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Can someone explain part rent part buy?

(12 Posts)
harboromummy Sat 19-Dec-15 22:33:07

A friend of mine has found the perfect house, he has the deposit ready.

Question, how does he apply for a part buy part rent? Does he have to apply through the council? Or just through the estate agent/mortgage advisor?

If he's been accepted for the mortgage, can he get turned down on the rent? He earns a very decent salary and can afford both.

He wants a three bedroom, and he has a child he has joint custody with.

Runner05 Sat 19-Dec-15 22:56:38

Hi, the estate agent/mortgage advisor will help him apply to the housing association. But yes, he can be turned down for rent even if he's approved for the mortgage as they look into your finances and circumstances far more. You can be turned down for both not having enough disposable income after bills or earning too much.

If you do get turned down you can appeal by writing to them (I did) and putting forward a case for why you think they're wrong and sometimes they change their minds. But you do have to have a good case that they feel happy with.

BahHumbugs Sat 19-Dec-15 23:00:33

He would have to prove that he cant afford to buy on the open market I think?

harboromummy Sat 19-Dec-15 23:17:01

Brilliant thank you.

He's been offered £130k mortgage, and he has 15k deposit, but it still isn't enough for this area sadly. He is only 25 and his salary I all go up x

BahHumbugs Sat 19-Dec-15 23:23:36

The housing association will determine affordibility, so they may say he can buy 60% & rent 40% from them, it is worth him applying, but dont hang around, register your interest as soon as possible as sometimes there is a waiting list.

harboromummy Sat 19-Dec-15 23:29:43

How do you register? The house has been on right move since September. Rang today Andrew have 3 left x

BahHumbugs Sat 19-Dec-15 23:31:32

What area are they in roughly?

Does he know the name of the developers, if its a new build?
Like Barrats or Taylor Wimpey?

harboromummy Sat 19-Dec-15 23:33:09

Market harborough and a company called spire homes x

BahHumbugs Sat 19-Dec-15 23:39:54

www.harborough-homes.org.uk/Data/ASPPages/1/386.aspx

Register on Monday first thing!

harboromummy Sat 19-Dec-15 23:43:07

Dumb moment, but where abouts do you register or do you have to phone up? I'm having serious baby brain tonight x

BahHumbugs Sat 19-Dec-15 23:44:43

Email or phone, I would phone as its urgent & ring Spire Homes too

www.spirehomes.org.uk/findahome/buyahome

CFSsucks Tue 22-Dec-15 21:31:34

They will have a very specific criteria for people wanting to part rent part buy and he will need to meet it. Things like how much he earns etc etc. A single man may be turned down for a 3 bedroom house, he would probably get a 2 bedroom if he met the criteria but where I am, I doubt they would let 1 adult and 1 child have a 3 bedroom.

He will need to register with the housing association and apply properly, this all takes time, they are not speedy at all!

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