The Rent to Buy scheme is effectively a way you can ‘try before you buy’. It allows you to rent your home at a reduced rate, while you save up for a deposit to purchase it in the future. We offer a number of fantastic rent to buy apartments and houses, and can provide guidance through the application process.
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There are some eligibility criteria for applicants wishing to use the Rent to Buy scheme. For example, applicants must be first-time buyers, unless they are returning to the market following a personal incident such as a relationship breakdown which has meant the applicant has needed to leave their home. To be eligible for this scheme, applicants must also be:
If you are unsure whether or not you are eligible for the scheme, be sure to contact us to find out more.
First, take a look at our available rent to buy apartments and houses online. If you see a property that is available in your price range, then simply register your interest online, or contact a member of our friendly team if you have any questions. Feel free to give us a call on 0161 447 5050 for more information, and for specific guidance on the application process and our available homes.
The rent to buy scheme allows you to effectively try a property that you are considering buying, before making the purchase. Over a period of three to five years, you will pay reduced rent, giving you time to save for the deposit to purchase your home.
With Rent to Buy, you can rent your chosen home at an affordable discounted rate (usually up to 20% lower than average local market rents). Based on this, here’s how much you could save:
Market rate: £1,000 a month
Rent to buy rent: £800 a month
Saving: £200 per month
Total saved after five years: £12,000 (plus any interest you’ve made).
This £12,000 could then be used as a deposit to purchase your home!
If you come to the end of the agreed rent to buy period and you do not wish to make a purchase, you must instead vacate the property. If, as time goes, you are able to save enough money to purchase part of the property, you might even be eligible to purchase a share of your home using our Shared Ownership scheme. Find out more about shared ownership in our detailed blog.
We offer rent to buy apartments and houses for a period of three to five years on a rental basis. Once this period is over, the time will come to decide whether you wish to purchase the property or not.
