What is Rent to Buy?
Rent to Buy is a government backed scheme which has been designed to ease the transition between renting to buying a home.
You can rent your brand new home for up to five years with the option to buy it during that time.
During the five years you will pay subsidised rent which is 80% of local market rent levels. This gives working households an opportunity to save for a mortgage deposit with the money saved on lower rent payments.
Your rent will be 80% of the current market values for five years.
Homes available with the Rent to Buy scheme can either by bought outright or bought with the shared ownership scheme.
If you decide to buy your home through the shared ownership scheme, you must meet the eligibility, affordability and sustainability criteria.
Who can apply?
To be eligible for the scheme you must:
- be 18 years or over;
- be a working household in full or part-time employment;
- have a good credit history and can afford the cost and regular payments involved in buying a home, click here to see further information about our adverse credit policy;
- be a first-time buyer or buying again after a change in circumstances;
- have a total household income of less that £80,000 and currently unable to secure a mortgage due to lack of deposit;
- be able to show you can pay rent and save for a deposit at the same time, and;
- not be claiming Housing Benefits.
This is a route to home ownership so it’s important to work toward this during your tenancy period
How do I apply?
If you're interested in buying a home through the Rent to Buy scheme, please email our Sales Team at [email protected]
This chart gives an idea of the monthly savings needed to meet a 5%, 10% and 15% deposits.
This is based on current house valuations, which may increase over the two-year period.
| % Deposit | Market value (100%) | Equity share % | Share Amount £ | Savings per-month |
| 5% | £180,000 | 50% | £90,000 | £75.00 |
| 10% | £180,000 | 50% | £90,000 | £150.00 |
| 15% | £180,000 | 50% | £90,000 | £225.00 |
| 5% | £250,000 | 50% | £125,000 | £104.16 |
| 10% | £250,000 | 50% | £125,000 | £208.33 |
| 15% | £250,000 | 50% | £125,000 | £312.50 |
In addition to the deposit, potential buyers will need approximately £2,500 to cover the costs of buying a new home, including legal fees.
See our current Rent to Buy homes above.
Once we've received and approved your application and you're deemed eligible for the Rent to Buy scheme, we'll then arrange an interview and a viewing.
If you've saved enough deposit, you can buy your home before the end of the five-year tenancy. Once the five-year rental is up, you should be able to buy outright or through shared ownership
If you're on the Rent to Buy scheme, you must live in the home. You can't let the home to anyone else.
If you have any queries, please email our Sales Team at [email protected] or phone us on 01977 788830.
Want to find out more?
Find answers to frequently asked questions in our Rent to Buy guide!