June is officially National Homeownership Month, but for many, it feels more like a month of window shopping. With the average deposit required to buy a home skyrocketing out of reach for most, first time buyers are having to get seriously creative with how they secure their first rung on the property ladder.
Instead of waiting for a miracle, savvy buyers are rewriting the rulebook. Owning a stake in your home, whether that’s through a 25% Shared Ownership property or by exercising your Right to Buy your council home, is infinitely better than owning 0% of a rental home. From hunting down bargain-priced ‘doer-uppers’ at auction to utilising alternative lending, it’s time to stop waiting for the ‘perfect’ 100% traditional mortgage dream and start looking at the alternative routes that can get you the keys to your first home.
Ryan Etchells, Chief Commercial Officer at Together, the specialist mortgage lender, shares his top tips to help hopeful renters and FTBs get on the property ladder this summer:
- The Shared Ownership option
The biggest mistake first-time buyers make is looking at the total property price and panicking. When you’re trying to save while renting, huge house prices can make homeownership feel totally out of reach. For example, if a house is £300,000, you don’t need a massive £30,000 upfront. Through Shared Ownership, you buy a portion you can actually afford—usually 25% to 75%—and pay a subsidised rent on the rest. This means a 10% deposit on a 25% share of that £300K home is slashed to just £7,500. Best of all? This isn’t just ‘part-renting’ forever. It unlocks a process called ‘staircasing’ where, as your salary grows, you can buy more shares until you can potentially own the whole property. You’re building your own long-term wealth and turning those monthly payments into an investment in your own future instead of someone else’s.
- Buying at auction
For those willing to be a bit more adventurous, and who want to bypass the fierce competition of the traditional first-time buyer market, the auction room can uncover hidden gems. You might think houses under the hammer are all run-down “problem properties,” but they often offer a golden chance for newbies to secure a home way below market value and create a unique space entirely to your taste. There is also a clever investment play here; by flipping the property—renovating it and selling it on—you can potentially make a serious profit that provides a larger deposit for your ultimate forever home.
However, auctions are a high-stakes “sprint” finish that can catch first-timers off guard. When the hammer goes down, you have effectively exchanged contracts and are legally obliged to complete. You’ll need a 10% deposit on the day and typically only 28 days to pay the balance in full. If you miss that deadline, you lose your deposit and the property, which is a nightmare scenario. That’s why having specialist “auction finance” ready to go is the only way to step into the auction room and bid with absolute confidence.
- Supercharge your buying power by teaming up
When you are trying to buy alone, the numbers can feel incredibly restrictive. But who says you have to do it solo? Savvy buyers are increasingly pooling their resources. Some specialist lenders will allow up to four applicants to join forces on a single mortgage, meaning you could buy with friends or siblings to get that first crucial foothold on the ladder.
- Cash in on your tenancy with Right to Buy
If you’ve been renting from a local authority, council, or housing association, you could be sitting on a major discount without even realising it. The Right to Buy scheme is one of the most overlooked shortcuts to homeownership for current renters. Depending on how long you’ve lived there, you could qualify for a substantial discount on the property’s actual market value. The real game-changer here? Specialist lenders can often use that built-in council discount as your deposit. This means you could potentially buy the very roof over your head with zero cash deposit required upfront. You get to keep the home you already know, entirely skip the stress and cost of moving day, and instantly swap paying rent for building your own equity.
- Stop self rejecting
Many “Generation Renters” don’t even bother applying for a mortgage because they think their situation is too “complex” to ever be accepted. This could mean you’re a freelancer, a side-hustler with two part-time jobs, or carrying a minor credit blip from years ago. When you’re trying to buy your first home, high-street banks use rigid computers that love to say “no,” especially when an applicant doesn’t match their ‘one size fits all’ standard. But don’t give up hope. On the other hand, specialist lenders, like Together, look at the real human behind the paperwork and support first-time buyers keen to make the next step. Don’t let a ‘non-standard’ life stop you from landing the keys to your very first place.
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