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OSP Developments & Rent2Own

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  • 08-06-2007 10:23am
    #1
    Nephilim
    Closed Accounts Posts: 5 ✭


    I recently came across this site:

    http://www.rent2own.ie/index.html

    has anyone any personal experience of this scheme or of the company involved?

    Tr


Comments

  • Options
    #2
    Nephilim
    Closed Accounts Posts: 5 ✭Nephilim


    Maybe I should have outlines the scheme.
    It appears that this company will buy a property on your behalf, rent it to you for a period and sell to you at a price fixed at the outset of the deal.

    Apparnetly this has been up and running in the U.K. for a number of years...anyone any experience of this?


    Patricia


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    #3
    byte
    Moderators, Regional North West Moderators Posts: 19,120 Mod ✭✭✭✭byte
    byte


    The website is pretty poor and doesn't give away much information.

    that said, it's interesting. Am I right in thinking that the "rent" goes towards the payment of the house when the time comes to "buy" it?

    I can't help but think there's a flaw or catch somewhere. It mentions a few times that the house will rise in value making it easier to buy, but what if the value of the property falls over the rental period?


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    #4
    Nephilim
    Closed Accounts Posts: 5 ✭Nephilim


    I didn;t get the impression that any rent paid would be taken off the final asking price. Though I do think that the agreed sale price would be inflated to compensate for any rising value in the house.
    With the prospect of falling prices this doesn't seem like an attractive prospect.
    I've applied to them to get some more info on this.


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    #5
    byte
    Moderators, Regional North West Moderators Posts: 19,120 Mod ✭✭✭✭byte
    byte


    Report back when you get further info. It might be of interest to others here, as well as myself! :)


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    #6
    dugout16
    Closed Accounts Posts: 99 ✭✭dugout16


    Found this old thread today.

    Must say it does sound interesting, it seems though that there must be a catch in there.

    Anyone here any info on it?


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    #7
    A Random Walk
    Closed Accounts Posts: 346 ✭✭A Random Walk


    There's so many issues with this one it's hard to know where to begin.


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    #8
    dugout16
    Closed Accounts Posts: 99 ✭✭dugout16


    Ya thats i was thinking too.
    Would like to hear from someone who has experienced the whole process


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    #9
    tomegan1983
    Closed Accounts Posts: 6 ✭tomegan1983


    I've recently looked into this and the options I got were that I could get a mortgage or if my income wasn't enough they would put me into the rent2own scheme. It turns out that they are offering me a 100% mortgage so I think I'll be getting the property straight up. The only thing is I was hopeing to buy a site and build but I don't think they are alowing me to do that. It seems to be going ok so far. It is a long process. I'm at it the last 2 months and we are still at the satge of seeing what budget I can get. First of all you have to fill out their application form to see if you are going to rent or will they give you a mortgage. Then you have to get a report off ICB in Dublin and send it to OSD. I'm hoping to hear back from them tomorrow to see what the next stage is.
    I'll keep this thread updated as I make progress with it so you can see what's involed.


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    #10
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    tomegan1983 wrote: »
    It turns out that they are offering me a 100% mortgage so I think I'll be getting the property straight up.
    On a related note, what happens to subprime debtors if the lending company goes tits-up? Do they get sold on to larger banks with maybe better deals?


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    #11
    astrofool
    Registered Users Posts: 16,651 ✭✭✭✭astrofool


    The debts are bought by another company, and usually have to offer at least the same deal as the current lender, but yes, the potential for better deals are there.


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    #12
    lou12
    Closed Accounts Posts: 7 ✭lou12


    tomegan1983 wrote: »
    I've recently looked into this and the options I got were that I could get a mortgage or if my income wasn't enough they would put me into the rent2own scheme. It turns out that they are offering me a 100% mortgage so I think I'll be getting the property straight up. The only thing is I was hopeing to buy a site and build but I don't think they are alowing me to do that. It seems to be going ok so far. It is a long process. I'm at it the last 2 months and we are still at the satge of seeing what budget I can get. First of all you have to fill out their application form to see if you are going to rent or will they give you a mortgage. Then you have to get a report off ICB in Dublin and send it to OSD. I'm hoping to hear back from them tomorrow to see what the next stage is.
    I'll keep this thread updated as I make progress with it so you can see what's involed.
    hi tom
    myself and my fiance are about to try going down this route with this company can you tell me how far you are with this process and how you find dealing with them and also where there any snags along the way. I did speak to somebody from this company a while ago but i would like to hear from someone who is actually dealing with the process.
    Any info you have on this would be much appreciated.

    Lou!


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