If you are not able to secure a traditional home loan, there may be other options available to you to be able to buy your new home. Here are some ideas to finance your home creatively.
Look into Government support and assistance programs for home buyers.
- Ask a family member or close friend for help, either for part of the house deposit or to co-sign the mortgage.
- Lease with an option to buy – in some cases, particularly if you are already a long-term tenant, home owners may allow you to rent the property for a year or so allowing you to save up further, with the idea that you will eventually buy it.
- Secure a (short-term) second mortgage – if you qualify for a second mortgage, this could allow you to make a larger deposit on a new property, avoiding mortgage insurance and other extra fees.