Rent to HomeBuy
A 'rent first, buy later' product to enable would be first-time buyers to try before they buy.
Rent to HomeBuy
The Rent to Homebuy scheme is a pilot product announced as part of the
government's 'Facing the Housing Market Challenge' report last month to
offer additional help to first time buyers who are struggling to save
for a deposit.
Rent to HomeBuy will be available soon, with the first schemes anticipated to be announced this autumn. Specific information about homes available under the scheme from MHO will be posted on this site as soon as it is available.
Full details are to be confirmed - we will update this page as they emerge. In the meantime, you can download the government paper announcing the new product by clicking on the link to the Communities website below.
Eligibility terms will be similar to other HomeBuy products, with first time buyers with an annual household income of £60,000 who do not already own a property being eligible to apply.
The Housing Options online application form is in the process of being updated with this new option.
With Rent to HomeBuy you:
· rent a new build property in certain areas at 80 per cent (or less) of the market rent for a fixed length of time
· 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
· a HomeBuy agent will then make an assessment of what share of the property you can afford to buy and maintain payments on under the New Build HomeBuy scheme
· if the assessment shows that you cannot afford to buy any share because of changes in your circumstances, your landlord will review your tenancy but there is no prior guarantee that it will be renewed