Getting onto the property ladder these days is almost impossible. Prices are constantly rising and the wages aren’t rising with them so getting together the massive deposit you need seems out of reach. Most people end up living with their parents for a long while until they can save up the cash that they need. This isn’t the only way that you can do it and lots of people are starting to think up more inventive ways of saving for their own place. If you feel like you’ll be stuck at your parent’s house forever, try some of these tricks to help you get onto the property ladder.

Buy With A Friend

Once you’ve got yourself a property, moving into another one is a lot easier. Ideally, you’re going to want to buy your own house straight away but when it’s this difficult, it might not always be the most practical idea. Chances are, you’ve got a lot of friends that are in a similar position so why not consider pooling your resources and buying a place together. Once you’re in a more stable position you can sell up and both buy your own place. When you’re trying to choose somebody to share with, make sure it’s someone that you’ll be happy living with. It’s also sensible to draw up a solid agreement about what is to happen if either of you wants to sell up otherwise you might end up in a nasty legal battle with one of your friends.

Government Schemes

The government has recognised that there is a problem and so they’ve started some schemes that can help you to get together the cash you need. A Lifetime ISA is a savings account that you can open once you are eighteen that you can pay a maximum of £4000 a year into. The government will give you 25% on everything that you put in there so it will make it far easier to save the deposit on a house.

They have also recently started a new scheme which will see the construction of new affordable homes that will be sold at a reduced rate to anybody that is trying to buy for the first time. That means houses won’t be taken by people that are in a better position than you to afford them.

Guarantor Mortgages

The main hurdle that people face when they’re trying to get on the property ladder is the deposit. Even if they can afford the mortgage repayments, they usually struggle with putting together the deposit. It’s very rare, but it is still possible to get what is known as a guarantor mortgage. You will be given a 100% mortgage that doesn’t require any deposit whatsoever. As long as you can prove you are earning enough to pay the monthly installments, you can use your parents as a guarantor. They will have to make the repayments on your behalf if you fall behind but as long as you are certain you won’t experience a sudden drop in income, this shouldn’t happen.

Disclosure: This is a collaborative post.