Have you ever wished there was a way you could live in your dream home before you buy it? Well, that’s exactly what our Rent to Buy scheme can offer you!
What is the Rent to Buy scheme?
Affectionately called ‘Try Before You Buy’, this incentive allows prospective homeowners who can’t quite afford to buy their home right now to rent their ideal home for up to 5 years at a discounted rate (20% below market rental value) whilst they save for a deposit to purchase the property in the future.
Why should I consider the Rent to Buy scheme?
The great thing about the Rent to Buy scheme is that, as your circumstances change, so do your options. After the five year period of subsidised rent, you then can assess your purchase options – you can buy 100% of your home if you can afford to, or you can buy a percentage of your home through Shared Ownership if your finances won’t quite cover the full property value.
If you go down the Shared Ownership route, you can read more about the scheme here. However you choose to buy your home, HomesHub will be here to help you.
Am I eligible for the scheme?
To be eligible for Rent to Buy:
– You must be working and intending to buy your own home in the future
– You must also be a first-time buyer or returning to the market (i.e. was once a homeowner but no longer owns a home) and earn less the £80,000 per year per household
– You must be able to afford the rent and satisfy a credit reference check
There will be a fee of £100 for each credit reference check and a deposit of one month rent will be taken on commencement of your tenancy.