We wanted to present this recent Rent To Buy property that we sold to the lovely Lynnette. We thought this would be a really interesting case to talk about as it really does prove that elbow grease and TLC really can be turned into equity when it comes to renting to buy a property.
This was the view from the front!
Our buyer Lynnette is an agency nurse, moving to South Wales from the Midlands 20 years ago and renting around 6 different properties. Lynnette really wanted to buy, but 2 things would interfere with her buying in the traditional way. Firstly, her income was based on the number of hours she worked and was not a salary, due to the fact that she has recently changed employers and had a 2 month break on between, she had been advised by a mortgage broker to wait for at least another few months before trying again. Secondly, as Lynnette was 58, she had been advised that she could only get a shorter term mortgage due to her age.
Homes With Options were marketing this lovely cottage in a valley area, and met with Lynette. She loved the house and could see its potential, but realised that it need at the very least, sell redecoration from top to bottom!
This was the kitchen, it needed some serious TLC (or a new kitchen)
But he property also had lots of nice features, including this private stone walled garden to the rear of the property
This is what the figures looked like when Lynette bought:
Purchase price: £57,500
Monthly fee (rent only): £325
Term : Up to 5 years to buy
Lynnette was already saving around £250 per month in rent from her previous home, so decided to put this in a savings towards the purchase price, she had already paid the £3,500 downpayment which meant that she has a balance of £54,000 to pay when she opts to buy, which would be anytime in the next 5 years.
The other thing that Lynnette decided to do over time os to smarten up the house, refurbishing and redecorating while living there. A similar property that was of a nice standard sold recently in the same street for £75,000, so Lynnette know that just by smartening up the house, it could then be valued at around £75,000, giving her an instant equity uplift of £17,500.
The other thing to help the valuation will be time. The property market in this area has been very slowly recovering from the market crash, house prices are around the same as they were in 2007 and are very steadily rising. So depending on what the valuation would be in 5 years time, Lynnette feels that it will be more than £75,000.
Lynnette is planning to save as much as she can, to then put with a very short term mortgage, sometime in the next 5 years, which could look something like this:
Balance remaining to purchase: £54,000
Saved monthly: around £15,000
Deepening on getting the right legal and financial advice, Lynnette could be looking at a £39,000 mortgage to cover the rest.
With an estimated (depending on market conditions) valuation of £80,000, this would be less that 50% of its current market value, making it a really affordable option for Lynnette.
Lynnette is really enjoying making her new home her own, and has really used the rent to buy method of buying to suit her situation.
If you have any questions about this deal or any others you see on this site, please email us at firstname.lastname@example.org and we’d be happy to chat about it.
If you’d like to look for a Rent To Buy property in your area, please get in touch and we can add you to our list of tenant buyers.
Rent to Buy is a really well known concept these days, but people still have a certain idea of how it could work for them. Homes With Options have many different options for buyers, low down-payments and monthly part rent-part buy payments, or a higher downpayment and a seller financed repayment plan.
Each buyer requires something different to suit their lives and finances.
We took on a property that was in a very sorry state when we first visited. It was a complete refurb so, not for the faint hearted! We then sold this to a property investor who was looking for bargain properties and refurbs in the area.
The interesting thing about this case study is that, he could have afforded to buy the house cash, as well as paying for the refurb himself. What he decided to do was to buy the house with the flexibility built into the deal, keeping the majority of the money in his own bank and completing the refurb before refinancing.
It’s now we should note that the house wasn’t a ‘cheap’ house. The seller had a mortgage on the property that was higher than it’s current value, leaving the seller in negative equity and stuck with selling the house for what he owed on the mortgage. This was the sellers motivation for giving the buyer a flexible purchase, leading to a real win-win situation.
Here’s how he made it work:
Purchase price: £49,500
Flexibility: Up to 8 years to buy at the outstanding amount of £46,500
Monthly fee: £290 (50% for the first 6 months)
Amount of work needed: Around £10,000
So the buyer only had to pay a £3,000 downpayment, plus the estimated £10,000 to refurb the property, total investment £13,000
For the first 6 months he only had to pay a monthly fee of £145 (please note that this is not deducted from the purchase price each month, this is a fee to cover the interest on the outstanding £46,500 owing)
After 4 months he had refurbed the property and after another month moved a happy tenant into the property, paying £475 per month rent.
