Rent to Buy
At WDH we know that saving for a home can be difficult and sometimes feels completetly out of reach. Our Rent to Buy scheme gives you the opportunity to eventually buy a home in the place you want to live.
What is Rent to Buy?
Rent to Buy is a government backed scheme which has been designed to ease the transition between renting to buying a home.
You can rent your brand new home for up to 5 years with the option to buy it during that time.
During the five years you will pay subsidised rent which is 80% of local market rent levels. This allows working households an opportunity to save for a mortgage deposit with the money saved on lower rent payments.
Your rent will be 80% of the current market values for 5 years.
Homes available with the Rent to Buy scheme can either by purchased outright or bought with the Shared Ownership scheme.
If you decide to buy your home via the Shared Ownership scheme your working household must meet Shared Ownership eligibility, affordability and sustainability criteria.
Who can apply?
To be eligible for the scheme you must:
-
be 18 years or over;
be a working household in full or part-time employment
Be a first-time buyer or returning to the market after a change in circumstances
Have a total household income of less that £80,000 and currently unable to secure a mortgage due to lack of deposit
Be able to demonstrate you can pay rent and save for a deposit at the same time. Must not be claiming Housing Benefits
This is a route to home ownership so it’s important to work toward this during your tenancy period
How do I apply?
If you are interested in buying a home through the Rent to Buy scheme, please email our Sales Team at [email protected]
This chart gives an indication of monthly savings required to meet a 5%, 10% and 15% deposits.
This is based on current house valuations, which may increase over the two-year period.
| % Deposit | Market value (100%) | Equity share % | Share Amount £ | Savings per-month |
| 5% | £180,000 | 50% | £90,000 | £75.00 |
| 10% | £180,000 | 50% | £90,000 | £150.00 |
| 15% | £180,000 | 50% | £90,000 | £225.00 |
| 5% | £250,000 | 50% | £125,000 | £104.16 |
| 10% | £250,000 | 50% | £125,000 | £208.33 |
| 15% | £250,000 | 50% | £125,000 | £312.50 |
In addition to the deposit, potential buyers will need approximately £2,500 to cover the costs of buying a new home, including legal fees.
We currently have no Rent to Buy properties available but keep checking back for updates.
Once we have received and assessed an approved application and you are deemed eligible for the Rent to Buy scheme, we will then arrange an interview and a viewing.
- If you have saved enough deposit, you can buy your home before the end of the 5-year tenancy
- Once the 5-year rental is up you should be able to buy outright or through shared ownership
If you are on the Rent to Buy scheme, you must occupy the property. You cannot let the property to anyone else.
If you have any queries, please email our Sales Team at [email protected] or phone us on 01977 788830