What is Rent to buy?
Rent to buy is scheme which can allow you to take your first steps towards getting onto the property ladder.
The scheme allows you to rent a home with a reduced rental amount for the period of up to 5 years, during this time it allows you to save for a deposit to then be able to purchase your home either outright or on a shared ownership basis.
If you were to decide not to purchase the property within or after the 5 year period the tenancy would then end.
Your tenancy would start for a 12 month period, any time after the 12month period you can apply to purchase
your home with our Shared ownership scheme - this is where you can buy shares within your home anything between 25-75% dependant on affordability - to find out more please see the link – shared ownership link
You’ll have the perks of a reliable, well known landlord who will cover all valid defects until you make your purchase.
Could you be eligible?
Please see the key eligibility requirements – do you meet these?
- The property must be your only home
- You must be a working household
- Have an household income under £80,000 Per annum
- Be a first-time buyer (You may be eligible if you have owned a home before if you can no longer afford to buy one)
- If you’re an existing homeowner, you may be eligible please contact us for further clarification
The process explained…
- Find the new home you wish to apply for
- Register with Help to Buy – Shared ownership
- Get in touch with us here at Platform and we will guide you through your next steps
Be prepared for
- A credit reference check - which will be carried out by a third party
- Employment and landlord reference checks