Has anyone done rent to buy homebuy?

thepeachyone

We have been struggling to get a mortgage on our preferred property and we have been offered the chance to rent it at a reduced rent until we can buy it.

Anyone done this?

This seems to be the same sort of thing

The defined period in our case is 3 years.

parisjordana

if you have been offered this chance and can afford the rent and realy want the house then that ticks all of the boxes and I say go for it........

G_M

looks interesting but I'd check carefully the price you will be expected to eventually buy at. Is it fixed at the start? If so, do you anticipate prices will rise in the next 3 years (giving you a bargain down the road) or vice verse? Or is the price fixed at market values in 3 years? How is this determined?

Apart from that, a good way to get into your new home .. Good luck.

thepeachyone

The rent is cheaper than our current house as its at 80% market rental. I will check out about buying, but I would imagine you buy at the market value at the time.

AMILLIONDOLLARS

Read the small print, sometimes its not guaranteed that they will let you buy it. Secondly, in that period the property may be subject to a raise in value, putting it further out of your reach. Dont forget you have additional bills like council tax etc...

My advice is stay at home pay off any debts and save as much as you can, this would put you in a better long term position.

AMD