Downsize my house buy smaller
Can you part exchange to downsize and how does rent to buy work?
Asked on Nov 19 2009,
Using Zoopla in Basingstoke |
I've never come across PartEx to downsize but I'll wait with interest to see if that's a possibility.
Rent to buy is where the Vendor (maybe a developer or private homeowner who sees it as a way of bringing in an income to pay their own mortgage while working towards a sale) allows you to rent a property with an 'option' to buy at the end of the agreement. For tenants/FTBs the benefit is that if you do proceed to a sale you will generally have the rent you paid returned to add to your deposit.
You will probably be looking at purchasing 100 per cent of the property with a private scheme, although this can vary. And, as long as you earn enough to cover the mortgage, the schemes will be open to anyone.
lot of people have the earnings, but not enough of a cash deposit. We’re giving them a year or two to save."
Answered on Feb 4 2010,
It is unusual for Developers to Part Exchange with the house they take in exchange being higher in value than the one they are selling. We do often have clients looking to upsize and we have done property swaps in the past and they are more common than you would think. If you wanted to know more please do contact me. Hope this helps
Answered on Feb 8 2010,
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