built up enough equity through hard work to be able to afford this investment. A few years ago before the financial crisis it was easier than ever to get a mortgage with little or no initial investment on the part of the buyer, but times have changed and banks have returned to being austere about who and when they hand our home loans. The tightening of loopholes and review of approval guidelines has made it more difficult for young people to get onto the property ladder, but it hasn't made it an impossible dream.

To be sure of gaining approval for your home loan, you will need to take time to make sure you have everything in place before even applying – having your application for a mortgage rejected will show up on your credit report and could mean you find it difficult to reapply or apply to another lender for quite some time afterwards. Make sure that you have all the necessary information and documentation you may need to back up your loan application, such as payslips, letters from your employer or guarantor, and identification documentation.

If you're seeking your loan as an individual you will need to ensure the lender can confirm you will have the means to make the mortgage payments. This may mean gaining a mortgage loan pre-approval assessment, which examines your financial status and decides whether or not you are qualified for this type of loan. It may also be able to tell you how much the lender thinks you will be able to afford in monthly repayments and therefore the maximum loan amount you can request.

Your credit score will also come under scrutiny during this time so it's a good idea to make sure everything is up to date and in order before proceeding with your application. If you have any outstanding debts, it is advisable to clear these, but don't close the accounts the debts are with: if you have credit cards, or large overdraft facilities, these will be indicators to a potential lender of financial strength. You should also try to minimise any financial commitments you might have outside your new home loan, as the lender will take these into account when deciding whether or not you could sustain your mortgage repayments.

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