Mortgage by end of summer 2015

Contracts_Engineer

I have never heard of a credit union but ive just checked it on google. Its an avenue i had never thought of and one i will explore.

The only other option I could think of is if the landlord and landlady would consider a rent to buy (of which I have not really looked into as yet)

TheGardener

I found a CU almost on my doorstep! and couldn't believe my luck that my employer had a payroll deduction scheme with them. Look here for one near you or perhaps you are in a job that has one like the Police or a particular Union http://www.findyourcreditunion.co.uk/home

Now I can 'save' for all those annual expenses like car insurance that I cant get by instalments anymore due to BR. Ours isn't big enough to do mortgages but some are.

My car is a bit ancient now and no way will it last 6 years so by saving now, I stand a reasonable chance of a small loan for another when mine finally gives up the ghost. :T

wharty

Hi. May i suggest something i just thought of?

If you could save 20% of the value of the house (or just 20k over the next 12 months), could you not offer to buy 20% of the home? they would still have a mortgage on the house but they would be able to reduce the rent by 20%?

It may work well for the landlord too because he gets a lump sum to pay some of his mortgage (if he has one).

If you could do this over 5-10 years (giving him a lump sum) then he may stand to make more if house prices go up.

Think about it. If you have the home revalued every time you want to pay a lump sum then the landlord would probably make more over the long term. You would also save A LOT of money because you wouldn't have a mortgage charging you interest. In fact you would be earning interest on the lump sum.

Only downside is the landlord may want to cut his losses in 2015 and not risk losing more money in the future if house prices go down.

Leverage your landlords mortgage.

Contracts_Engineer

they defo have a mortgage and I kind of see how this works but I think they will be ready to sell in aug 2015 as they say.

And if I chuck them a lump sum every so often wouldn't I be getting the house interest free?

Anyway it doesn't matter, it worth considering though and thanks for the thought