Rent to own

ChrisD.

ChrisD.

ChrisD.

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Joined
20 Sep 2006
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Would you pay an extra £200 a month (affordable) to move from a tiny 2 bed flat to a massive split level 2 bed flat in exactly the same area? Essentially, the rent would move from £700 to £900 for the Mortgage + possible an extra £300-400 PCM income for renting the spare room out.

Seems a no brainer, but the interest level is a bit higher than the norm due to 0% deposit Mortgage?
 
It's to buy through Connells. Interest is 6% which is high, but not really looked at figures exactly, just going off what the guy said in the viewing.
 
Possibly.

But I'd also consider saving that £200pm as a deposit to buy somewhere outright instead.
 
You can get 100% mortgages still but the market is limited and you get bent over on the rate. Some products require you to have a guarentor on the loan (e.g. parent's house).

I think there is more to it than just those factors, buying a property isn't just about rent vs mortage that is also factors like, does the rent include maintenance costs, are you sure you want to live in the same place in the medium term (over 5 years), how long is the mortgage term, are there any early exit fees etc etc.
 
HangTime said:
You can get 100% mortgages still but the market is limited and you get bent over on the rate. Some products require you to have a guarentor on the loan (e.g. parent's house).

I think there is more to it than just those factors, buying a property isn't just about rent vs mortage that is also factors like, does the rent include maintenance costs, are you sure you want to live in the same place in the medium term (over 5 years) etc etc.
Click to expand...
Yeah I know, I don't have all the figures to hand, just a suggestion at the moment from the estate agent really. Will try and get more figures tomorrow.
 
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