My partner and myself have fallen in love with a house, after having our offer accepted we was unable to obtain a mortgage due to my partners old bank account closing on a default 2.5 years ago. We pulled out of the agreement and tried to forget about it, after looking on a property site i seen the house was still up for sale and £10k less. The vendor knows my partners boss so we got his number and rang him with a shared ownership offer.
we will keep to our original offer of £120,000 however would he accept £60k +rent of £250 a month then in 3 years when we can renew for the full amount we will give him the difference which hasn't been paid. He said he would seriously think about it as he was originally renting it out, obviously this would be done with solicitors and contracts etc.
My prob is i contacted my bank and explained but they said no banks would accept this and we would need it as Cash and we have to go through a specialist housing association and their properties.
Does anyone have any knowledge of we can get around this? Its so frustrating my credit report is perfect and so is my partners apart from his account going in to default due to him being out of the country for a year.
Read more: Private Shared Ownership - is this possible?
