Its tough, you needed your own place, but you didn’t have thousands of pounds to buy a property yet. 
You moved out and started renting your new place. 
Now you want to move along and buy somewhere, you are really struggling to save up the deposit! Now you are paying rent, you feel like you are stuck there as its taking all of your money to just live! 
 
You are paying your landlords mortgage and giving them some profit too. Fair enough, they were there for you when you wanted to move in and you were happy to pay for it. 
 
It’s time to move along though - You know it, you feel it! 
 
Having a small deposit is not always the barrier it was. 
 
For example, if you can save up 5% of a property value, you can get a 95% mortgage. 
 
If though, you are struggling to even get this amount (I know, it’s tough!), you could look into shared ownership. 
 
There are a lot of pros and cons of this and you should investigate it thoroughly first but, as an overview: 
 
You buy a % of the property. You then see this as your own part that you get a mortgage on. You then pay rent on the rest. 
 
After a while and you can show you are paying the mortgage, you can buy bigger % of the property and bit by bit, own the whole lot! 
 
For example: 
If a property is worth £200,000 and you want to buy a 25% share, your share to mortgage will be £50,000. So if then, you can afford a 5% deposit, you can get a 95% mortgage on this 25% share. 
 
So you only need £2,500!! Amazing! 
 
You will need to remember to keep some extra aside for any legal costs and fees, but you can see how this can help you get a good value property for a very small outlay at the beginning. 
 
Best to have a chat about shared ownership with your specialist broker before you decide its definitely right for you. Don’t just use anybody, make sure they have your best interests at heart too. 
 
Get in touch, have a chat and see what fits properly. 
 
You can contact me via Austyn@hdconsultants.net or 07500871209 
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