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    Part Buy Part Rent Option, is it good?

    Honest Opinions and advise please, when would be the best time considering the current economic situations , any other options.


    Cheers

    10 Comments

    any renting is throwing money away. Go for a cheaper place that needs some work and buy 100% of the property. go for freehold not leasehold or you will have yearly service charges. now is a good time to buy. look for repossessions you will get a good deal.

    Original Poster

    Lives in the south east, renting privately as well, rent is killing me, am think that even if buying as low as 25% it has a significant changes to the monthly rent.

    Original Poster

    markvirgo;3627275

    any renting is throwing money away. Go for a cheaper place that needs … any renting is throwing money away. Go for a cheaper place that needs some work and buy 100% of the property. go for freehold not leasehold or you will have yearly service charges. now is a good time to buy. look for repossessions you will get a good deal.



    Thanks for the advice.

    markvirgo;3627275

    any renting is throwing money away. Go for a cheaper place that needs … any renting is throwing money away. Go for a cheaper place that needs some work and buy 100% of the property. go for freehold not leasehold or you will have yearly service charges. now is a good time to buy. look for repossessions you will get a good deal.



    lol :-D

    Comparison, 2 of my friends live in Part rent properties. Basically identical houses. (few doors apart)

    S. bought 75% at the same time as F. bought 75%

    F. bought out rest asap. Total price paid £70000
    S. waited 5 yr. Bought out rest last jan.
    Total price paid £105000, PLUS the 25% rent for the last 5 yr.:roll:

    Probably paid in excess of 40 grand more for a house he moved into at the same time.:oops:

    You're not buying for an investment (I hope) but instead for somewhere to live. If you can buy, do it!

    You have friends called F and S? If only only you knew D too, DFS.....

    at last something on here i actualy know about!!!
    first question should be will they let me 'staircase' ie increase my share i own in the future?
    the reason i ask is that some only let you own 80% this limits the ammount of mortgage lenders who will lend to you but basicaly its not for everyone if you will or can eventualy save a deposit or afford an outright purchase its not for you!!
    look at housingcorp.gov.uk/ser…784
    this is the best leaflet explaning the scheme
    other thing is that you can get some good deals ie carperts reduced rent etc so see if you can haggle if its a new build!!!
    and you need to get a whole market independant mortgage advisor as not all lenders will lend on shared ownership\ newbuild homebuy\ part rent part buy properties particulary when its a 25% purchase

    Original Poster

    :thumbsup:

    Benjiboo1;3628945

    at last something on here i actualy know about!!!first question should be … at last something on here i actualy know about!!!first question should be will they let me 'staircase' ie increase my share i own in the future?the reason i ask is that some only let you own 80% this limits the ammount of mortgage lenders who will lend to you but basicaly its not for everyone if you will or can eventualy save a deposit or afford an outright purchase its not for you!!look at http://www.housingcorp.gov.uk/server/show/ConWebDoc.7784this is the best leaflet explaning the schemeother thing is that you can get some good deals ie carperts reduced rent etc so see if you can haggle if its a new build!!!and you need to get a whole market independant mortgage advisor as not all lenders will lend on shared ownership\ newbuild homebuy\ part rent part buy properties particulary when its a 25% purchase



    Nice piece of advice, well appreciated. any ideas of said market independent mortgage advisors?:thumbsup:

    thesaint;3627325

    lol :-D



    what's so funny?.

    Nice piece of advice, well appreciated. any ideas of said market independent mortgage advisors?:thumbsup:[/QUOTE]

    Nah but the two big lenders in this type of property purchase are Halifax and Nationwide depending on your credit rating they are usaly wanting a 10% deposit
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