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Part buy part rent mortgage

Part buy part rent mortgage

Old Mar 4th 2016, 1:05 pm
  #1  
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Default Part buy part rent mortgage

I did not know they existed until a letting agent mentioned them yesterday.
I did a search and did not see them mentioned elsewhere on the forum.
I am not advocating them nor selling them to be clear.
It may be an alternative method to gain a foothold in the property market.
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Old Mar 4th 2016, 6:32 pm
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Default Re: Part buy part rent mortgage

Part ownership has been around for a while. There are pros and cons.
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Old Mar 5th 2016, 12:47 am
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Default Re: Part buy part rent mortgage

my cousin did it and it allowed her and her family to live in a much nicer place. But they are usually extremely limited in terms of finding one.

For instance if a new development is built, the council might say, you need to have 5 out of 100 units rent to buy. OR part rent/part council or location housing association owned (that ratio is mostly up to you and what you can afford to buy).

The issue here is you have to apply for the ability to buy and you'll be on a waiting list like everyone else thats applied to buy. My cousin said there was 30 people on the list for her place, she was lucky she was at the front of the list and got approved.

But in less dense areas it might be easier.

But its a very good option if you can, once you pay your portion you can stop there, they'll be stipulations etc... on living there and eventually selling on or you can buy out the councils/HA part and fully own it.
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Old Mar 5th 2016, 6:50 am
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Default Re: Part buy part rent mortgage

I found this article on the pros and cons: https://www.cml.org.uk/news/news-and-views/626/
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