Case Study: Bankrupt to Homeowners

Are you in a circumstance where you don’t feel financially ready to own your own home? Particularly, have you had financial difficulty in the past, and feel like you are pretty far off getting approved for a mortgage now?

If this situation applies to you, we can help. If you have had financial difficulty, getting back on your feet can be a struggle, especially with the rising costs of renting currently. That is why our Rent to Buy schemes are flexible, giving you enough time to get financially ready to acquire a mortgage and own your own home. We will assess your needs, and come up with a Rent to Buy scheme suited to you. This will help make the transition from renting to owning much easier, whatever your financial circumstance.

We have recently moved a couple into their ideal new future home. Keith and Sally had been struggling financially, the cost of renting was adding to the stress, and thought they would never be able to own their own home.

Our lovely couple have been renting for over 10 years and have struggled with money problems. 4 years ago, they were declared bankrupt, and have found it difficult ever since. Currently, Keith and Sally would not be eligible for a mortgage, they knew it would take around 6 years to clear their records after declaring their bankruptcy. So this is great for them as they can slowly build up their deposit through monthly payment and in 2 years time they will have built up a bigger deposit and be eligible to apply for a mortgage, without the setbacks of their past bankruptcy.

Fortunately, Keith and Sally have now got themselves in a position where they are both working and earning good salaries. However, they haven’t been able to save up any money towards a mortgage deposit, due to the high costs of renting. They also understood that their rent and extra costs meant it would be hard for them to raise a deposit and own their own home in the future, via a traditional house sale.

Therefore, we were able to secure them a Rent to Buy scheme on a beautifully modern 3-bedroom bungalow in Swansea, at the fantastic price of only £149,995. This meant that Keith and Sally only had to put down a small deposit of £4,499.85 in order to secure the property.

Over the next 3 years, they will build up 10% towards their mortgage, through their monthly rental payments. So, they have the peace of mind of knowing that their monthly payments are actually coming off the property end price. Also, they are now investing in a property, rather than throwing their rental money away. The rent money is going towards their future home, completed in 3 years’ time.

Their Rent to Buy 3 year scheme will allow them to build up their mortgage deposit at last, as well as giving them sufficient time to become mortgage ready. Plus, they are living in their future home presently, so they no longer have to worry about high rental costs, and can start investing and improving their own property and ideal home.

Keith and Sally were delighted with the scheme, and overwhelmed that they could finally afford the home of their dreams. When they thought it wouldn’t be possible, they were able to move out of their renting rut and invest in their future.

If you feel like you’re in a similar situation, even if you have been declared bankrupt in the past, then don’t lose hope. If you want to own your own home, and move on from your financial difficulty, Rent to Buy is an ideal opportunity for you.

Simply contact us, and we will develop an easy, feasible Rent to Buy scheme, which will allow you to own and live in your own home. The scheme gives you time to recover from financial difficulty, and allows you to secure a mortgage with a reasonable deposit, to help you on your way to becoming a homeowner!

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