Do you think the banks would go for this??

darragh o meara

Im currently living in a rented house which belonged to a building contractor who went the way as many before him to the wall. Even though the landlord hasn't told me outright the bank now have ownership of the land and property I have it on extremely reliable information that he is gone completely.

Im in the position where I am waiting for a visit or contact from the bank as to further renting the property or maybe to buy the property.

My proposal is to put a proposition to the bank something on this lines:

The bank lease the house to me on a rent to buy type scheme for a period of four years at a nominal rent. We agree a price on the property at the time of the lease.

I pay the rent for the four years and at the end of that period the bank uses 2 years of rent as deposit along with whatever I have managed to save up.

Ok this is similar to the current rent to buy scheme, Here is the difference:

If after the four years I can show that I can afford to keep rent paid on time every month etc that the bank will agree to give us a mortgage to cover the cost of buying the house from the bank. Where it twists is that I haven't got the best credit rating as I got into a bit of bother with my loans when I was unexpectedly made redundant last year. My partner however has 100% good credit rating and I have a gaurantore (spelling ) who is will to back me.

I personally think that if we can prove that we can pay the rent which is very close to what a mortgage payment would be for the price we are looking to offer, that the bank will see we are good for it and have an ability to pay back the mortgage.

I think that the propostion works for everyone. The bank gets to effectively get rid of the property from their books and I get to own a property which I have been living in for the past few years.

Do ye think I would be wasting my time trying to negociate with the bank with this proposition.

RoadKillTs

Do ye think I would be wasting my time trying to negociate with the bank with this proposition.

Yes. A bank is not going to rent you a house.

chris85

The bank will not go for any proposition like this. They are a bank and would not deal in any lease or so forth. not their job and will not consider the proposal. If its their property now they will engage with a letting agent if leases need to be negotiated.