The deposit is the main barrier to entering the housing market for many would be home owners. There are savings plans available for those looking to invest to buy a house. The government backed ISA’s offer incentives for saving both with lump sums and regular deposits. The bonus paid will increase the money available towards the purchase.
Some landlords looking to sell may offer attractive terms to a sitting tenant to purchase the home. There is a way that any cash incentive can be used as the deposit for a mortgage as along as the transaction is structured correctly. Typically between 5 and 10% can be used as a tenant’s incentive. There are caveats of which one is that the property must value to the gross price being paid.
Tenants can also look at insuring their lives, their health, their incomes, and possessions.