The Rent to Buy scheme is a discounted rent then buy scheme, offered to support our customers in getting onto the property ladder
Part-funded by Homes England, the ultimate aim of the scheme is to allow you to take advantage of the reduced market rent in the 5-year term, allowing you to save for a deposit. After 5 years, if the property is not purchased, the rent will increase to be in line with full Market Rent.
Rent to buy timeline
Here is the typical example timeline of the Rent to Buy process
After 1 year
You have the option to purchase a share of the property. This will be based upon affordability and you’ll need to qualify with one of our Independent Financial Advisors.
At the end of the 5-year term
The Homebuy Team will be on hand to help you in purchasing the property outright.
The 5 key eligibility requirements for this scheme are:
The property must be your only home
At least one member of your household needs to be in paid employment
The joint household income must not exceed £60,000 per annum
The rent should utilise 25% - 45% of your household income
If you’re an existing homeowner, you may be eligible, for example, if due to a relationship breakdown
The process is outlined below:
Visit our New Homes webpage to identify a development/house type you are interested in
On identifying your preferred development, advise the Sales and Marketing team by emailing email@example.com who will then forward a Rent to Buy application for
Upon completion, your application form will be forwarded to a Financial Advisor who will contact you. You’ll need to provide the documentation they require within 2 weeks
Once you’re financially approved, you can reserve your new home, no deposit required!
Please note, if you are an existing Rent to Buy customer with Karbon Homes you will not be given priority over those in greater housing need. Non-disclosure of any CCJ’s, IVA’s, debt or adverse credit will result in your application being closed immediately and you will not be permitted to re-apply for the rent to buy scheme indefinitely.