Rent to Buy allows you to rent a home at a minimum of 20% below the market rent for at least 5 years. This allows you to save for a deposit to put towards your first home.
Rent to Buy is available in England, apart from London. There are different rules for Rent to Buy in Wales, Northern Ireland and schemes which operate in Scotland.
You can apply for a Rent to Buy home if:
If your Rent to Buy home is on a rural exception site, you'll be given priority if:
A rural exception allows a local planning authority to agree for affordable housing, for rent or buy, to be built on a site that would not normally be used for housing.
If you live in London, you'll need to visit the Mayor of London's first steps to home ownership website Homes for Londoners to find out more.
Rent to Buy is a stepping stone into home ownership. You'll have an assured shorthold tenancy (AST) on a fixed term for up to 2 years.
The rent you pay will be an Intermediate Rent. This means you'll pay an amount which is at least 20% below the current market rent, if you were to rent from a private landlord, for the area and type of home.
You will pay the agreed rent for a minimum of 5 years. During this time, you must save for the deposit you will put towards buying your home.
After the first 5 years of renting, your landlord will have the following options:
You may also have the option to buy the property within 5 years on a Shared Ownership basis. You will need to agree this with your landlord. If this is offered, you will need to meet the Shared Ownership eligibility, affordability and sustainability requirements.
You can find homes available through Rent to Buy on our property search.
If you’re interested in a Rent to Buy home, you’ll need to contact the landlord directly.