Is There A Way I Can Buy This House?

foxymoron_2

Hi all.
I'm a first time buyer living in Oxford. (Notorious for expensive housing)
I am currently renting as I haven't been able to get a mortgage.
I must point out that I really don't know much about mortgages, I have only the info I have read here and what the bank has told me.
I've been renting privately through my landlord for 5 years now.
Recently I have been told by them that I can buy the house from them if I wish.
I would like this very much. The house is perfect, I have a baby due very soon and would love to be getting on the property ladder and secure for the future.
They would only ask a fair price, not top dollar, are willing to sell to us privately and are willing to consider part buy part rent schemes.
The problem I have is I'm totally clueless as to where to begin!
Where do I start?
I trust them completely as they do us and this opportunity sounds wonderful. They are going to set up some valuations on the property soon.
I earn about 20,000 a year and have no savings but no debt either.
My partner is disabled and has an income due to her disability but none that a bank will take into any decision of how much of a mortgage I can get.
I hate my ignorance on this subject but I get very confused by it all. Laymans terms are what I need.
So what I'm asking is...
Could this be a feasable deal?
How would I go about it?
Where do I turn for a part rent part buy deal?
I would be so grateful to anyone that can help.
Thanks in advance!
A.

Ivrytwr3

You can't really do anything until you get a figure from your landlords regarding how much they want for the property.

Or you could look around and see how much it is worth and offer them something. After all, if they get the property valued and see it is worth much more than you can afford, money is a drving factor and the be tempted to take the extra cash!

seabright

I agree with Ivrytwr3, without knowing what the landlord's want, you can't do much. Use this website: http://www.houseprices.co.uk/ to see what nearby properties sold for, it might give you an idea.

Is the landlord a Housing Association? If so, then shared ownership might work, otherwise, almost certainly not, as it will cost a lot to draft the right documents and almost impossible to get a mortgage. Housing Association Shared Ownership schemes are mortgageable, but only a small number of lenders deal with them.

Thefunkygibbons

We do not have enough details here

But on the basis of £20k income, even a racy multiple will not buy you much in Oxford I would not have thought

What sort of property is it?