Renting Property
Renting before you become a First Time Buyer
The chances are that if you are reading this page you are an aspiring first time buyer keen to make the most of renting in the run-up to owning your first home. But renting can be very expensive, making it seemingly impossible to save enough for home-purchasing costs let alone a deposit.
In our property rental guides below we cover various aspects of renting but also of how you can invest in property whilst you are renting, how to save costs to enable you to save for your first home and some other options such as part buy part rent.
The Government is also piloting a scheme called Rent to HomeBuy. Under this scheme, first time buyers in England with a household income of £60,000 or less will be able to rent at 80% of the market rate in order to help save for a deposit. After two or three years, they would then have the option to buy 25% or more of the property.
If you are renting a place on your own it could be that a mortgage would work out cheaper than the amount you are paying in rent - you should seek mortgage advice to find out just how the two compare. There are ways of making it more affordable than you think - see our best first mortgages comparison table where we explain all the different types of mortgages available to first time buyers. If you are living with friends you might find that by clubbing together you could afford a place to share. See our guide to joint ownership.
Find out more about renting and how it can work for you in our 'Getting the Most out of Renting' Guide:
Property Rental Guide l Part Buy Part Rent l Rent To Buy l Housing/Flat Share l Right To Buy Schemes l Invest Whilst Renting l Making The Best Of Renting
Find out more about how to buy a first home - these are our most important and popular pages:
Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage