Are you wondering if it's possible to buy a house without a deposit? The good news is that it can be done in the UK! Here are a few situations where you might not need a physical deposit:
Buying from the Council or Housing Association: If you purchase a home from your local council or a housing association, any discount you receive can count as your deposit.
Gifts from Landlords or Sellers: If your landlord or the seller gifts you equity (offers you for a discounted value) in the property, this can be treated as a deposit. This is known as a concessionary purchase.
No Deposit Mortgages: There is a lender that allows you to buy a house with no deposit if you can prove you've paid rent and bills for 12 consecutive months. (other criteria apply)
Using Sale Proceeds: If you’re selling a property to buy another, the money from your sale can be used as your deposit.
No matter your situation, it's a great idea to talk to an adviser to explore your options!
GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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