How can we buy the house we are renting?

Q I have been renting a house with my family for approximately ten years and now the landlord wants to sell. He still holds a mortgage on the property and would like to work something out so that we can own it. There would not be much problem paying a mortgage considering we have been paying ?540 a month forever. My credit is not the greatest, yet by far not the worst. Please respond I would really like to own my own home.

KT

A If your landlord is serious about transferring the property to you then he or she should sell it to you and pay off the mortgage with the proceeds of sale. Although you have lived in the property for ten years you do not automatically have the right to buy or the right to a discount since this only applies to public sector tenants.

You should have no problem getting a mortgage since lenders are falling over themselves to get your business under the present economic climate. Despite your worries about your credit rating, low interest rates and a relatively stable economy mean you are in a strong position to shop around for a good affordable deal.

If you are turned down for a loan you are not entitled by law to know why. But you can ask if a credit reference agency was consulted and obtain the name and address of the agency. You are then entitled to see the file that the agency holds on you and have it corrected if it contains false information.

Incidentally, as a first time buyer, you may qualify for help under the government's starter home initiative. Under this scheme, if you are a key worker such as a teacher or a nurse, you can get interest free loans or benefit from a shared ownership arrangement, which keep down the costs of buying. For more details see housing.odpm.gov.uk.