Scotland options -- need help

confused__6

Hi, need some advice I am a long time lurker first time poster so Bare with me:

1) We have been looking at buying a home as we rent privately.

2) Our Flatmate and bestman has decided to come in on the deal. He has very good credit whereas we are paper rich we had a run in a while ago with our credit and its not suitable for a mortgage yet.

3) we need to buy now as we are being asked to leave our property the property isn't fit for rental anymore (it has a foundation issue and needs pinning etc obviously we have "time" but we would rather buy then rent again.

4) Our flatmate has just been offered a job whereas he is going to have accommodation this is for a 4 year contract but after that he will need to live with us again. So we were looking at Buy to Let mortgages but at the moment we only have 20% mortgage which at first we were told was enough but now we find out its NOT enough.

So we are living in an area that is up and coming 4 new development sites and in 3 years a new railway is coming in allowing access to a major city in Scotland.

So we were thinking of one of these "deals" I know a lot of people suggest against it due to negative equity which I don't see happening in the area at the moment but really we aren't looking to move anytime soon.

We have 40-45k cash to put down on a house looking at houses prices 220ish.

I feel this is a better option than Buy to Let but maybe I am wrong.

Are there programs in Scotland firstly that would allow me to do this? I personally would like to own the house and not do the rent thing (I believe thats shared equity?) I am looking at Shared ownership(do I have that right?)

Anyway please let me know your thoughts.

confused__6

Also for these deals does the said person need to qualify for the whole mortgage ...

like if we were looking at a house for 220 would our bestman have to qualify with his wage for 220?

His mom has offered to help as well she owns a mortgage free home and is willing to co-sign

Thrugelmir

Doesn't sound a workable idea. For a number of reasons. Far better to wait a while until your credit ratings improve sufficiently, enabling you to obtain a mortgage.