So our buyer is now paying out £290 per month on the property and receiving £475 in rent.
After 18 months the buyer then decides to exercise his option to buy at £46,500, the outstanding amount left after paying his downpayment.
He has the house valued and the house is now valued at £80,000. As he is a landlord, most Buy To Let mortgage companies will only lend up to 75% of the house value. This means that he can borrow £60,000 on the property. So remembering how much he put into the property as well as how much he owes the seller, we can see how he’s made it work:
£10,000 refurb cost
£46,500 outstanding to owner
Total – £59,500
The buyer has now taken all of his investment back out by remortgaging and hasn’t left any money in the deal at all. He also has an asset growing in value and a happy tenant covering his mortgage. He also makes around £200 per month on the property.
So the lease option he took on has really worked for him. Interested in an investment like this? Get in touch today and see what we have available!
If you’re already on the property ladder, it can often be just as difficult trying to upgrade to a larger property as it is trying to purchase your first home. This is particularly true if your first property is quite small, and you’re looking to move into a significantly larger home.
One of our young couples, Ben and Chloe, recently found this to be a difficult process as they were trying to upgrade within Cardiff’s city centre. They were currently living in a small 2-bedroom house in quite an expensive area of the city, where they were struggling to save money, and wanted to move to another part of the city where they could get more for their money.
In total, Ben and Chloe were paying out approximately £800pcm to live in their 2-bedroom property, and wanted to reduce these payments significantly.
The property they had their eye on was in a great area of the city, where they knew they could easily afford the cheaper monthly payments. Additionally, the property was a much larger, 4-bedroom property, which would allow them to upgrade for actually much less than they were paying before.
The property had a final asking price of £87,500, and they could secure the property for a minimal upfront downpayment of just £5000. They now only pay £550pcm to live in the home, in a lease option of 3 years, after which they will be able to secure a mortgage on the property.
This is their total lease term:
Price of £87,500
£5,000 Upfront Downpayment
£550pcm of which £125pcm is deducted from the purchase price
3 years to purchase outright
Therefore, Ben and Chloe have managed to upgrade and move into their second property in a smart way, through our flexible Rent to Buy scheme! Renting to Buy is a fantastic way to move into a new, larger property, as it provides you an easy, stress-free solution.
Rent to Buy really isn’t just for first-time buyers! Also, if you want to upgrade with us, we can even help you to sell your house in a stress-free way as you move into your new, larger home.
Contact us today to find out more about how a flexible purchase scheme could work for you!
In today’s property market, it can be worrying for young people who are looking to get onto the property ladder. It can then be especially worrying for the parents of those young people, who want to see their children owning their first home, rather than endlessly renting.
One of our recent couples found themselves in this situation, where they wanted to try and help their son get on the property ladder, without purchasing a house for him through a traditional sale. When they discovered our Rent to Buy scheme, they knew it was the perfect solution for helping their son in a productive way.
Our Rent to Buy scheme allowed our couple to acquire the house by paying the downpayment, and securing affordable monthly payments. The couple lived in Rhondda, and managed to find a property nearby, which they found ideal.
The property is a fantastic smallholding, which they managed to purchase for well under the market value. The house is a doer-upper, which provides the family with the project that they were after. The couple and their son intend on fixing up the property, and increasing the market value significantly.
Then, after the family have increased the property’s value, they will be able to purchase the home in around 4-5 years’ time. The lease term is 5 years in total, which they believe will be enough time to allow their son to become financially viable and stable enough to get a mortgage on the property for the final asking price remaining.
This means that the couple can pay the downpayment, and pay for the home monthly for 5 years, until their son is able to takeover the property fully. This overall provides the family with a fantastic solution for helping their son to purchase his first home, and get onto the property ladder, without having to buy a property outright for him.
This is the flexible Rent to Buy scheme they managed to secure on their ideal Rhondda investment:
Purchase Price of £180,000
£5,000 Upfront Downpayment
£750pcm of which £250pcm is deducted from the purchase price
5 years to purchase outright
If you’re in a similar situation, where you want to help your children onto the property ladder, then we believe Rent to Buy could really be the solution you’re after!
You could enter into a Rent to Buy scheme with your son or daughter, and work together to make the payments work, until your child is eligible and ready to acquire a mortgage on the home’s final asking price. Our Rent to Buy schemes are flexible to suit any family or any situation, which means you can find a scheme that works for you.
