When we looked into getting a mortgage we were unsuccessful due to high outgoings (child care costs and car payments). We were also not in a position to put down a large deposit at that time due to other unexpected expenses.
My wife and I decided we wanted to get a mortgage because we felt we needed to get onto the property ladder and grew tired of living in a rental house where you felt the house was not yours to put your own mark on it and paying rent to someone else. Before living in our Rent To Own property we lived together in our rental house for 3 and a half years together.
We found out about the Rent to Own through a friend in the building trade and we thought that it would suit us perfectly. We would be able to put put down a smaller deposit and we would be able to move into a new home that we could call home whilst we have more time to save for our deposit and improve our credit ratings. What I really liked about the idea of Rent to Own was knowing that a portion of the rent that we paid could be used towards a deposit for a mortgage once we decided we would be ready to apply. It was good to know that whilst you were paying rent you were making steps every month toward obtaining a mortgage.
We found the process of Rent to Own to be very well structured and felt well guided right from day one. Everything was very well explained to us and we were made to feel like if at any point we had any problems or any questions we always had a point of contact to help us. We felt like Co-Ownership really wanted to help and gave us all the information and resources we required. Once accepted for Rent to Own and you have moved into your new home you are made to feel like this is your home and within reason you can make your own mark on it. We are very glad we chose to go down Rent to Own route because it enabled us to get onto the property ladder sooner than I think we would have been able to. We found it a great way to work towards getting a mortgage whilst not feeling like like you had a mountain to climb with regards saving big deposits etc.
The day we moved into our new home we were absolutely delighted and it was a great feeling. It felt like we were really getting somewhere and was a big step towards owning our own house. As we were able to choose from a list for our turnkey house it felt like our own home that we had got how we like it.
I would advise anyone who is struggling to get onto the property ladder – definitely consider Rent To Own. Getting a negative decision for a mortgage can make you feel a million miles away from getting one but in reality you may not be. If your credit rating is not high enough or you are struggling to raise the necessary deposit required for a mortgage Rent to Own provides you with a great opportunity to make that first step into your new home whilst being able to actively work towards getting that deposit for your mortgage and improving your position to lenders. I personally think it looks a lot better to a lender if you have been on a scheme such as this as it shows that you have been productively working towards getting a mortgage in the right way.
Now that we have completed and are now a home owner it feels great and a weight off our shoulders. We definitely feel we made the right decision to go down the Rent to Own route and actually despite being delighted to have a mortgage now in place we feel like we have actually been home owners for 2 years – even though we have only now got the mortgage.