Today's first time buyer entering the housing market will borrow more money and raise a larger deposit than at any other point over the past 25 years, with the price of a first home now 4.6 times higher than the average gross salary in the UK, says Nationwide.

This means that it is more important than ever for first time buyers - who account for 38 per cent of all house purchases in the UK - to be able to sift through the mass of information available and ensure they can make educated choices about their house purchase.

This goes from considering whether to rent or buy, through to putting in an offer, exchanging contracts and moving in.

To help make the home buying process easier, Nationwide has launched the First Time Buyers' Guide via its free interactive website, Nationwide Education: www.guidetobuyingmyfirsthome.co.uk.

The guide - which is independent of Nationwide's products and services, and the first interactive book of its kind - provides a comprehensive breakdown of everything a buyer needs to know when purchasing their first home.

Caroline Hallatt, Nationwide's head of corporate responsibility, said: "The amount of information available on home buying can be quite overwhelming. We wanted to help first time buyers by giving them an overview of what they need to know in every day language and to make it available all in one place.

"This guide is fully independent of Nationwide products and services and is designed to help anyone considering buying or renting their first home."