just read this on the bbc about, renting a house and when you can afford to buy it, they subtract the amount of rent off of the purchase price!
I think this is a great idea personally as it may mean in a few years even I can buy…
Havnt they already had similar schemes where you buy half and pay rent on the rest. Same thing really just the other way round but as youre renting the prices will be rising making it as unafordable as before. Just another gimmick and probably restricted to so called key workers …
Why dont the mortgage companies rather look at and take into account the ammount of rent people do actually pay on a regular monthly basis. At the moment that means sod all even if it is comprable to or higher than repayment on a mortgage would be.
Been on the go for a while in the UK. Now getting popular here in Spain (not that it’s particularly relevant if you live in London! ) as people are not able to buy . Plenty of Brits just handing their keys back to the bank and walking away at huge loss…Sad but mostly through taking on more than they should…
yer it is similar but you have to buy part straight away say 50% with this one, you would rent the whole thing when your in a position to buy you would buy minus the amount you have paid in rent.I think it is a great idea for example even if you rent it for 10 years, at £300 say and when you buy the place is valued at £100’000 you would only need a mortgage of £64’000 which is much more do-able in my opinion…but I guess it is one of those what works for one does not work for another.
Anything to make getting a place a more realistic possibility after the last decade of property bubble insanity.