Wanting to buy the house I rent

delirious

I currently rent a house and when I moved in it was also for sale at £215k. The Landlord said that they eventually want to sell it and as I love the house, I would love to buy it but unfortunately, I'm not in a position to get a £215k mortgage.

Other than saving 50% of the house price, can anyone suggest any other alternatives that may enable us to buy the house from the Landlord should he decide to sell?

DVardysShadow

How much savings do you have and how much mortgage could you raise?

Cannon_Fodder

I anticipate the arrival of the 'option to buy' guru in a minute...

G_M

I asume from you post that you can raise a mortgage of £107,500 (215/2)?

Unless the owner is will to drop the price, you will need to either
1) save the other 50%
2) borrow the other 50%
3) steal the other 50%
4) Pursuade your parents/ a n other to give you the other 50%
5) wait for the tooth fairey to up his rates (dramatically) and then leave one of your teeth under the pillow

delirious

Thanks for the helpful(??) posts so far. What I was wondering is whether there's any sort of scheme that helps private tenants to buy the house they're renting. OR is it unknown for a tenant to buy say 50% of the house and then when that's been paid for, buy the other 50% at market rate?

N79

delirious wrote: »

What I was wondering is whether there's any sort of scheme that helps private tenants to buy the house they're renting.

Many banks and building societies operate a scheme whereby you can give them a mortgage in return for a percentage of the purchase price.

delirious wrote: »

OR is it unknown for a tenant to buy say 50% of the house and then when that's been paid for, buy the other 50% at market rate?

Quite unknown for any reputable schemes as 50% of a property has, generally, a very low value.

princeofpounds

What I was wondering is whether there's any sort of scheme that helps private tenants to buy the house they're renting

Yes, it's called a mortgage.

This is nothing personal, but I get so frustrated with the number of people that seem to think there must be a government scheme to help fund this or that.

You can either afford it or you can't. Why should anyone's tax money be used to help you buy a house? It's bad enough we have to bribe so-called 'keyworkers'.

delirious

princeofpounds wrote: »

Yes, it's called a mortgage.

This is nothing personal, but I get so frustrated with the number of people that seem to think there must be a government scheme to help fund this or that.

You can either afford it or you can't. Why should anyone's tax money be used to help you buy a house? It's bad enough we have to bribe so-called 'keyworkers'.

Ok, I know you said your reply wasn't personal, but I never asked for the government or anyones tax money to help me buy a house.

It was a genuine question and it appears to have been answered.

pinkshoes

Is it definitely worth £215k?

princeofpounds

Ok, I know you said your reply wasn't personal, but I never asked for the government or anyones tax money to help me buy a house.

Look, I'm glad you didn't overreact to my comment as it really isn't anything against you personally, but normally when people talk of a 'scheme' what they tend to be looking for is some kind of government subsidy, whether explicit or implied.

It's true to say that you weren't directly asking for any government cash, so I wouldn't condemn your question, I guess you were only asking for your options which is fair enough. Hope my slightly harsh comment doesn't deter you from the board.

But I have to say my answer of 'it's a mortgage' isn't there to be obstructive. Mortgages are exactly that - a product that allows you to buy a house you cannot afford by only buying a share (initially your deposit) and then repaying more as you can. The bank has ultimate rights over the property even though in theory you have title (technically you have an option to buy at a fixed price rather than a plain % share of equity, but let's not overcomplicate things).

Cissi

Firstly, you wouldn't need a £215k mortgage. It may well be possible for you to get the house for say 90% of the vendor's target price, since this should be a straightforward transaction for the vendor - so let's say £193,500 for the sake of argument. Then, as FTB you'd realistically need a 15% deposit, leaving a £165,000 mortgage.

To be honest, if you can't raise ca £30k deposit and £165k mortgage then no, you can't afford this house - sorry!