Don’t allow your son or daughter to throw away money on renting – support them today to purchase their own property flexibly!
If you think that Rent to Buy is a scheme only intended for helping first time buyers onto the property ladder, then you would be mistaken. Although Rent to Buy does help new buyers get their first step up, the scheme is designed to help all buyers looking to purchase a new property.
In fact, contrary to popular belief, the majority of our Rent to Buyers have been on the property ladder previously, and simply want to find an easier solution to purchasing a new property.
3 reasons Rent to Buy and lease purchasing a home is a great thing to do, even if you are already on the housing ladder, are:
#1 – To move to a larger property
#2 – To move to a new area
#3 – Don’t want to feel forced to undersell your current property in current market conditions
If you are trying to sell your home in current market conditions you will either be forced (or more likely your agent will suggest) to lower the asking price of your property in order to shift it, or if you can’t lower the asking price, it will just sit on the open market for years.
With a Rent to Buy purchase, the homeowners has 2 choices: either rent out their home out and become landlords, or, an even better option would be to Rent to Sell their current home to first-time buyers and move into a larger home on the same set-up. This second option is a real win-win situation.
One previous example of a couple who were already on the property ladder, but wanted to sell their home and move onto another, are a lovely couple called Matt and Louise. They have been homeowners for 5 years, with their first home, which they bought for £99,000 and is now worth around the same. For the past year or so, they have been considering moving into a new, larger home. However, the main preventative in selling their first home was that they couldn’t get the right price that they were asking for, and their estate agents told them they wouldn’t be able to sell the property at the price they wanted.
Luckily, they found out about Rent to Buy, and realised how it could help them in their situation. As the house price they wanted for their first property was not currently viable, they decided that they would move out anyway, but into a Rent to Buy property. They had their eye on one property in Bridgend, which we secured for them only having to put down an initial payment of £6,000 with monthly payments of £675 for an agreed 5 year term. This means they would accumulate £12,000 altogether over the 5 years, which they could put towards buying the property with that mortgage deposit and with the sale of their previous home.
However, this term is arranged flexibly, as they will be able to put a mortgage deposit down on the property far sooner if they manage to sell their first home before the 5 year term ends. As for their first property, they are looking into either renting it out for the time being, until the property prices are on the rise again, or hopefully embarking on a Rent to Sell term on that property, which will end before their 5 year term on their new property finishes.
In Matt and Louise’s situation, Rent to Buy was the perfect solution to allow them to move onto a new property, and move further up the property ladder.
So, if you find yourself stuck on the property ladder, living in a home that you no longer want to own, Rent to Buy is easily the solution for you, too. Through a Rent to Buy scheme, you will be afforded the time you need to be able to sell your old property, as well as being free of any financial strain. The initial payments needed for a Rent to Buy deal is far less than a mortgage deposit would be, so it would mean a lot less pressure for you.
Additionally, we could help you work out a Rent to Buy scheme for you and you new property, while matching your old property up with a new family, so you will have two flexible schemes that help the other.
Find out more about how Rent to Buy can work here, and see more examples of happy couples we have helped previously here. Or just contact us now for more information beneficial to you!
We have recently had two success stories for two couples who have experienced slightly similar situations. In the current housing market, many hopeful buyers are having difficulty with getting their foot on the property ladder, even if they have been on the ladder previously. This means that the average age of buyers is increasing steadily, and people from all walks of life and backgrounds are finding tenant buying to be the best way to purchase a home and achieve a mortgage.
Our Rent to Buy schemes are very flexible, and allows each tenant buyer to find the right scheme to suit their circumstances. Whatever the situation, even if you’re finding it difficult to become mortgage-approved, we can help you own your own property. Rent to Buy offers you time to save up and put money towards your mortgage deposit, while you can already live in your ideal future home. Our scheme ultimately removes the financial strain and added pressures of that can often come from moving into your new owned home.
Our first couple have actually been living abroad for the past 10 years. They did own their home abroad, but were struggling with trying to sell it. They are from the UK originally, and have wanted to move back for a while, in order to live closer to their family. Because they couldn’t find a seller for their property abroad, this meant that they were stuck financially in terms of being able to afford a home here in the UK.
