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Rent with a view to buy.

Looking for a 3+ bed home around the Chorley area. As we don't have the 10% deposit, we need to find somewhere for sale that will allow us to rent it with a view to buy once the deposit is saved.

Asked on Apr 11 2013, Renting in Chorley | Report content

Answers (1)

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  • Hi Deb4168, One option that you can look to take with this sort of thing in mind can be shared ownership. These are government-backed schemes that look to get people onto the first rung of the housing ladder when they struggle to be able to buy through the standard channels because of affordability issues. In order to qualify, you must be able to prove that you would not have the funds to get a normal mortgage, and with a lack of savings for a deposit, this should not be an issue for you. To partake in the scheme, you would need to get in touch with housing associations in the area which offer this. Shared ownership will then allow you to buy a proportion of a house, typically between 25 and 75 per cent, before you rent the rest of it (with a reduced rate depending on how much you own). Down the line, you can buy shares to take you up to the full ownership of the property. Many thanks, Scott

    Answered on Apr 17 2013, Report content

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