Rent to HomeBuy is a government initiative. It helps you into home ownership by allowing you to purchase an affordable share in your own home with the option to buy additional shares in the future taking you into outright ownership. Or you can rent at 80% market rent with a view to purchasing at any point within the next five years.
Am I eligible?
The good news is that it’s available to a really broad audience, the main criteria being that:
- That you/your household has an annual income of less than £60,000
- You are in full time employment
- You currently own no other properties.
The Buy Option
Under Rent to HomeBuy, you can buy anything from 25% to 75% of the property, renting the remaining share at 2.75% per annum.
The Rent Option
“Try before you buy” and rent an apartment at just 80% of the market rent, giving you some room financially to save up for a deposit. If you take this option, you can purchase at any point within five years.
Disclaimer: Prices based on a 50% share.
See Also: Rent to HomeBuy (0), Affordable Homes (0), Try Before You Buy (0), Affordable Property (0), Affordable Housing (0), Affordable New Homes (0)