If you are then rent to buy -- also known as rent to own -- may be your solution. It is not for everyone though... you need to be serious about owning your own home to make it work.
There's nothing worse than paying your hard earned rent each month knowing that all you are doing is paying the landlord's mortgage off for him!
Imagine if part of your rent every month went towards owning the property you were renting?
Imagine you could paint the living room bright pink without having to ask permission? Well, maybe not, but it'd be nice to have the option, right?
The rent to buy scheme -- also known as rent to own or rent now buy later -- is becoming more and more popular with first time buyers in the UK.
The government has even caught on with their Government Homebuy Scheme. (Although with rent to own, you have the option to own 100% of the property instead of just 70% as you do with the government's scheme.)
With rent to own, you can get started towards owning your own home with a low down payment and there's no need to qualify for a mortgage straight away.
You pay up the rest of your deposit as you go, with a portion of your monthly rent counting towards your eventual purchase of the property.
Around 3 to 5 years down the line, you'll have paid up a 10% deposit and you should be able to get your own mortgage and finally own the property.
The price you pay for the property is set today and you benefit if the property happens to go up in value in the meantime.
So, in summary:
If one or more of the following apply to you then it's likely that a rent to own scheme could work for you:
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