RENT, SAVE, BUY
RENT, SAVE, BUY We know that renting with all its very costly implications can make getting on the property ladder an impossible dream. But, with these renting opportunities including Rent to Buy and London Living Rent, it means you save at the same time as renting and eventually can get the keys to your own front door. In this special supplement we explain the various ways you can rent, save and eventually buy
ANY QUESTIONS?
LONDON LIVING RENT HOW IT WORKS
Do I qualify for London Living Rent? To qualify for London Living Rent you must meet all of the following criteria: 9 Your annual household income must not exceed £60,000 9 You must live or work in London 9 You must be unable to buy a home, including shared ownership, in the local area 9 You must not own a residential property in the UK or overseas 9 You must meet the minimum income required for your preferred property 9 You must meet lenders' general criteria to obtain mortgage finance.
Funded by the Mayor, the idea behind London Living Rent is to help people switch from renting to shared ownership. It is designed for people who want to build up their savings to eventually buy a home through shared ownership. London Living Rent offers affordable homes for private rent on shorthold tenancies for up to three years. Simply: 9 Find a London Living Rent home that suits you and your needs 9 Rent the home at a discount 9 Save the discount for your deposit 9 Buy shares in your home through shared ownership. Discounted rental contracts can be renewed, if needed, for up to 10 years after the launch of each scheme; during which time, you will be able to gradually build up your deposit. When you’re ready, you have the option to buy the home you’ve been renting (or another eligible property) on a shared ownership basis.The good news is that when you buy is flexible, and the housing association will support you to save during your rental stay, so you can buy at your own pace.
The full eligibility criteria and priority policy for a particular development can be found on the advertised listing.
Can I move to an alternative London Living Rent apartment once my term ends? You can’t move to an alternative if you’ve completed the stated London Living Rent term (usually five to 10 years). Must I save a minimum amount each month? You are the best judge of what amount is affordable for you to save each month. By renting through London Living Rent you benefit
Step one Find a London Living Rent or Rent to Buy home suitable for you
Step two Rent the home at a discount
28 First Time Buyer February/March 2024
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