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Private seller part rent part buy
Silvercar2
Posts: 51 Forumite
We are thinking about part buying 50% of a local house and part renting the other half.
We can only raise half the money to buy a local house, the owner says yes he could be interested because he has been trying to sell for a long time.
So the idea is we give him half the asking price for a 50% share in the property. We then pay him a reasonable rent of about 50% local average and a private mortgage with him slowly paying off the interest only on the other 50%.
I am hoping inflation will whittle away the 50% mortgage and in the future be able to pay this off.
I know this plan is full of potential problems, has anyone else done anything similar? Would you recommend a plan like this or the other option is just carry on renting.
I do not know how anyone can raise the money to buy a house these days, the banks just are not lending enough compared to house prices.
We can only raise half the money to buy a local house, the owner says yes he could be interested because he has been trying to sell for a long time.
So the idea is we give him half the asking price for a 50% share in the property. We then pay him a reasonable rent of about 50% local average and a private mortgage with him slowly paying off the interest only on the other 50%.
I am hoping inflation will whittle away the 50% mortgage and in the future be able to pay this off.
I know this plan is full of potential problems, has anyone else done anything similar? Would you recommend a plan like this or the other option is just carry on renting.
I do not know how anyone can raise the money to buy a house these days, the banks just are not lending enough compared to house prices.
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