As the name pay to rent may suggest you choose a property, rent it for a period of time and then buy it. This is a solution that may help anyone who is struggling to find the deposit for a mortgage. Younger first time home buyers are often stumped when it comes to the massive amount of money they have to find when they go to the bank for a mortgage. If you want to overcome this then you may wish to look into a scheme called rent to own.

When looking around online you can find government schemes such as these and schemes offered by companies. Check out the wording of any scheme offering rent to buy properties, to ensure that you will have 100% ownership in the future. Some take a percentage of ownership.

The beauty of renting to buy is that there is no large sum of money to find for the deposit for a mortgage. You will need a small starter sum of money but it is nothing in comparison to the thousands you may have to find for the deposit for a mortgage. With this starter money you are free to move into the property and treat it as you would your very own from day one.