I'm interested in Rent to Buy; how do I apply?
What is the Rent to Buy scheme?
This scheme is designed to help you into home ownership, the rent is set at 20% lower than the market rent for the property so that you can save for a deposit to buy the home at the end of five years. The initial tenancy is a fixed term for one year, so you are not tied into a five-year contract and can leave at any time should your circumstances change.
There is a qualifying criterion that at least one person applying must be in full time work, the total household income must be less the £80,000 per annum and you cannot have current savings of over £7000.
What happens after 5 years?
At the end of the five years, you will be offered the first refusal to buy the property at the market value, there are no discounts available with this scheme.
If I don’t want to buy my home, are there any other options?
If you choose not to buy the property, there are other options available. It could be that we agree to continue to rent the property to you but at full market value. You could look at purchasing under the shared ownership scheme or we may choose to sell the property on the open market ending the tenancy. We would only decide which option to take at the end of the five years.
How do I apply?
You need apply via the marketing agent.
If you are successful, you will be required to pay a holding fee of 1 weeks rent however there is no deposit, bond or month's rent in advance required.