Rent to Buy
What is Rent to Buy?
This option offers newly built homes to rent for a period of time with the option to buy a share of the property at the end of the rental period.
How does it work?
Homes are available through a range of Housing Associations on assured shorthold tenancies with an affordable rent of 80% of market rents. The rent is payable for a pre-defined and limited period, after which time there is an expectation that you will purchase the property on the terms of Shared Ownership after your initial rental period. As the rent is 'reduced' it provides you with the opportunity to save for a deposit towards buying a share in the home.
What are my options after renting through Rent to Buy?
You will have the opportunity to purchase a share in the property throughout your tenancy. At the end of the rental period, you will be assessed to determine your affordability and eligibility to purchase a share in the property. If your circumstances have changed and you are no longer able to afford to buy, your landlord may review your tenancy. Please note that there is no guarantee that your tenancy will be renewed after the agreed period.
What homes are available?
We ask all housing associations to list their properties on our website. You can search for a home in the area you wish to live by using our Property Search. Just click on the link here and select "Rental Schemes" and "Rent to Buy" in the Property Type which can be found under "More Options"