Don’t Fancy a Mortgage? Alternative Options for Buying Property


For most people, buying a home means signing up to a lengthy debt with the bank – a mortgage is a great financial tool that makes it possible for many people to own their own property, but it’s also a long-term financial commitment. While we recognise that it’s probably the right option for most people, that doesn’t mean you shouldn’t take the time to consider some alternatives. So here are the choices that you should think about if you’re keen to remain mortgage-free.

Property auction

Buying at auction can be an exhilarating way to quickly buy a potentially discounted property. And, although it’s possible to get a mortgage on some auction properties if you wish to, in many cases they’re sold mortgage free. If you’ve managed to save up a fair chunk of cash, this is a really good opportunity to bag yourself a bargain – according to Which?, properties bought at auction can be up to 30% cheaper. This means that it can help cash purchasers set a more realistic savings goal. Just be sure to do thorough research first – you should know exactly what you’re buying, with a full understanding of how much work will need to be done once the property is yours.


If you already own a house, then you can consider selling up and using the money that you make to buy a new property outright. This is a great option for older people who may need less space and want to reduce monthly outgoings. You could also consider moving to a cheaper area, especially if you have retired, as it may be possible to find a home that’s not much smaller than your current property for a much cheaper price.

Live off one income

For younger people, it can be difficult to find a way to build up enough cash to simply buy your first home outright. However one tactic that we’ve hear a lot about is living off one income. For couples who want to save for a cash-purchase, drastically reducing your outgoings so that you can pay rent, bills and living expenses using just one income means that you can put the entire second income straight into savings. It’s particularly feasible for couples who are able to reduce outgoings by living with family members.

Stay renting

Who says you need to own your own home anyway? Often seen as a status symbol that represents maturity, more and more people are choosing to reject traditional home ownership altogether, instead opting to rent deep into adulthood. Renting gives you a lot of flexibility to move around, so if you’re not ready to settle in one location yet then it’s really a no-brainer. It also means that you don’t have the hassle (or added expenses) of dealing with more complicated home maintenance tasks as that should be the responsibility of the landlord.

While continued renting isn’t for everyone, we know that there are a lot of people striving to get onto the property ladder just because it’s expected from society. It’s a good idea to weigh up the pros and cons of renting vs. buying before embarking on a mortgage.

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