The ‘Rent to Buy’ is the ideal scheme for those who aspire to own their own property, but may need some time to save up a deposit or experience living in your own home before you commit to purchasing. The scheme is a Government initiative that allows you to rent out a brand new or refurbished property at a discounted market rent (referred to as Intermediate Rent) with a view to purchasing the property within a set timescale. You can’t go wrong if you take advantage of this fantastic initiative!
Rent to Buy refers to a discounted rent, 20% lower than the open market rent, allowing you to save for a deposit and purchase your home at a later date through the Shared Ownership Scheme.
You must demonstrate your ability to purchase at a later date, before you can be allocated a property. A full financial assessment will be carried out by Rosa Homes to ensure you are eligible for Rent to Buy scheme.
The procedure for assessing an Rent to Buy applicant is similar to the assessment used in the case of Shared Ownership and each applicant must be able to demonstrate their eligibility to purchase.
Applicants are assessed by the Local Help To Buy Agent using the following eligibility criteria:
In addition to each applicant being assessed by the Local Help To Buy Agent, Rosa Homes also make a financial assessment and require the following supporting documents:
Allocation will also be subject to credit checks and satisfactory references.