Rent to buy - Private Schemes....

[IF]

Re: Rent to buy - Private Schemes....

Potentially I'm going to get put into an IPA, so paying over the odds rent wouldn't really affect me, since they're going to nab all my extra income from my promotion anyway! I'm where I am now to save money, but if I'm going to have an IPA I might as well get my own place (even if it is a traditional rental) and some security! That's why I looked into rent to buy etc. The government subsidized ones refuse to consider me - despite accepting my application (!!!). They ignored all my property requests, and only when I complained did they confirm I wasn't eligible and never would be while my credit scoring would fail... idiots.

I think and not a 100% sure tbh (you may have to ask your OR) the reason you struggled to get a Government rent to buy scheme is you have to wait until you are discharged (1 year) from your BR and to have finished paying your IPA in three years time.

Regarding other private rent to buy schemes I not at all sure, some may even want your credit files to be clear, which would be six years from the date of your BR.

[SA Gold]

Re: Rent to buy - Private Schemes....

I look forward to PlanBs reply on this. Does anyone think the UK is now like countries where mortgages/property is being handed down generations (Germany and USA come to mind)?
I think the traditional 25, 30 year mortgages wont be around for much longer.

[Pixie]

Re: Rent to buy - Private Schemes....

Sorry, I have no knowledge of rent to buy schemes. PlanB is the expert on housing so I'll ask her to look at your post.

[1NightInIbiza]

What are the thoughts on private schemes? Other than the ridiculous interest rates some charge - some joker in kent was charging £850pcm rent on a flat that would be owned after something like 70 years because there was a £444.44 monthly administration fee, 300 rent and only the rest going towards the house!, so the pricing model was something like 750k for a 2 bedroom!

Something like www.renttobuy.co.uk - they seem to be the biggest. Although they're mainly northern properties so not much use to me at the moment.http://renttobuy.co.uk/propertyDetai...propertyId=358 for example. 'Law Society Approved', if that actually means anything... obviously my income & bankruptcy mean I'm not going to get a mortgage any time soon, but I could get say a 10k deposit for a property like that, and even £750pcm wouldn't be too much of a struggle on my wages.
Or http://renttobuy.co.uk/propertyDetai...propertyId=335 which is a more reasonable 60-90 minute commute...

I ask because I'm currently sharing somewhere I shouldn't be (not on tenancy etc), not particularly enjoying it, and paying £450 a month (although that includes bills).

Potentially I'm going to get put into an IPA, so paying over the odds rent wouldn't really affect me, since they're going to nab all my extra income from my promotion anyway! I'm where I am now to save money, but if I'm going to have an IPA I might as well get my own place (even if it is a traditional rental) and some security! That's why I looked into rent to buy etc. The government subsidized ones refuse to consider me - despite accepting my application (!!!). They ignored all my property requests, and only when I complained did they confirm I wasn't eligible and never would be while my credit scoring would fail... idiots.