{"id":884,"date":"2015-10-22T00:00:00","date_gmt":"2015-10-22T00:00:00","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/how-to-beat-large-deposit-mortgages\/"},"modified":"2018-02-19T13:24:54","modified_gmt":"2018-02-19T13:24:54","slug":"how-to-beat-large-deposit-mortgages","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/how-to-beat-large-deposit-mortgages\/","title":{"rendered":"How To Beat Large Deposit Mortgages"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>&nbsp;<\/p>\n<p>It may come as no surprise that UK first time buyers are becoming scarce owing to a mix of reluctant <a class=\"wl-entity-page-link\" title=\"Loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/loan;http:\/\/rdf.freebase.com\/ns\/m.01dnzs;http:\/\/dbpedia.org\/resource\/Loan\" >lenders<\/a> and huge deposits. In fact first direct found that the average deposit has leapt from \u00a36,600 to \u00a366,000 since 1990.<\/p>\n<p>The average age of a first time buyer has also increased to 35 years of age most now think that getting onto the <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> ladder is now mission impossible. Research Post Office <a class=\"wl-entity-page-link\" title=\"Mortgage loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/mortgage-loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mortgage_loan;http:\/\/rdf.freebase.com\/ns\/m.0273t5w;http:\/\/dbpedia.org\/resource\/Mortgage_loan\" >Mortgages<\/a> shows that 53%, of would be buyers not on property ladder think they will never be able to afford a <a class=\"wl-entity-page-link\" title=\"homes\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home;http:\/\/rdf.freebase.com\/ns\/m.01l0mw;http:\/\/dbpedia.org\/resource\/Home\" >home<\/a> of their own.,<\/p>\n<p>It seems that we are now becoming a nation of renters and for the young not only renters but also sharers.\u00a0 It is not surprising the young are getting together to be able to afford a <a class=\"wl-entity-page-link\" title=\"Renting\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renting\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renting;http:\/\/rdf.freebase.com\/ns\/m.01y857;http:\/\/dbpedia.org\/resource\/Renting\" >rental<\/a> property.<\/p>\n<p>Record rises in rent in August 2011 have left thousands of tenants struggling to pay their <a class=\"wl-entity-page-link\" title=\"Landlord\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/landlord\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/landlord;http:\/\/rdf.freebase.com\/ns\/m.02mx_6;http:\/\/dbpedia.org\/resource\/Landlord\" >landlords<\/a>.<\/p>\n<p>Rents rose by their fastest <a class=\"wl-entity-page-link\" title=\"rates\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/rates-tax\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/rates_tax;http:\/\/rdf.freebase.com\/ns\/m.03hnzm;http:\/\/yago-knowledge.org\/resource\/Rates_(tax);http:\/\/dbpedia.org\/resource\/Rates_(tax)\" >rate<\/a> in 2011 last month, with the average tenant now paying \u00a3713 a month, according to LSL Property Services, owners of the UK&#8217;s largest <a class=\"wl-entity-page-link\" title=\"Letting agent\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/letting-agent\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/letting_agent;http:\/\/rdf.freebase.com\/ns\/m.02qpgdf;http:\/\/yago-knowledge.org\/resource\/Letting_agent;http:\/\/dbpedia.org\/resource\/Letting_agent\" >lettings agent<\/a> network.<\/p>\n<p>Property expert<u><a href=\"http:\/\/twitter.com\/#!\/nickcmarr\"> Nick Marr<\/a><\/u> suggests that sharing costs with friends or family could be a way to getting on the elusive property ladder \u201cBuying with others can be a solution to coming up with the deposit and sharing costs. You should get legal advice and draw up an agreement as to how property will be divided in case circumstances change or one of you decides to get out of the agreement\u201d<\/p>\n<p>One mortgage company has launched a new product that effectively means that First Time Buyers do not need a deposit.<\/p>\n<p><a href=\"http:\/\/www.aldermore.co.uk\/\">Aldermore<\/a> bank stepped outside the main lenders requirements by creating a Family Guarantee Mortgage. The mortgage is available to first-time buyers and movers and has an interest rate of 6.48%. The crunch is that borrowers must find a relative willing to guarantee any borrowing above 75%.<\/p>\n<p>Rent to Buy or Rent to Own as it is also known is another way to beat the large deposit requirements. This way of purchasing property has also attracted the attention of UK government with the introduction of its Government <a class=\"wl-entity-page-link\" title=\"Equity sharing\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/equity-sharing\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/equity_sharing;http:\/\/rdf.freebase.com\/ns\/m.05y30j;http:\/\/dbpedia.org\/resource\/Equity_sharing\" >Homebuy<\/a> Scheme. Learn more about <u><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/rent-to-buy\/479\/\">Rent to Buy<\/a><\/u><\/p>\n<p><strong>Useful advice<\/strong><\/p>\n<p><u><a href=\"http:\/\/www.direct.gov.uk\/en\/HomeAndCommunity\/BuyingAndSellingYourHome\/BuyingYourHome\/DG_4018090\">Government advice first time buyers<\/a><\/u><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; It may come as no surprise that UK first time buyers are becoming scarce owing to a mix of reluctant lenders and huge deposits. In fact first direct found that the average deposit has leapt from \u00a36,600 to \u00a366,000<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-beat-large-deposit-mortgages\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[15,16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/how_to_beat_large_deposit_mortgages","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/884"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=884"}],"version-history":[{"count":4,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/884\/revisions"}],"predecessor-version":[{"id":14955,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/884\/revisions\/14955"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=884"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}