If you are looking for your first home you may have found many properties that would have been ideal only to be turned down for them as you cannot afford the commitment needed for the deposit for the mortgage. Depending on how much you wanted to borrow all depends on the size of the deposit, usually it is many hundreds if not thousands of pounds. Without a large bank account or great parents you may not be able to raise such as sum.

However when you consider buying your first home with a rent to buy option you are able to look for a property and move into that property with just a fraction in starter money. This is typically nothing like the large sum of money that you might have to find for a mortgage.

The beauty of renting before you buy is that you are able to do whatever you like with the property once you have moved in. Providing that you go ahead with the purchase of the property the equity is yours. However if a change of heart occurs you are free to walk away without commitment to buying, but you lose the equity. Such a scheme can be a lifeline for first time home buyers or indeed anyone who cannot raise a large cash sum outright.