Without a Rent to Buy scheme, Julia and Terry wouldn’t have been able to move back to the UK, as they would still be trying to sell their property abroad. However, they discovered that they don’t actually have to wait around for their other property to sell before they move back. Through Homes With Options, they managed to secure a deal that allowed them the time and flexibility to move to the UK, which even took the pressure off having to sell their property abroad.
As part of their flexible Rent to Buy scheme with us, Julia and Terry found a lovely 4-bedroom house in the beautiful Welsh countryside. They only had to put down a £5,000 tenant buyer deposit, to be deducted from the property’s final asking price. The Rent to Buy agreement is that they pay £550 each month in rental payment. Part of this monthly fee will then go towards taking off a further £8,000 from the asking price of the house over their 3-year Rent to Buy term.
They have agreed on a 3-year term plan with the property sellers, however they plan on paying this off and owning the house fully as soon as they are able to sell their property abroad. Additionally, they are hoping to be mortgage-free after selling their previous home.
This Rent to Buy scheme is truly tailor-made for this lovely couple, and provides them with the time and flexibility they need to ease the move back to the UK. They are no longer worried and stressed about needing to sell their property abroad urgently, and they couldn’t be happier. They’ve recently moved in, and are thoroughly enjoying living in the countryside, near stunning country lakes and being able to take their dog, Benny, on plenty of walks along the nature trails.
Our second couple are first-time buyers, who have been trying to get their foot on the property ladder for a couple of years.
James and Diane had been renting together for the past 5 years, and have been finding it difficult to put towards enough money asides towards a mortgage deposit. They both work full-time jobs, although they are both on minimum wage, which meant they were struggling to save the money they needed. They both wanted to move into and own a property in the city centre, near to their workplaces, although they assumed this would be too out of their reach.
Fortunately, they discovered Homes With Options and our flexible Rent to Buy schemes, which help a lot of people give the time they need to become mortgage ready, and in an efficient way. Our Rent to Buy allows tenant buyers to put down a small amount of money on the property, which is only a fraction of a normal mortgage deposit. This smaller amount was far easier for them to afford, and encouraged James and Diane to initiate the process of becoming homeowners.
They found a great home just outside Cardiff, which is ideal for a first-time buyer. The Rent to Buy deal put in place is that they only had to pay an initial £5,000 to move into the property, and pay only £425 per month. Through these monthly instalments over their agreed 5-year term, they will have managed to put another £9,000 towards the property, which means a total of £14,000 will have been paid and deducted from the final asking price.
James and Diane have embarked on a 5-year term, which gives them a lot more time to save up the money they need to become homeowners. This is a perfect Rent to Buy scheme for them, as they will have already saved up £14,000 towards the property, simply through Renting to Buy and what they would have been paying towards their rental property. Therefore, in 5 years’ time, they will be in a great position to become approved for a mortgage on this property, at a very affordable monthly rate.
These two recent success stories just proves that, no matter what your situation, Rent to Buy can offer the tailor-made solution for you. We can arrange a term that flexibly suits your circumstances, giving you exactly the right amount of time you need to become homeowners efficiently, and in a stress-free way.
If you are interested in finding out how Rent to Buy, or Rent to Sell, will work for your situation – Contact Us Today!
Here at our Homes With Options team, we all live in quite different home situations. We all love learning about the various reasons behind living situations, and reasons why people enjoy living in their homes.
So, we thought we would share information about our living circumstances, why we all love living in our homes, and what we are aiming for in the future!
– Property Broker & Investor
“My husband and I are 18 months into what should have been a 6 month project to extend our 3 bedroom house to a 5 bedroom, 3 bathroom, 2 reception room, ‘kid-proof’ house. The groundwork meant a huge delay due to sewers not being where they should be, pipes running underneath footings and electricity lines being in the wrong place – all great fun!
We purchased this property back in 2007 as a rental property, and decided it was a great location and that we wanted to move in. So, in 2013, we moved in ourselves, with a 1 year old, a 6 year old and our bouncy, excitable, naughty dog, and immediately started the building project around us.
Lessons learned? 1 – That it’s never easy to renovate a house, build an extension and look after 2 kids at the same time. 2 – That it takes longer to do the groundwork than the actual building, so don’t despair! 3 – That neighbours can be very impatient when your scaffolding has to sit on their land while you build.
And 4 – No matter how much your are fed up with living in a building site, when it all comes together it’s very much worth it!”
