Rent To Buy After Bankruptcy?

kitty_and_gucci_2008

Good evening all,

My wife and I went bankrupt in December 2011 and we are currently still private renting in a overcrowded 2 bed flat with our 2 children.
We are thinking of entering into the rent to buy as a first time buyer as we have never had a mortgage and wondered if any
one has any advice or information regarding the process.

Thanks in advance.

geoffky

I really can not stress how much you need to be careful with rent to buy..Please please make sure you get your own solicitor to look over the contract...you will be entering a legal minefield..

Tigger1983

How come Geoff? We are in a similar situation and were thinking of looking at rent to buy.

K&G, let us know how you get on and good luck! x

sundays

Rent to buy means you must normally pass credit ref checks to be considered which you wont if you went BR in 2011. Most social landlords that go down the rent to buy route will give a tenancy for 5 years then normally you the option to buy with money they have put aside for a deposit after the term but many are not working out, ie getting the mortgages due to the current climate . i think you would have to be on the housing register to be considered.
On top of that is the new localism act which will give landlords ie social ones more powers to shorten a tenancy after a set period. so there is no guarantee.
It is the lender not the landord that would agree the mortage no one else.