Trying to buy rented house - concessionary purchase help

Whywontthiswork

We are trying to buy our rented house. The landlord has offered us a discount so wanted to use concessionary purchase so we could utilise the discount (£20k) we also have 22k to put into deposit too. But, after spending to about 10 brokers and a bank direct NO ONE can offer us a concessionary purchase deal. We have then tried to go down the 5% deposit route but again no luck as need to borrow 4.75 x salary rather than general 4.49 to be able to afford it.

Feeling so deflated but really don’t want to give this dream up. This is our ‘home’ and if we don’t buy it then he might turf us out to sell it anyway. He won’t come down in price anymore and we can’t easily raise anymore than another grand or two to go with deposit. Has anyone had any success with buying their rented house and using the equity discount? I want to keep trying every broker in the country but partner says we should just admit defeat… 

ACG

The 4.75x income AND the gifted equity might be a tricky one. 
I cant really think of any lenders who will do both off the top of my head, but I feel like it should be possible. 

Keep trying. If you do not ask, you do not get. 

Whywontthiswork

ACG said:

The 4.75x income AND the gifted equity might be a tricky one. 
I cant really think of any lenders who will do both off the top of my head, but I feel like it should be possible. 

Keep trying. If you do not ask, you do not get. 

Yes, I appreciate I might be pushing it! It just seems such a waste as using that pushes out deposit to 13% rather than our cash deposit just being 5%. Even without using that option, we still can’t find a lender who will do 5% deposit and lend us 4.75. We have been using local brokers, is there such a thing as a huge large firm that might have access to more lenders than a local firm will? The local ones we’ve tried have had access to maybe 30-50 lenders, is this a usual number? 

kingstreet

Why won't the concessionary purchase work?

Whywontthiswork

kingstreet said:

Why won't the concessionary purchase work?

We can’t find any lender who will take it into consideration because a) it’s not family, and b) it’s not at least a 10% discount. 

kingstreet

What does the £20k discount equate to as a percentage of the purchase price as you didn't mention it?

Whywontthiswork

kingstreet said:

What does the £20k discount equate to as a percentage of the purchase price as you didn't mention it?

It’s a 5% discount. Actually 5.79% to be precise. I’m realising that all these .05’s make all the difference!!