The Rent to HomeBuy scheme is a pilot product introduced to offer additional help to first time buyers who are struggling to get a mortgage or to save for a deposit.
With Rent to HomeBuy you rent a new build property in certain areas at 80 per cent of the market rent for a fixed length of time. The rent is on the basis of an Assured Shorthold Tenancy for up to 5 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 the New Build HomeBuy scheme. 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.
Rent to HomeBuy is available on a number of Housing Association schemes across the district.
Intermediate Properties For Rent To HomeBuy
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