Rent to Buy
What is Rent to Buy?
Rent to Buy is a government scheme designed to ease the transition from renting to buying a home by providing subsidised rent. The tenure is available to give you access to a property that you currently are unable to afford to buy.
With Rent to Buy, you rent one of our new build homes at approximately 20% below the market rate with an option agreement to buy a share of the home within 5 years.
Important: If you do not offer to buy at least a 25% share of the property within the 5 year period you must move out. You should also be aware that the purchase price is calculated at the time you make an offer to purchase.
How does Rent to Buy work?
- Where possible, our homes are made available to rent at 80% of the local market rent for a similar sized property
- Homes are available on a shorthold tenancy with an option agreement to purchase a minimum 25% share of the home within 5 years
- The 20% saving in rent is expected to allow you to save the deposit required to purchase
- £500 reservation fee required
Am I eligible for Rent to Buy?
You are likely to be eligible for Rent to Buy if:
- Your household income is below £60,000 per annum.
- You have demonstrated a need for housing
- You have a good credit history
Priority is given to our primary customer group being Britian's Armed Forces, NHS and Emergency Service Personnel.