8 Ways to Get on the Property Ladder Without a Huge Deposit

8 Ways to Get on the Property Ladder Without a Huge Deposit


Saving up a big enough deposit to buy your own home may seem like a lovely fantasy. It can be tough being a first-time buyer with backers demanding your soul and first-born child before they will lend you money. However, there are a couple of ways to make this a reality and jump onto the property ladder without saving up a small fortune.

Shared Ownership Alternative:

Shirt Ownership

This translates into you purchasing between a 25%-75% portion of a property and renting the rest from a local authority or a housing developer.

Positives: You don’t need as high of a deposit or mortgage, which makes buying a property much easier.

Negatives: Only a portion of the property belongs to you although normally you have the option to purchase the rest at a later date.

Eligibility: Priority allocation is reserved for those who work in essential services such as nursing, teaching and policemen, and lower income families. So it is important to research what your chances are before popping the champagne. Furthermore, shared ownership is only available on certain properties either as part of a new development or as an offer from a local authority. This means the process isn’t as easy as finding a property you like and applying for a grant to purchase it.

Verdict: This is a very affordable option for jumping onto the property ladder if it would be otherwise difficult. So it is an avenue worth investigating.