Rent to Buy is a way to ‘try before you buy’ and helps first time buyers onto the property ladder. Rent to Buy will help prospective first time buyers who find that they are unable to access the housing market at the present time.
Households who would normally be eligible to purchase a Shared Ownership property will be able to rent that property at less than market rent for a pre-specified period.
At the end of that time (or sooner if they are able) they will be given first option to buy a share of the property through the Shared Ownership scheme. The rent being charged will give households time to save for a deposit, or for their financial circumstances to improve sufficiently, for them to enter homeownership via Shared Ownership.
To be eligible for Rent to Buy you will need to register with the HomeBuy Agent which covers the area where you wish to live. You can find out more about HomeBuy Agents and which one to register with by clicking on the following link:http://www.homesandcommunities.co.uk/homebuy_agents
Rent to Buy is usually intended for people who cannot afford to buy a suitable home in any other way. Applicants must usually be in housing need and be unable to afford outright purchase.
Some schemes will offer to pay back your rent after a certain period if you exercise the right to purchase your home.
If you have found a property you like, but are unable to purchase because you do not have a deposit saved, then Rent to Buy may be an option for you. Register your interest on our website and ensure you have completed an application form. Our sales officer will contact you to discuss your situation. If Rent to Buy is a possible option for you we will assess your application in the normal way.
Our individual affordability assessment will calculate if you are able to afford the home you wish to live in. The assessment will consider your outstanding debts and ensure you are able to repay your debts and save towards the purchase of your home.
Applicants with household income over £60,000 are unable to apply for Rent to Buy.
Applicants who are currently claiming Housing Benefit are not usually able to access Rent to Buy
If you own a property, you would have to complete on the sale of the property you own before you would be able to move into a Rent to Buy property.
We recommend that you seek independent financial advice from an adviser who is familiar with Rent to Buy and Shared Ownership schemes. We have a panel of recommended advisers who will be able to give you some idea of how much you can borrow and what this would cost.
Key Workers, such as Teachers, Health Workers, Police can apply for all our schemes and in most circumstances are given priority.
We currently accept applications online or by post. If you need assistance in completing your application, please contact us, we will be happy to assist you.
We welcome enquiries, please contact us.
If you are interested simply complete an application form by clicking here. We will then send details to you as schemes become available.