FAQs: Rent to buy
We've pulled together a list of questions and answers we think might help you decide whether Rent to Buy is an option for you. Take a look below:
What is the eligibility criteria?
In order to qualify for Rent to Buy you have to be a working household with the intention of buying your own home. We will carry out an affordability assessment to ensure that you can afford full market rent, and can therefore save the 20% reduction towards a future deposit.
What will the application process be?
Applications will be assessed on a first come first served basis. Rent will be payable in advance, the amount will be dependent on when your tenancy begins. Our nominated agent will process your application, arrange a viewing with you, and then if successful, refer your application to us to get you signed up. We will then arrange to meet with you to carry out a pre-tenancy meeting.
When will the properties be available to view?
We are meeting with our agents to introduce the product and have asked the developers the earliest date that an example property will be available to view. We are hoping to get an update on this soon.
When is the development due to complete?
We are anticipating that the development will be completed in August 2019. We will provide regular update on completion dates as the development progresses.
Does the monthly rent stay every year?
The monthly rent is set initially at 80% of market rent. Rent increase are limited to 1% + Consumer Price Index (CPI).
What would happen if I decided I didn’t want to buy?
We will meet with you every year to discuss your progress in saving for a deposit. The scheme is designed for those who wish to buy, but if you’re circumstances changed throughout your tenancy we can offer support and possibly alternative purchasing options.
Can I have more information about room sizes?
We have asked for more detailed plans, which will be uploaded to the website very soon.
How much deposit will I need to buy after 5 years?
If you remain a Rent to Buy tenant for over five years, you will have the option to buy the property. The amount of deposit needed will depend on the value of the property at the time of sale, but as a guideline we anticipate the properties to be in the region of £95,000 for the two bedroom property and £120,000 for the three bedroom properties.