We are here to help with the cost-of-living. Visit our guide to access support.

Site Header

HomeHome IconBuyRent to BuyRent to Buy: what it is and how it works

Rent to Buy: what it is and how it works

Saving to buy a home can be difficult and sometimes feels completely out of reach – but that isn’t the case, thanks to One Vision Housing’s Rent to Buy scheme. 

Whether you’re a first-time buyer struggling to save for a deposit whilst renting, or don’t have a great credit score, a Rent to Buy scheme could help you purchase your dream home.

  • What is Rent to Buy?

    Rent to Buy is a government scheme designed to help you transition from renting a property, to buying a home.

    You’ll commit to rent a new build property for a set length of time (normally five years) and will have the opportunity to purchase it before your tenancy ends. 

  • How does Rent to Buy work?

    With more affordable rent (around 20% less than the market price) you will be able to save towards a deposit and buy the home that you are in through Shared Ownership and may also be able to purchase your home outright. 

  • What is Shared Ownership?

    Shared Ownership is a scheme that will enable you to buy a share of your home – meaning a smaller mortgage and a reduced deposit.

    Initially, shares will be available from 10% to 75% of the property value, depending on affordability. 

    After your first share purchase, you can then either gradually increase your shares over time (this is called staircasing) or purchase the remaining shares outright. 

  • Do I have to buy my home?

    At the beginning of a tenancy agreement, you will confirm your intentions to purchase the property if, and when financially possible.

  • What happens if I can't buy my home after five years?

    If you are unable to purchase your home, alternative options will be provided, and you may be able to stay in the home you live in.

  • Will I be responsible for maintenance and repairs?

    No, you will not be responsible for maintenance and repairs during your Rent to Buy tenancy. However, like any rental property, you will need to look after your home. 

  • Am I eligible for Rent to Buy?

    You may be eligible for a Rent to Buy property if you:

    • Are a first-time buyer
    • Used to own a home, but can’t afford to buy one now
    • Be in employment with a household income of £80,000 per year or less (this includes you and anyone you will live with, including a partner or friend)
    • Have a good credit history (if you have ever been bankrupt or have had a CCJ in the past 12 months, your assessment will be declined, if you have had a CCJ beyond 12 months ago, your assessment may still be declined depending on the amount and whether an agreement has been made)
  • How can I apply for a Rent to Buy property?

    You can explore our range of Rent to Buy homes via the website. Whilst there may not be a Rent to Buy property available at this time, you can register your interest for our future developments and apply when applications are released.

    What is the application process?

    1. Once you’ve registered your interest in a property or development, our Sales Team will keep you informed through regular email updates.
    2. You will receive advance notice of applications opening via email.
    3. When applications open, you will receive a link via email to apply through our online portal and will have approximately 24 hours to do so.
    4. Once applications close, our Sales Team will work through responses in date and time order.
    5. Eligible applicants will then be submitted into the referencing stage and financial checks will be completed. The number of applicants sent through to this phase will directly correlate with the number of properties available, and should an application be declined, the next application on the list will be submitted and so on*
    6. Once references and financial checks are approved, you will be allocated a plot with choices based on a first come, first served basis.

Why choose One Vision Housing?

One Vision Housing is an award-winning housing provider with over 13,000 homes across the North West.

Operating as a not-for-profit organisation, we believe in providing good quality, affordable homes and help to create thriving and inclusive communities.

Interested in a Rent to Buy scheme? Explore our range of homes.

Rent to Buy homes

Show/hide more

View properties available now with Rent to Buy.

Rent to Buy

Share this page

This page was last updated on 13/06/2024