Move into your new home straightaway and rent it, giving you time to decide to buy.
Would you like a new home, but you’re not sure it’s the right time? Or maybe saving for a deposit whilst renting is proving too difficult. Getting a mortgage is not always easy, even at the best of times.
Well, here’s a great idea that may be just up your street called 'Try before you buy'. If you choose to buy, you get up to your first 12 months’ rent towards your deposit.
Win, win, win
You get the home you want – no waiting, no messing around, no fuss. Plus you get time to find the mortgage that’s right for you while saving for your deposit. You get the opportunity to live in your new home, to see if it really does live up to your expectations. Not just the house itself, but the location, everything.
'Try before you buy' is such a good opportunity for lots of people who are unsure whether to buy right now. And for those of you whose temporary and financial circumstances are making it extra difficult, we’re sure this innovative scheme will be a real help. In the meantime, you can sit back and enjoy your new home safe in the knowledge that your rent isn’t being wasted as it can go towards your deposit.
How it works
You sign up to a rental agreement (it’s called an assured shorthold tenancy) which is simply the legal contract between you and us. The level of rent will be set at the current market value, so it’s a completely reasonable rent – what you would pay anyway.
When you move in, all you’ll need is the first month’s rent plus another month’s rent as a deposit. When you sign up to your rental agreement you also secure the option to purchase at an agreed price. Your rent can only be used towards a deposit and is non refundable. And that’s it.
Forget trying to find a big deposit up front for your mortgage – try before you buy and move in straightaway. And while you think it over, you can be saving towards your deposit for your new home.
Click here to see where you can buy with this scheme.
See Also: Affordable (7), Try Before You Buy (5), Affordable Homes (10), Affordable New Homes (7), Affordable Property (7)