Hi,

My girlfriend and me have been saving for 3 years to get a house and have saved up £12,000 by living with our parents for a deposit. The only problem is that neither of us earns very much and we want to try to get at least a 2 bedroom house as we hope to have a baby in the next year or so. What part buy/ part rent schemes are available to us?

thanks

Hi Stu,

There are two homebuy schemes that might help you:

* ‘HomeBuy Direct’ - you get a loan towards the home’s purchase price that has no fees for five years
* ‘shared ownership’ - you buy a share of your home and pay rent on the remaining share

These are both for new build houses, you can find out more on the Direct Gov website: http://www.direct.gov.uk/en/HomeAndComm ... DG_4001347

Some new home builders are offering their own schemes, the best thing to do is look aroundthe area you want to move to and see what's around. You might be better off where you are for a while yet though as house prices seem to be dipping again.

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Homebuy direct can help you with that loan,but after 5 years,youll get a 1.75% fee,which increases annually in line with inflation.

Hi,

There are many part buy rent schemes going around you can buy a share in property which might be in your range. Also you could pay below-market rent on the remaining share. Even though your most Sof the shares can sometimes be restricted, with most schemes you can 'staircase' to full ownership in future as well.

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Plaza Estates- the leading Central London Luxury Properties to Rent - http://www.plazaestates.co.uk/properties-to-rent

If you find yourself resistible of paying out the mortgage loan then should go ahead, plan out the things smartly so you can get rid of it as soon as possible. Make sure you have gone through all the norms and criteria’s of the mortgage loan before applying. could provide better assistance as for the first time buyer.

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First time buyers can buy through goverment equity schemes, So that they can get some amount as a loan from government with less interest.