Understanding Rent to Buy
Rent to Buy is a Government scheme designed for those who wish to transition from renting to buying their own home.
With Rent to Buy, you can live in a quality new build home at approximately 20% below the open market rate for a minimum of five years. During that time, you will save towards a deposit and have the option to buy your home through Shared Ownership. After the five years you may be able to purchase your home outright.
We’ve provided some FAQs which you may find useful:
Q. What are the benefits to Rent to Buy?
A. Through Rent to Buy you can live in a new build property at a reduced rent rate (set at 80% of the market rent). You also have a minimum of five years to save towards a deposit – we can provide support and guidance when / where possible to help you do this.
Q. Do I have to buy my Rent to Buy home?
A. At the beginning of your tenancy agreement we will ask you to confirm your intentions to purchase the property when / if financially possible. This will be formalised in a written agreement.
Q. What happens if I can’t buy my home after five years?
A. If you are unable to purchase your home through Shared Ownership or outright on the open market, we will provide alternative rental options so you may be able to stay in the home you live in.
Q. Am I responsible for maintenance and repairs?
A. No, under a Rent to Buy tenancy agreement we provide a maintenance and repairs service. You can find out more on our Customer Support section of the website.
Q. Can I choose the home I wish to Rent to Buy?
A. We have a pool of properties in the pipeline, coming soon and available now for Rent to Buy. You can discover all of our available now properties listed here.