Rent to Buy
What is Rent to Buy?
Rent to Buy is a homeownership scheme designed to smooth the transition from renting to owning a home. You rent a newly built home which is normally 20% below market rent, this allows you to to live in your forever home by paying a subsidised rent, while you save for a deposit for purchasing the home at a later date usually between 2 to 5 years.
At the end of your agreed time period you will be offered the chance to purchase the home outright, or through Shared Ownership.
To be eligible for Rent to Buy, you must be:
- in full or part time employment
- able to pay your rent and save for a deposit at the same time
- a first-time buyer or former homeowner buying again (e.g. after a relationship breakdown)
