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1. Buy and renovate Go to auctions and look for wrecks and repossessions. You’ll have to find a 10 per cent deposit and the pay the rest within 28 days, so you must have a mortgage arranged and up to £10,000 in the bank.
2. Bank of Mum and Dad Around 80 per cent of first-time buyers go down this route, but parents need at least 30 per cent equity in their home before they can remortgage.
3. Co-buying Do you have any friends who are looking to buy? Between you, the deposit and mortgage could be affordable.
4. Get a tenant With a two-bed home you can rent one bedroom out for £4,250 per year tax free.
5. Shared ownership You may be entitled to buy 25 per cent, 50 per cent or 75 per cent of a social-housing flat or house through the Home Buy programme (www.direct.gov.uk).
6. Right to buy This scheme may soon be phased out in England and Wales (as it has in Scotland), but if you already rent from a housing association you may be able to buy your property at a discount.
7. New homes deals Many developers offer deals, but don’t forget that you will pay a premium for a new home, which often includes insurance against problems.
8. Rent to buy Some developers encourage you to rent a new home if you promise to buy within two years. Take into account the new-build premium.
9. Buy ex-council Flats and houses bought by tenants since 1980 are now on the open market.
10. Save It’s what people used to do before the days of widespread property ownership. But it can take time – you need a 25 per cent deposit before lenders will talk to you.
Original comment can be found at Quick House Sale Blog
2. Bank of Mum and Dad Around 80 per cent of first-time buyers go down this route, but parents need at least 30 per cent equity in their home before they can remortgage.
3. Co-buying Do you have any friends who are looking to buy? Between you, the deposit and mortgage could be affordable.
4. Get a tenant With a two-bed home you can rent one bedroom out for £4,250 per year tax free.
5. Shared ownership You may be entitled to buy 25 per cent, 50 per cent or 75 per cent of a social-housing flat or house through the Home Buy programme (www.direct.gov.uk).
6. Right to buy This scheme may soon be phased out in England and Wales (as it has in Scotland), but if you already rent from a housing association you may be able to buy your property at a discount.
7. New homes deals Many developers offer deals, but don’t forget that you will pay a premium for a new home, which often includes insurance against problems.
8. Rent to buy Some developers encourage you to rent a new home if you promise to buy within two years. Take into account the new-build premium.
9. Buy ex-council Flats and houses bought by tenants since 1980 are now on the open market.
10. Save It’s what people used to do before the days of widespread property ownership. But it can take time – you need a 25 per cent deposit before lenders will talk to you.
Original comment can be found at Quick House Sale Blog
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