Love the house you are renting but also want to get that first step on the property ladder? You may be able purchase it off from your landlord at a discount. (It’s worth an ask, they can only say no?) Have a listen to the 60 second clip and get in touch… hello@patrickjamessolutions.co.uk Your home may be repossessed if you do not keep up repayments on your mortgage.
Welcome to today’s 60-second snippet into the mortgage world. Today’s subject is buying the property that you live in currently off your landlord. That is called the concessionary purchase. If you live in a property and pay rent to your landlord and he is willing to offer that property to you at a discounted price the discount he can offer can constitute your physical deposit. We’ve all rented, it’s hard to save for a deposit whilst renting and the biggest ball ache is that you’re paying someone else’s mortgage normally and you want to get off the rental ladder and onto the property ladder so that everything you pay benefits you but there is a chance, that actually whilst renting, you could build up a relationship with the landlord in order to speak to them and proposition purchasing that property off them at a discount. They can only say no there are mortgages out there for you but without speaking to someone that knows the whole of the market you won’t know which mortgages suit your circumstances.