First Time Buyers Mortgages
Part Buy Part Rent
There is more than
one way to define what part buy part rent means.
There are two
possible solutions that this phrase might describe:
1
Shared
Ownership is where an individual co-owns a property with another party – usually
the local housing association and pays rent to the co-owner for the part of the
property that they do not own. The co-owner does not occupy the other part of
the property.
You can find out
all about shared ownership in our shared
ownership section. This is the basis of the Government's New Build HomeBuy scheme.
2
There
are some part rent part buy schemes where you can choose a property of your
liking and approach an organisation to buy the property and you lease it from
them. You might take out something like an option to buy the property in the
future at a price which is anchored – meaning the property doesn't get further
out of reach financially. You rent the property until you decide if and when
you want to buy it.
You can find out
more about these schemes in our Lease
Option section. The Government has a Rent to HomeBuy scheme and there may also be private schemes available.
Whichever route you plan, you will want to take mortgage advice and legal advice and identify your local HomeBuy Agent.
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l
Cashback Mortgages l
High LTV Mortgages l
Graduate Mortgages l
Professional Mortgages l
Mortgages with Parents l
Guarantor Mortgages l
Family Offset Mortgages l
Mortgages with Friends or Family l
Mortgages at University l
Rent a Room Mortgages l
Affordable Mortgages l
Interest only Mortgages l
Part Repayment Part Interest Mortgages l
Interest-free Start Mortgages l
Shared Ownership Mortgages l
Poor, Adverse or Poor Credit Mortgages l
Shared Equity Mortgages l
30, 35, 40 Year Term Mortgages