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Rent to buy
Reece_
Posts: 291 Forumite
Just curious on how rent to buy works, I've seen a local property advertised on this basis, and google results tend to point towards a newish scheme on new property whereby rent is lower than average to enable you to save up to buy the house.
This property I've seen is not a new build and so wondering if same still applies? I'm purely curious btw I'm not interested in it myself.
The advert says something along the lines of "£5000 deposit and £200 per week buys you this property " list price of £220,000, but will paying the £200 rent a week eventually mean you own the house, or will there be a large sum due at a certain point etc?
This property I've seen is not a new build and so wondering if same still applies? I'm purely curious btw I'm not interested in it myself.
The advert says something along the lines of "£5000 deposit and £200 per week buys you this property " list price of £220,000, but will paying the £200 rent a week eventually mean you own the house, or will there be a large sum due at a certain point etc?
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Comments
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Be careful with this sort of scheme, they can be 'legitimate' but cons. When I phoned one, they always didn't have the property advertised available but did have far more expensive ones available.., with large deposits needed. There are risks that you will lose the deposit so be very careful.0
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