The Rent to HomeBuy initiative was designed to help prospective buyers onto the property ladder.
Rent to HomeBuy allows you to purchase an affordable share in your own home and additional stakes in the future taking you to outright ownership. Alternatively, you can rent at 80 per cent market rate with a view to purchasing at any point within the next five years. The scheme runs for up to five years.
Am I eligible?
The good news is that Rent to HomeBuy is available to a really broad audience, the main criteria being that:
- You have 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 per cent to 75 per cent of the property.
The rent option
Try before you buy and rent an apartment at just 80 per cent of the market rate, 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 per cent share.
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Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advice from a qualified professional.