Mortgage broker that allows you to rent part as well.

Hi all,
I did try searching but got the wrong results. I currently own a shared ownership house run by the local housing association, so we have a mortgage on part of the house and pay rent on the other part. Only draw back is you have to buy a house that's on the shared ownership scheme.

I'm sure about a year ago I found a broker that would offer the same concept, buy part, rent part, but on any house (with in reason) but I can no longer find this broker.

Have you heard pf a broker offering this service or am I going mad!

Thanks

Comments

  • DE_612183
    DE_612183 Posts: 1,607
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    The only way this can be done is if an entity owns the house and is will ing to sell part and rent the rest - housing associations do this - not sure who else would ( builders perhaps? or local councils ).
  • ACG
    ACG Posts: 23,616
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    I dont think it is a broker. 
    But I have seen what you are talking about, I cant think of the company though. I would be very careful, its very likely you will end up overpaying - nobody is doing this out of the goodness of their heart and I can imagine it is done in a way that is not regulated, so no real protection... If they insist on you also using their solicitors I think I would run a mile if you do manage to find them.

    I think this is more likely to be dodgy than it is genuine. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,604
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    DIYSO - do it yourself shared-ownership, was a thing in the 90s. Not sure if it's still available. Local authority housing departments used to champion this as the shared owner needed to be a registered social landlord.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • djwmcnae
    djwmcnae Posts: 17
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    Thank you all for your replies, i think ill bin that idea then!
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