Lease options are the modern way to rent–to–buy. As the name suggests, you lease (rent) the home and have the option to buy it at any time. You lock in the purchase price and you keep the value of any improvements (provided that you buy the house). Your rent provides a credit (reduction) to the final price that you pay for the house. It will be more than regular rent and this establishes your credits. You do need a deposit (but nothing like the 10% the bank wants!) and this counts towards your final purchase price.
You can treat the house as your own, while you clear up your credit history and the end goal is a bank mortgage with which you buy the house outright. We can help you clear up your credit and you must of course keep up your payments or as with any finance agreement the property can be repossessed.
The whole agreement is contractually binding on both parties and we insist our clients take independent legal advice from their own lawyer to ensure complete understanding.
Our aim is to help you get a mortgage and buy the house of your dreams from us, however, this does require a certain level of income. Please note that for people on benefit it’s practically impossible to obtain a mortgage thus making it impossible for us to help. Sorry!
Situations where we can help:
Below are some cases where we can provide assistance into home ownership now. Everyone mentioned are earning good incomes and will be in a position with the bank to get finance in a few years, probably a lot less.
Tracey and Henry had talked about owning their own home for sometime, they both had jobs and Henry had a good income but they just couldn’t manage to save up for a deposit. There was always something that needed paying for. Over the space of a couple of years a few of the bills went unpaid and this put blemishes on their credit history. As a result both the banks and mortgage brokers said ‘No’ to a 100% mortgage, they needed a minimum 5% deposit.
Helping Homeowners can assist in this type of situation.
Maria and Antonio moved to New Zealand last year and intend to stay here by applying for residency. They both have jobs on their working visas and money for a deposit for a house. However, banks classify them as too risky to lend money to.
Helping Homeowners can assist in this type of situation.
