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 4 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 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.