RENT, SAVE, BUY
from a below-market rent so will have the ability to save based on the minimum income requirement for your London Living Rent home.The more you save the quicker you will raise the deposit required to buy your first home. RENT TO BUY Rent to Buy helps tenants in England save for a deposit to buy a home by offering properties at a discount.This is normally 20% below market rent.The scheme is available in England, apart from London. Properties in London are covered by a separate scheme called London Living Rent.
organisations that have Rent to Buy homes using the shared ownership scheme service. Properties in London are covered by a separate scheme called London Living Rent. COUNCIL AND HOUSING ASSOCIATION HOMES Some local councils and housing associations advertise Rent to Buy homes. Check the shared ownership scheme service or with your local council or housing association for more information. There may be extra eligibility requirements to apply. BUYING A HOME You can use the deposit you’ve saved to buy any home, including those available using an affordable homeownership scheme. IF YOU WANT TO BUY THE HOME THAT YOU ARE RENTING You may be able to buy the home that you’re renting if your landlord agrees. If your landlord decides to sell while you’re a tenant they must give you the option of buying your home first. The price you pay will be the property’s market value. This may be more or less than when you first rented your home. Check with your landlord whether buying the home you’re renting is an option. BUYING THE HOME YOU'RE RENTING THROUGH SHARED OWNERSHIP You may be able to buy the home you’re renting through the shared ownership scheme if: 9 Your landlord agrees 9 You’ve saved enough deposit to buy a share 9 You can get a mortgage 9 You meet the shared ownership eligibility requirements.
ELIGIBILITY
To be eligible for Rent to Buy, you must be: 9 In full or part-time employment 9 A first time buyer 9 Able to pay your rent and save for a deposit at the same time. You may also be eligible for Rent to Buy if you are returning to homeownership following a relationship breakdown. A landlord may check your income and credit history to decide if you’re eligible. HOW THE SCHEME WORKS You apply to rent a property that is in the scheme. If you’re considered eligible, and the property is still available, it will be offered to you. Your initial tenancy agreement will be for up to two years. After that, if you need more time to save for a deposit, your landlord may agree to extend your tenancy. If you do not pay your rent on time and follow the terms of your tenancy agreement, you may not be allowed to stay in the scheme. You can buy a home as soon as you’ve saved enough deposit and can get a mortgage.
HOW TO APPLY
Check with your landlord whether buying the home you’re renting through shared ownership is an option.
If you live in England (excluding London), you can search for
Step three Save the discount for your deposit
Step four Buy shares in your home through shared ownership
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