Save to Buy; what if your rent became your deposit?

With the government reassessing the help to buy schemes available, with a view to bring new opportunities allowing people to own their home.

Whilst waiting on the government  Fairview homes have come up with a solution to help first time buyers get onto the property ladder and this makes perfect business sense in a market that has been slowing, first time buyers are still driving property sales the most.

The Five Save to Buy Steps.

  1. The Sales Team will help you apply for Save to Buy. If approved, you complete a reservation for the property (agree a price).
  2. You exchange contracts, with just a 1% deposit needed.
  3. Your fixed monthly payments under this scheme go towards the required deposit amount.
  4. When you are within one month of reaching the required deposit amount, you submit a mortgage application to buy the property.
  5. Once you legally complete, the property is owned by you.

This is great news for first time buyers, especially those renting who are struggling to get on the ladder. However this is not a government scheme and is limited to new build homes offered by Fairview, more information can be found on the Save to Buy scheme can be found on their website.

  • Save to Buy scheme launched, enabling first-time buyers to move into the home they plan to buy before they have completed on the purchase

  • They then pay ‘rent’ at a fixed cost, with all of the money going towards their deposit

  • The scheme, launched by Fairview New Homes, is currently available in London and Essex, but is set to be rolled out to other developments later this year

“Fairview New Homes is the developer of choice for first time buyers and we’re bringing forward the opportunity to own a home for our customers. Those who thought home ownership was out of reach, because of the rental trap they found themselves in, can finally have the breathing space to save.” (Christopher Hood, Fairview Sales & Marketing Director).