Secrets to Owning Property Without a Deposit Needed
Utilizing Guarantor Loans
Another viable option is a guarantor loan, where a family member or friend agrees to cover your mortgage payments if you're unable to. This provides lenders with additional security, allowing them to offer you a loan without a deposit. It's crucial to have a trustworthy and financially stable guarantor, as their creditworthiness directly impacts your loan terms.
Exploring Shared Ownership
Shared ownership schemes offer a hybrid approach, allowing you to buy a portion of the property and pay rent on the rest. Over time, you can purchase additional shares in the property, increasing your ownership stake. This method reduces the initial financial burden and makes home ownership more accessible3.