Prove Rent, Get a Mortgage!
Saffron Building Society have launched the "Rent to Buy" Mortgage. Borrowers will require just a 5pc deposit, and is available to those that prove a 12-month record of paying rent as evidence of their ability to afford an equivalent monthly mortgage payment.
As an example, someone who paid £1,000 a month in rent and had a 5pc deposit, could buy, in essense, a £155K property.
The "Rent to Buy" Mortgage charges a fixed rate of 6.49pc until 2015.
Saffron's Sales and Marketing Director, John Eastgate said: "There are many potential first-time borrowers who are capable of supporting a mortgage, as they have been paying these amounts already in rent, but are frozen out of the market by the large deposits required."
Tags: landlords,
mortgage,
insurance,
buy to let,
rental
Added By: gbressington on 08th Aug 2011 at 10:38
Number of Views: 208