First time buyer

lee8040

We've been a council tenant for the last 12 years but we feel now is the time to try and get on the property ladder. We have been thinking of doing the part buy part rent houses.
What's the best way to save a deposit are there any government backed scheme avaliable? I was told that there is a no deposit mortgage avaliable for first time buyers is this correct?

Thank you

armchaireconomist

If you're in council accommodation in all honesty I wouldn't entertain the part-buy part-rent homes. You're getting all the negatives of renting with a % of positives of owning.


You can save money through a lifetime ISA scheme presuming you are a FTB and have never had an interest in another property. You will get a 25% government bonus.


You will almost certainly not be able to get a non-deposit mortgage, although there are some schemes (Barclays?) where someone can offset savings as a guarantee, again i'd avoid if possible.


You're in secure housing. There's no rush, just save what you can.