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    • lee8040
    • By lee8040 12th Aug 18, 11:23 AM
    • 534Posts
    • 263Thanks
    First time buyer
    • #1
    • 12th Aug 18, 11:23 AM
    First time buyer 12th Aug 18 at 11:23 AM
    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
Page 1
    • armchaireconomist
    • By armchaireconomist 13th Aug 18, 12:37 PM
    • 358 Posts
    • 437 Thanks
    • #2
    • 13th Aug 18, 12:37 PM
    • #2
    • 13th Aug 18, 12:37 PM
    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.
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