Help!

laura_ketley

Hi Everyone,
Hope you are all having a great evening. I was wondering if anyone could give me a hand with a problem I have?

We've been renting our house for a year now and have fallen in love with it. The problem is, our landlord has put it on the market.
We really want to buy it, but can't afford the £34,000 deposit needed for a mortgage. We can afford the moving costs, etc but not anywhere near the amount needed by the banks. We applied to OwnHome as MyChoice had run out of funding, but now they've run out too.
Does anyone know of any similar schemes that will let us purchase the house we are renting? It seems to be these kind of schemes are only for Social Housing Tenants, whereas we are private.
We don't have a lot of time, perhaps until September so need to start moving on this very soon.
Any help would be very much appreciated!
(btw We live in Berkshire if that makes any difference)
Thanks!

bingibongi

Dont want to sound unhelpful but if you cant get the deposit together you probably shouldn't be considering trying to buy it, especially in the current market.

hoggums

Agreed - simple fact is you can't afford it. Move on.

laura_ketley

Actually, can I just defend myself here - ordinarily we'd be able to afford this no problem. My partner and I are both on a very good wage and should be able to afford to save this deposit within a couple of years (3 at most), however, we need to get this house at very short notice with no time to waste. We can afford moving costs, lawyers fees, EA fees, and have a nice little cushion for if boiler breaks down, etc. Its just the time constraints that are stopping us from getting a mortgage the regular way.
Does anyone else have any constructive advice other than 'move on'?

Emmzi

if you live in it now why would yu have moving costs?

any savings at all, any assets to sell? couple of flash motors up your sleeve? company share scheme?

bingibongi

Sorry but the brutal reality is that without a deposit you're not going to get very far in todays market.

Couple of years ago Northern Rock would have thrown 125% mortage at you without blinking but things are very very different now.

Thrugelmir

laura_ketley wrote: »

Actually, can I just defend myself here - ordinarily we'd be able to afford this no problem. My partner and I are both on a very good wage and should be able to afford to save this deposit within a couple of years (3 at most), however, we need to get this house at very short notice with no time to waste.

You aren't defending yourself very well with statement such as "we need to get this house". As you say you're not poor. They are plenty of properties to rent so won't be homeless.

Wake up and smell the coffee. Save, save, save. Then the house of your dreams will be yours.

Banks don't print money they lend other savers money. Thats the reality of life. Join the queue and save a deposit.

gemstars

What is the asking price on the house and what do you think it will go for?

If you could post a link to the property I'm sure people on here would be able to help you decide what it is worth.

What is yours and your partners credit history like?

princeofpounds

To be honest there is unlikely to be any 'official' help for you. There's no real reason why you should receive a public subsidy.

I could think of a couple of ways to structure a transaction where a private investor would come in, buy the property, allow you to rent and also have an option to buy (or an option to sell to you) at some point in the future.

But to be honest you a) may have trouble finding such an investor and b) you WILL be paying for the privilege.

If you were silly enough to pay enough, maybe I'd even consider it ;-)