How I helped First Time buyers in Caversham who had no deposit

A real life story to highlight the service I offer and how it could help you (some details have been changed to protect people’s privacy)

Maxine and Richard had been renting for 5 years and were hoping to buy their first place. The problem they faced, like so many people, was that their rent took most of their disposable income which made saving for a deposit very difficult.

Their landlord wanted to sell the property and also wanted to help Maxine & Richard.

So he decided to sell the house to them for slightly less than it was actually worth.

I was able to find a lender who would accept the difference between the purchase price and the house value as Maxine & Richard’s deposit.

This is called a concessionary purchase where the “deposit” is actually equity in the property gifted to the buyers.

Not all lenders will accept this but many will.

Lenders able to help with this type of situation can usually assist where the tenant is buying from the landlord or perhaps the purchaser is buying a house from a family member at a reduced price.

So Maxine & Richard were able to buy their house without having to put down any deposit themselves.

You may ask why the landlord would do such a thing. From his perspective, by reducing the price and selling to his tenants he was able to deal directly with them and so avoided estate agent fees. In addition, because his tenants were buying the property it meant he continued to receive rent right up until the property sale completed.

So the result was that everyone benefited and Maxine & Richard are the proud owners of their new home.

For more information on buying your first home then please see my dedicated First Time Buyer Page.

If you would like to book an appointment to discuss your options then please contact me today.

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