– Portfolio Manager
“I bought my house the traditional way (through an agent) about 2 years ago, I have to say it was totally off the cuff. My partner and I had been saving but were a little frivolous with our savings and decided to spend some of it going abroad.
We viewed this house 3 months after returning and could see the investment potential so decided to put an offer in. I was cheeky and went in very low, the vendor upped my offer by £2,000 which we accepted as it was still a great price!
We’ve been living there and doing it up, and are now looking to sell on a Rent to Buy basis next year. We are hoping this will give us the flexibility to move to a new location to a slightly larger house, whilst giving someone else the opportunity to get on the property ladder without the worry of saving a huge deposit first!”
– Property Marketer
“I currently live in a rental flat in with my boyfriend and my mother. We all came to this (slightly unusual!) living situation a year ago, when we realised it was the perfect solution for all of us. We can all share the costs between the three of us, meaning the cost of renting and bills isn’t as expensive as it often can be.
My boyfriend and I are currently saving up for a deposit on a home of our own, in the near future. We will hopefully be able to afford a deposit on a Rent to Buy property situation within the next year or so, as lease purchasing is something we feel would really suit our circumstances. Buying our first property as a Rent to Buy will mean we wouldn’t have to wait a long time to save up for the deposit (as a lease purchase deposit is far less than a mortgage deposit), as well as allowing us to save while we’re living in our future home.
We also feel a Rent to Buy would suit us as it would provide us with extra money, as lease purchasing spreads the cost of buying out over a longer period, rather than having to pay the full costs of buying right away. This means we’d have more expendable money to keep doing the things we enjoy, and save up for the future in other ways.”
If you would like to tell us about your living situation, or what you would like to change about your circumstances to make your home more suited to you in the future, contact us today!
We arrange flexible, easy solutions to any living dilemmas, and we will find your ideal home for you. Rent to Buy provides the solution for many different circumstances and property dilemmas, so let us help you today.
Are you renting in your absolute ideal home? Can you see yourself living there permanently?
If you’re in a renting situation where you wish you owned your home, but haven’t quite been able to save the money required for a full mortgage deposit, there is a way.
Our Rent to Buy and lease options help tenants to own their own homes, and escape the rental bubble. Traditionally, our Rent to Buy schemes starts by setting up a tenant buyer with their ideal property, but the great thing here is that you have already found yours! (If you aren’t familiar with how a traditional Rent to Buy works then you can read more here.)
If you are renting your ideal property, and simply want to make the transition from renting it to Renting to Buy, then we have the perfect solution for you. Simply ask your landlord if they would be interested in you purchasing the property through a lease option. Your landlord may be fed up with the hassle and stress that can sometimes come with being a landlord, or may simply want to downgrade their property portfolio. Explain to them that the scheme usually lasts a few years, so they would still be receiving rent from you as normal, up until you fully purchase the property.
If you are still not convinced that your landlord would be keen to sell their property through this scheme, then allow us to give you a handy list of reasons why many landlords are selling their home through a lease option:
– They would get all of their rental payments as usual, which would continue guaranteed for the entirety of the lease term.
– The lease term usually lasts a few years, at a minimum average of 3 years. This means that they would still get all the positives from renting.
– Their responsibilities as your landlord would become minimised, as you would now be responsible for the majority of upkeep and property maintenance.
– They would receive the full property market value at the end of the lease term.
– They would be able to go seamlessly from renting to selling, without having any gaps in the property generating income for them.
– If they are fed up or tired of the responsibilities of being a landlord, you are offering the solution.
– If they are looking for a way out of renting out their property in a few years, this is the best way for them to accomplish that.
There are many other reasons why your landlord would potentially want to sell the property to you on a lease term, so it would be useful for you to start the discussion.
If you need any additional information for how to approach your landlord about lease purchasing, simply contact us. We can also set up a solution where we can send your landlord a letter with a brief outline and examples of lease purchase situations that have been successful.
Contact us today, and we can help you finally own your ideal home, possibly without even having to move!
You hear it everywhere when you’re looking into properties, whether buying, renting or selling – the bathroom debate. Where is the best bathroom location in the property, and how many is necessary? Is it unsavoury if you only have the one bathroom, and how costly is it to relocate it around the house…?
