Do you want to live in a brand new home and save to get on the property ladder?
If you plan to buy a home in the future but don't know which is the best option? Take a look at Rent to Buy as it may be the answer you are looking for.
What is Rent to Buy?
The Rent to Buy scheme is a government-backed scheme designed to ease the transition from renting to buying. A potential route to homeownership for people who need a helping hand to climb the property ladder.
Rent to Buy allows you to rent a new build home, at a lower than market rental value rate, and after you have rented it for five years, you then have an option to buy it.
This will give you the perfect stepping stone to save for the deposit to buy the home at your own pace. The joy for you is that you get to live in a new home but have the breathing space to pull together the deposit.
How does Rent to Buy work?
The scheme works by offering you the chance to rent a property at 80% of the market rental value for up to five years. The plan will be to save that extra money saved on rent and put it towards your existing deposit savings or start to save for one.
Suppose you have saved up the deposit. And in a position to buy after five years. A valuation of your home will be completed, which will allow you to buy your home with a mortgage or via Shared Ownership.
Am I eligible for the Rent to Buy scheme?
To be eligible for the Rent to Buy scheme, you must:
- Be intending to buy the home you are using the Rent to Buy scheme for
- Have a household income of £80,000 or less
- Be a first-time buyer, or you used to own your own home but can't afford to buy now
- Be able to pass a mandatory referencing application
What are the benefits of Rent to Buy?
- You can access properties you would otherwise not be able to afford
- You have the option to buy the property at the end of your tenancy
- Your rent will stay low for up to five years allowing you to save for a deposit
- You have an extra feeling of security by renting from an established social housing landlord
Is Rent to Buy a good option for me?
Deciding if our Rent to Buy scheme is suitable for you depends on several personal factors such as:
- Is the property right for you?
- Do you want to buy the property at the end of the tenancy?
- Is the tenancy period enough time for you to save the money needed to buy the property at the end of the tenancy?
- Are you able to afford the property if house prices increase?
Can I leave the property if my circumstances change?
Yes. The scheme is designed to help you. If your circumstances change or you no longer want to live in the area for whatever reason, you can leave the property much like any other rental agreement.
Available Rent to Buy homes
Contact us to chat about our existing homes or register your interest to be alerted when new homes are available.
Phone 0300 777 7777 or click here to send us an email
Alternatively, you can find more information about the homes available by visiting our THT OpenRent page.