With Rent to Buy, you can rent a newly built home at 20% below the market rate for up to five years. This is to allow you to save for a deposit with the intention of buying the home. After the first year, you can apply to buy a share in your home to convert it to a shared ownership property. We will discuss with you the minimum share purchase and under what circumstances we will convert it to shared ownership. This is to make sure we don’t make a loss if market conditions change.
When you get to the end of your five year period, you can either buy the property or leave it. In some cases, we might consider renting the property to you at full market rent.
To qualify you
– are expected to make a commitment to buy the property after 5 years of renting, having saved your deposit
– should be a first-time buyer, or looking to return to home ownership and not be able to afford to buy a home outright on the open market or with a mortgage
– will earn less than £80k per year (this is a combined household earnings figure)
– must pass the pre-tenancy credit checks
– must be working
– have a household size suitable for the home. We will not allow overcrowding
– fully understand that you may be asked to leave the property if, after 5 years of renting, you are unable to purchase it
Once your initial application has been registered we will also need to see the following from you to support your application:
We will then check the information on your application form to make sure that you are eligible by carrying out an affordability check to ensure that you can afford your home now, and in the long term.
Following the success of these processes, we will be ready to welcome you into your brand new home!