Renting in London is a money paradox that leaves thousands of young people struggling to save enough for a deposit after their monthly housing costs. You apply for a mortgage in principle and put down a one per cent deposit. If approved, you can move into their home and make monthly payments – pegged to the area’s average monthly rents and your own finances – to build up to a five per cent deposit. Their one per cent deposit for a £400,000 two-bed was just £4,000, and their monthly payments are £2,000. “Upon completion, we should have about a five per cent deposit ready to put down for the place,” explained Sam.