Bathrooms certainly become a big issue when dealing with property, and can truly make or break the value and selling potential of a home. We have seen, otherwise perfect, properties dismissed because of a poorly located bathroom. It is particularly important it can be quite costly to relocate or add an extra bathroom, or even small toilet room, to any property.
It can even become a health and safety issue to house too many people with limited bathroom facilities, which becomes most vital when dealing with shared housing. However, it seems to be the case in general that the more bathrooms in a property equal the better.
Would you opt to live in a house with only one bathroom, which also just happens to be located downstairs?
At first consideration, it seems to be fine. Surely, it doesn’t matter too much on which floor the bathroom sits, perhaps as long as it’s not an outhouse. Or maybe furnished in that 60’s pink ceramic. Either way, there are presumably worse things that can be wrong with a property.
Although, considering the full logistics of having a full bathroom downstairs, which would probably be located at the back of the house, it can seem like a bit of a nightmare. For example, during the night when you need to use the toilet, you would have to walk all the way downstairs and through the downstairs floor to get to the toilet. Also, if you have babies or young children, you would have to take them to the toilet downstairs. Not to mention the fact that having a shower or bath would result in having to walk through the house and upstairs again to get dressed and ready in your bedroom.
It can be easier to fathom having a full bathroom downstairs if there is also a smaller bathroom, or toilet room upstairs, therefore. This eliminates the reasoning of having to use the toilet in the middle of the night, or having to deal with young children. Yet, this would still mean a potentially awkward journey downstairs, and perhaps through the downstairs floor, to shower or bathe.
Some people like to have a toilet with small basin in the hallway downstairs, just for visitors as they hat the thought of visitors have to go upstairs to use the loo, snooping along the way!
The debate of having an upstairs or downstairs bathroom can lead to an even bigger, unavoidable debate… What is the best number of bathrooms for a property?
We have seen our fair share of strangely located and an odd number of bathrooms in property. For example, one shared house property only had the one bathroom upstairs, for a house of over 6 people. This is a bit illegal, so we were reassured that the owner implanted an outhouse in the shed, presumably to avoid law implications.
In comparison, we have witnessed a small flat, with 5 rooms in total, with 2 of those rooms being bathrooms: one with a shower and bath combo, and one with just the shower. This meant one bathroom per person in the flat, and 2 happy en-suite-satisfied tenants. Now there will definitely be a few people agreeing that one bathroom per person is most certainly the ideal number of bathrooms for a property.
Although, moving away from en-suites, we have come to realise that the ideal number of bathrooms is quite clear for an average family, or a house with up to 6 people, is simply 2 bathrooms in total. One is usually the full bathroom, including a shower and bathroom, which is preferably located upstairs, and the second is the downstairs smaller toilet room. However, it wouldn’t harm to have the two bathrooms with a bath or shower each.
If you are looking to rent out or sell your property, and understand that the bathroom is located in an unsavoury place in the home, then you may want to consider looking into relocating the bathroom. Although it can be a costly process, it can be one of the factors helping to ensure that you can sell or rent out your property, and at a higher value than previously.
There are certain things to consider when relocating your bathroom. For example, you need to ensure the new bathroom is being placed in the right place. Mostly, the bathroom would need to be placed at the back of the property, where the soil pipe and other plumbing can reach it easily. Also, when relocating upstairs from downstairs, it is best to move the bathroom into the room above the bathroom downstairs, as it would be a simpler process.
However, you could in theory put a toilet anywhere you wish in you house, using special macerator systems and a waste pipe that can travel up to 10m to the nearest sewage pipe. These can be found made by companies such as Saniflo.
Although you may feel it is costly, and particularly if you solely want to rent the property out, we do suggest this as one of the most efficient ways to impact on the property’s market value. If you want to get the most out of your property, we do recommend relocating to an upstairs bathroom, and perhaps even considering the dual bathroom attraction, which can be a prime selling point for potential buyers.
If you want to find out more about how you can increase the market value of your property, or simply get the most out of it, then Homes With Options can help you!
We can quickly find a buyer for your property, and we always sell at full market value. Also, our Rent to Sell schemes might be exactly what you’re looking for! Find out more about our schemes here, and simply Contact Us today to speak to us directly. Whatever your situation – we will benefit you!
Are you in a circumstance where you don’t feel financially ready to own your own home? Particularly, have you had financial difficulty in the past, and feel like you are pretty far off getting approved for a mortgage now?