Rent to HomeBuy
What is Rent to HomeBuy?
This option offers new build homes to rent for a pre-defined period of time with the expectation that you will buy a share of the property at the end of the rental period.
How does it work?
Homes are available through a range of housing associations on assured shorthold tenancies with an affordable rent of 80% (or less) of market rents. The rent is payable for a pre-defined and limited period, after which time there is an expectation that you will purchase the property on the terms of New Build HomeBuy. The rental period provides you with the opportunity to save for a deposit towards buying a share in the home, enabling you to access mortgage availability.
Some housing associations offer variations of Rent to HomeBuy. Some of these schemes are marketed with different names, for example "Try Before You Buy" or "Rent Save Buy", etc. Please enquire with the relevant housing association to clarify the terms under which the scheme you are interested in is being offered.
What are my options after renting through Rent to HomeBuy?
You will have the opportunity to purchase a share in the property throughout your tenancy. At the end of the rental period, you will be assessed to determine your affordability and eligibility to purchase a share in the property.
If your circumstances have changed and you are no longer able to afford to buy, your landlord may review your tenancy. Please note that there is no guarantee that your tenancy will be renewed after each of the agreed periods.