Rent to Buy

This will depend on how quickly you submit the necessary documents outlined by the application form, typically we would look to complete the process within 28 days. Non-disclosure of any information, County Court Judgements, Individual Voluntary Agreements, debt or adverse credit will result in your application being closed and you will not be permitted to re-apply for the Rent to Buy scheme.

Existing homeowners may apply if they face exceptional circumstances, such as a relationship breakdown and cannot afford to buy a home on the open market.

You do not need savings to qualify for our Rent to Buy scheme. To ensure you can rent a Rent to Buy home with us, you will be required to prove you can provide one month’s rent in advance as well as qualifying for all other terms of the scheme.

You will be required to save towards a deposit for your mortgage, the percentage of deposit you would need to save can vary. We would always recommend speaking with and independent mortgage advisor for a clear understanding.

To rent a home through the Rent to Buy scheme with us, you will be required to provide one month’s rent in advance. There are no costs associated with the renting side of Rent to Buy. When you are ready to purchase your Rent to Buy home, you will have to consider the usual costs associated with buying such as conveyancing, stamp duty (if applicable) and surveys.

Savings are defined as funds across all household accounts aged 18 and over. This includes banking accounts, savings accounts, bonds, ISAs, and investments.

The maximum household income criteria set for the Rent to Buy scheme is £80,000 per year. However, eligibility is restricted to those who are currently unable to raise a deposit to purchase a property.

Yes, you will need to prove you have a good credit history with no history of bankruptcy, defaults which include late payments, County Court Judgments (CCJs) or Individual Voluntary Agreements (IVAs). This is to show you have a reasonable chance of securing a mortgage to purchase the property after five years.

The initial tenancy is five years; the expectation is that you would purchase the property at the end of the five year rental period.

It is recommended you put the savings you make on the discounted rent towards a house deposit. During your tenancy, we will conduct annual visits to discuss your tenancy and check you still feel on track to purchase the property at the end of the term. If your circumstances change or you feel you need more guidance on deposit saving, we will signpost you to appropriate services to support you.

You should understand your savings deposit target to help you save the required amount for your mortgage deposit; an independent mortgage advisor should be able to support you with this.

We are not able to give financial or mortgage advice or assistance, we do recommend seeking advice of an independent financial or mortgage advisor, especially toward the end of the rent tenancy period.

We are not able to offer financial or mortgage advice. However, we would advise you to speak with an independent mortgage advisor who can assist you. As part of our standard tenancy offer, we do offer support with rent, welfare benefits and cost of living as well as signposting to debt advice.

You would have an option to end the tenancy prior to purchase if you wished or after your tenancy has come to an end if you cannot buy the home, we would discuss the situation with you and consider individual circumstances and how we would be able to best support you.

We understand that a lot can happen in five years. Should your circumstances change within your tenancy term, you will be required to inform us, and we will look to support you.

Under your rent to buy agreement, the service charge is inclusive of your rent. Once you purchase your home in the future on an outright or shared ownership basis, there may be a service charge payable which will be discussed with you at the time.

No, there is no break clause, you can end the tenancy with one months’ notice. We would only serve notice if you were to significantly breach your tenancy agreement.

No, the terms and clauses in the tenancy agreement cannot be amended. You will be given a tenancy agreement to review before signing.

Please contact us to request permission for any intrusive or extension works, however you can decorate the property.

As your landlord, we will carry out repairs and defects in your property during the initial rental term; these can be reported directly to us. Please note we will not cover any damage.

You do not need a mortgage to rent a home through the Rent to Buy scheme, this is not a mortgage product. You will need a standard open market mortgage when purchasing the home after your tenancy has ended.

You can contact us to discuss purchase in the final year of your rental term. We will arrange a market valuation and set the price of purchase.

As per your rent to buy agreement with us, we would expect to sell the home to you as an outright sale at year 5, as you have received a reduced rent for 5 years to save for a deposit. We understand circumstances can change during this time and ask you to keep talking to us so we can review all housing options with you throughout your tenancy with us.

If you decide to purchase your home, the price will be the current market value at the present time, which may be different to when you initially started your tenancy. A RICS valuation will need to be obtained to determine the current market value.