Hi,

New to London. From what I’m observing it seems far far cheaper to just buy a property and live in it than to rent, especially if you’re a first-time buyer.

Am I missing something? Are there hidden pitfalls here? I’m sure this is discussed a lot between a lot of you. Can someone whose not a citizen even apply for the scheme(it never said you have to be in the requirements). I can get a guarantor as I know the hardest part is having a good credit record when you’re new in the UK. Also, I wouldn’t imagine buying until I know the market. So I would give it at least a year or two.

Any tips? I know obviously it has to be a new home or one already bought through the scheme and more of the basic things. Let me know thanks.

Edit: I’m referring to buying through the first time home owners scheme! This is important and I didn’t directly mention it.