Help to Buy Renting Options
If you don't want to buy right now, then renting a home at a lower rent may be a good option for you.
Rent to Buy
Rent to Buy properties are new homes for rent. The rents are approximately 20% cheaper than a similar property on the open market and it is expected that you will purchase the home on a Shared Ownership basis at the end of the rental period. An affordability check will be carried out to confirm that you will be able to afford the value of the full market rent value from the start, in order to put aside the savings from the 20% discount to buy a share later on. You will usually need a month's rent and a deposit at the tenancy start date.
Sometimes referred to as discounted rent, there are some new and re-let homes available to rent. The rents are approximately 20% cheaper than those on the open market. Typically, you will sign up to a 6 month tenancy, with a month's rent held as a deposit. Affordability checks will be carried out to make sure the monthly rent is affordable for your household. You will be expected to use the lower rental payments to save towards a deposit to buy another home. You will be financially assessed on your eligibility based on the affordability of the full market rent value, to ensure you are in a financial position to be able to start saving for your future home.
Rentplus is an alternative solution to the Help to Buy Schemes. By working in close partnership with national government, housing associations, local authorities, local enterprise partnerships, developers, house builders and private investors, we plan to fund and build thousands of new homes across the country.
How does Rentplus work?
You do not need to be regsitered with Help to Buy Agent for the South to be eligible for Rentplus.
It starts with a move into a highly attractive new home at an affordable rent, over a period of between five and 20 years. After that comes free support and guidance to achieving home ownership while building a positive credit record to support a mortgage application.
A unique feature of Rentplus is that tenants receive a gifted deposit of ten per cent of the property's market value at the time of purchase.
As our homes are built with ownership in mind, they offer:
- A range of property sizes, from one to four bedrooms
- High quality and design for contemporary living
- Interior design packages with a choice of colour, kitchens, bathrooms and fittings for the individual touch
- Reduced fuel bills and environmental benefits through a range of energy efficient features.