‘Save to Buy’ scheme permits consumers to save deposit while residing rent-free

Developer Fairview New Homes has unveiled its ‘Save to Buy’ scheme, which aims to assist those who are concurrently trying to save deposit and make rent payments.
The new scheme, which is the first of its type in the UK, enables first-time homebuyers to reside in their property without paying rent, with monthly payments going towards a deposit on their property, rather than a landlord.
It also aims to reassure prospective purchasers who are still living with their parents that they can become homeowners as early as this year. Successful candidates must be first-time buyers, over 18, have a 1% down payment previously made, be employed full-time (for at least three months), and be qualified by a third-party financial advisor to validate affordability and credit score.
By signing up to the program, applicants are essentially ‘exchanging’ on their property purchase. They’ll pay monthly instalments 100 per cent of which goes towards their deposit until they complete on the purchase.
According to the developer, “These monthly payments are based on the typical monthly rent in the area and the buyer's own resources." As an example, it suggests this amount would be around £1,500, but you can overpay on these monthly amounts and complete sooner.
The Save To Buy homes will initially be available in Epping Gate, Essex, and New Hayes, west London. Throughout the year, dozens, and even hundreds, of homes will go on the market, depending on supply and demand.
The homes range in size from one to three bedrooms and are finished in a contemporary style with built-in kitchen appliances.
Additionally, every unit in NewHayes has a private balcony or patio. The current price range is £325,000 to £500,000.