Rent to Buy

Rent to Buy is a scheme that makes it easier to save a deposit towards buying a home of your own.

It gives you the opportunity to rent a stylish new home at 80% of the market rent and build up a deposit with the money you’re saving on rent each month. Then, after five years, you’ll be able to buy your home outright.

How does it work?

If you’re in employment, and either a first time buyer, or a former home owner trying to get back onto the property ladder (for example after a relationship breakdown) you can apply.

We’ll carry out a financial assessment, just to check that your household earns less than £60,000 per year and that you’ll be able to afford the combined rental payments and savings plan. The Rent to Buy scheme is for renters who hope to purchase their home in the future, we’ll also ask about your deposit savings plan for the five year term.

Once your application and reference checks are approved, we’ll be able to offer you a tenancy and agree your move-in date.

After you’ve moved in, we’ll be on hand to deal with any repairs or other tenancy queries. During the five year Rent to Buy period we’ll hold annual review meetings with you to check you’re on track with saving your deposit.

Buying your home after five years

Towards the end of the Rent to Buy period we’ll get in touch to discuss your options for buying your home. These might include buying through the Shared Ownership scheme (a much more affordable way to buy) as well as purchasing outright. For more information on Shared Ownership see here.

What are the benefits of Rent to Buy?

With Rent to Buy there are plenty of advantages compared to standard renting – as long as you’re keeping to your tenancy terms, you’ll get

The security of a longer fixed rental period (after an initial 12 month tenancy, we’ll issue 2 year tenancy agreements up to the end of the five year period)
Rent that is 20% lower than the local market rate, enabling you to save monthly for your deposit
A modern, energy-efficient home, with repairs and annual gas safety checks taken care of
The opportunity after five years to buy the home you’ll love

Find out more about our available Rent to Buy homes here:

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