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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 25% 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 rental 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
  • Have a good credit history
  • Have a household income of £60,000 per year or less (this includes you and anyone you will live with, including a partner or friend)

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.

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View properties available now with Rent to Buy.

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