Rental, gifted deposit and House buying

Charlie23

Hi
looking for some advice please!
We owned a house in 2009 but went bankrupt and were repossessed. Have been financially clear since then and been renting a house for the past 7 years.
Hubby just got a promotion meaning a mortgage would definitely be affordable and on mortgage calculators seem happy with our wages as a whole (obviously as only on a calculator the bankruptcy isn't showing on it)

We were about to move town and move to a higher cost to rent. Cue a letter in the post from our landlord asking if we want to buy the house we currently rent. Not only that but they would give us a discount as a gifted deposit.

Haven't managed to speak to the estate agents about the full details regarding amounts etc but in theory would be between 5 and 10% as a gifted deposit.

What would you do? I think we should go for it and buy this place and move in 18 months so we can at least get onto the housing ladder otherwise we won't be able to get a deposit together for at least 2 years. But i have just accepted another job (where we were moving to) and i would have to turn it down.

Any advice or help with questions to ask very much appreciated as i just don't know what to do!
Thank You!

G_M

Since the job you've been offered is so menial and such a low rate of pay, stay where you are. Buy the house are renting, as it is in such perfect condition and being sold at such a huge discount from the market value.

eddddy

Charlie23 wrote: »

...in theory would be between 5 and 10% as a gifted deposit.

You will find it difficult to find a mortgage lender who will allow a vendor gifted deposit.

Even more so, as it sounds like you have no deposit of your own to add to it.

Maybe speak to a mortgage broker before raising your hopes.

Charlie23

eddddy wrote: »

You will find it difficult to find a mortgage lender who will allow a vendor gifted deposit.

Even more so, as it sounds like you have no deposit of your own to add to it.

Maybe speak to a mortgage broker before raising your hopes.

Really? this is why i needed to ask advice, as i haven't heard much about gifted deposits etc and no we won't really have much to add to the deposit currently.
I think we will need to find a mortgage broker asap to find out where we stand.
Thank you! definitely need to look into it all!

Charlie23

G_M wrote: »

Since the job you've been offered is so menial and such a low rate of pay, stay where you are. Buy the house are renting, as it is in such perfect condition and being sold at such a huge discount from the market value.

and you know (assume) all of the above how????

eddddy

Charlie23 wrote: »

Really? this is why i needed to ask advice, as i haven't heard much about gifted deposits etc and no we won't really have much to add to the deposit currently.
I think we will need to find a mortgage broker asap to find out where we stand.
Thank you! definitely need to look into it all!

... and I don't want to sound too cynical, but if a property investor says something like:

"I could sell this property to someone else for (say) £100k - but I want to sell it to you for £90k..."

... I kind of take it with a pinch of salt. Most people who go into business letting properties don't give away chunks of their profits.

But maybe your LL is different.

Charlie23

eddddy wrote: »

... and I don't want to sound too cynical, but if a property investor says something like:

"I could sell this property to someone else for (say) £100k - but I want to sell it to you for £90k..."

... I kind of take it with a pinch of salt. Most people who go into business letting properties don't give away chunks of their profits.

But maybe your LL is different.

it's a LL with a lot of properties, built the estate and rents half of the houses out. I'm usually quite cynical about it all too as i'm not too sure how they benefit. I'm not aware of any financial issues but obviously they wouldn't be publicizing them.

I wasn't sure if my cautiousness was undeserved or not!

G_M

Charlie23 wrote: »

and you know (assume) all of the above how????

Ah! Hmmm... yes.... OK - you've got me.

I have no idea.

But there again, without knowing those (and many other) details, it is impossible to tell you what I would do, which is what you asked!