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Rent to Home Buy scheme

If you are having problem getting a mortgage without a deposit, you could get help during the 'Rent to Home Buy' scheme. Through the scheme, you could rent a recently built home before buying a share of it. Find out if you are entitled and how the scheme works.

Rent to Home Buy scheme - who can apply?

The Rent to Home Buy scheme is accessible for convinced properties in UK. Before you can get a home during the scheme you want be sure that you meet the eligibility criterion. The scheme is run by 'Home Buy agents', who can help you throughout the application process for a home. Home Buy agents are appointed housing associations - non-profit organizations that manage housing for people having complexity buying a home.

Rent to Home Buy scheme is open to families earning less than £60,000 a year who would otherwise be powerless to buy a home.

You may be eligible if you are moreover a:

• first time buyer
• previous home owner who can't now afford to buy without help
• housing association or council tenant
• 'key worker'

How the Rent to Home Buy scheme works

Your local Home Buy agent will charge your eligibility for the scheme and then look at the options available in your area. There are firm newly built properties that you can rent at an affordable rate - 80% of the market rent. You can rent the property for up to five years.

The Rent to Home Buy scheme is intended to give you time to save sufficient money for a deposit to buy the property. You'll have the first option to buy the property at any time throughout the tenancy, or at the end.

What happens when your rental ends?

At the end of the five-year term a Home Buy agent will assess your position again. If you can afford it, you can get part of the property under the New Build Home Buy scheme. You'll need to be able to pay for at least 25% of the property through savings and/or a mortgage.