rent to buy

[PJulie]

currently i rent a two bedroom house for £520, I want to buy, I can probably raise about 10% deposit but a rent to buy scheme would be easier, however I would rather buy an older house not a new build.

I earn about £18,000 although may not have a job after Christmas.

If you may not have a job after Xmas, why would you consider buying a house?

I paying about the same for renting that I would be paying for a repayment mortgage and a lot less for a interest only mortgage

If you are out of a job after Christmas you will be eligible for housing benefit while renting. If you have a mortgage, you will be eligible for SMI after 12 weeks unemployment, but that only pays the interest, you would need to find the capital portion of the monthly payments still. I don't know of any lenders who will currently offer interest only mortgages with only a 10% deposit!