Ever heard of rent to buy schemes? Where your rent actually goes towards the payment of your house? The rent offered on these properties is usually below market rate for such a property and this allows you to save to purchase the property at a later time.
Getting up the property ladder may not be a cakewalk, but you have to start somewhere and these rent to buy schemes make it easy for first timers to buy property. A friend of mine went to Scotland for two Edinburgh Hen Nights and was in love with the city! She could eventually buy a place in Edinburgh through a rent to buy scheme.
Rent to buy schemes are usually available on new builds. The rent that you pay goes, in part, towards the price of the house and is much lower than the market rate, since you intend to purchase the property at a later date.
When you are ready to buy, mortgages are available and can be designed to suit your needs. Also, there is usually no obligation to buy the property at the end of the contract period. However, you do pay a non refundable deposit at the start of the contract.
This is an excellent way for those who do not have the means to invest in property straight away to get into the property buyers market.