Rent to homebuy

mrso2012

I really need advice from anybody who knows about some of the government schemes, we’re registered with homebuy options for Essex and a flat has come up, 2 bedrooms new build bigger and nicer than our current private rental flat and a lot cheaper too. Its on the rent to homebuy scheme so we’re not purchasing anything now, we would take the flat as just a rental for a period of 3 years and at the end of the 3 years we would have the option to buy shares in the property .

We’re on a DMP now, we’re sorting our debts and have a good grip of our finances now, we pay our rent on time every month and we don’t use any credit anymore, we’re paying off our debt and hope to be debt free by next year, our credit ratings have obviously taken a thrashing now though I have one account showing as ‘defaulted or delinquent’ on my credit file and my Experian credit score is only 99. Now I expect this and its fine we’re tackling it now.

The housing association (family mosaic) have booked us in to view the property next week and if we want to apply then we need to go through a ‘credit check’, now we got our current flat even with the bad credit when we applied through a private letting agent back in November but does have anyone have any experience of the credit checks they will do for the rent to homebuy scheme, whether it will be a detailed credit check or whether its just a basic tenancy one like the letting agents do as obviously we’re not asking to buy the property now, we’re only renting it but as you have the expectation to buy I don’t know if it would be more detailed and with ours being so low and the default its going to be no chance of us getting it. I don’t want to pay the £100 credit check fee if theres no way in hell we’re going to be accepted! I meet the minimum income criteria so we have enough income?

Thanks any help would be greatly appreciated!

piggypot12

Bumping the thread? Anyone?