Are you looking to deviate from the standard mortgage route? If so, you can bypass the traditional lender route and look into these alternatives.
Cash buyers
If you have the capital, you could be a cash buyer. This can bring negotiation leverage and swift transactions on the road to homeownership.
Auction purchases
Some real property gems can be sold at auction. An auction is a great opportunity to grab an undiscovered bargain, although you will need to consider the risk of being outbid and the limitations of pre-bid inspections.
Right to Buy
If you are a council house tenant in England or Northern Ireland, you could consider purchasing your home at a discounted rate via the Right to Buy scheme.
Right to Acquire
This similar scheme offers a smaller discount on Housing Association properties to those who are eligible.
Park Home life
Purchasing a park home can be cheaper than purchasing a traditional brick-and-mortar property and offers plenty of benefits, such as a sense of community and stress-free living. For those considering UK or Gloucestershire park homes, companies such as http://www.parkhomelife.com/our-parks/orchard-park-homes-gloucester-gloucestershire/ offer solutions.
Shared ownership
A shared ownership scheme offers a balance between renting and owning your home. You will purchase a share in the property to own and pay rent on the remaining share. This is great for getting on the property ladder; however, there are still tenant vulnerabilities to consider.
Build your own home
If you have the patience, skill and commitment, this is a cost-effective – although labour-intensive – option. You can obtain support through the government’s Help to Build scheme.
Lifetime ISA
Aimed at savers aged 18 to 40, Lifetime ISAs offer a 25 per cent government bonus on annual savings up to £4,000 to help with home purchases.