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A 'rent first, buy later' product to enable would be first-time buyers to try before they buy.
If you need a little extra help saving up a deposit for a mortgage, or you would like a trial run before you commit your hard earned cash, Rent to HomeBuy could be the housing option for you.
You can move into a newly built home and pay rent at only 80% of the market value for a fixed length of time. At the end you get to choose; to buy or not to buy.
What’s in it for you?
Eligibility terms are similar to other HomeBuy products: first time buyers with an annual household income of up to £60,000, who do not already own a property, are eligible to apply.
To apply for Rent to HomeBuy today, download, print and return the application form or phone 0845 230 8099 for an application pack.
More information on Rent to Homebuy on: http://www.direct.gov.uk
More information on Rent to Homebuy on http://www.homesandcommunities.co.uk
You can move into a newly built home and pay rent at only 80% of the market value for a fixed length of time. At the end you get to choose; to buy or not to buy.
What’s in it for you?
- It’s an opportunity to try before you buy. You get to move into a brand new home and enjoy the home as if you own it, to give you time before you make the next step.
- These homes are built specifically for ownership. This means you get a good quality specification, usually including a fitted kitchen and bathroom, a 10 year NHBC guarantee, and often desirable features such as balconies, allocated parking and en-suite bathrooms. You don’t always get these extras if you rent privately.
- Some housing providers are offering incentives to make becoming a home owner easier when the time comes to buy.
- You get all the benefits of being a resident of a socially responsible Registered Social Landlord (RSL). RSLs are committed to making your home affordable to help you on the way to ownership. You will get predictable and clearly set out rents and service charges, and a housing management service to offer you help and advice after you move in.
- This option gives you choice and security. You can choose to rent or buy, but either way you can choose to move into a quality, affordable home.
- You rent a new build property in a dedicated development at 80 per cent (or less) of the market rent, for a fixed length of time.
- You rent on the basis of an Assured Shorthold Tenancy for up to 2 to 3 years.
- When you have finished renting on the terms of the Assured Shorthold Tenancy:
- You can make the first offer to buy the property under New Build HomeBuy terms and conditions (for details about New Build HomeBuy click here).
- A HomeBuy Agent will then make an initial affordability assessment of what share of the property you can afford to buy and maintain payments on
- If the assessment shows that you cannot afford to buy a minimum share because of changes in your circumstances, your landlord will review your tenancy. However, there is no prior guarantee that it will be renewed.
Eligibility terms are similar to other HomeBuy products: first time buyers with an annual household income of up to £60,000, who do not already own a property, are eligible to apply.
To apply for Rent to HomeBuy today, download, print and return the application form or phone 0845 230 8099 for an application pack.
More information on Rent to Homebuy on: http://www.direct.gov.uk
More information on Rent to Homebuy on http://www.homesandcommunities.co.uk