What is Rent to Buy?

Rent to Buy is a government-designed scheme that allows working households to rent a home at 20 percent below the market rent value (known as intermediate rent). With less rent to pay, it gives you the opportunity to save for a deposit so you can buy the property in the future. 

With Rent to Buy, you can live in a high-quality, new build home at intermediate rent for a maximum of five years. During that time, you can save for a deposit and have the option to buy your home through shared ownership. 

rent to buy infographic

Who’s eligible for Rent to Buy? 

You could be eligible if: 

  • You’re working and intend to buy the property in the future; 
  • You’re a first-time buyer or want to own a home again after a relationship breakdown. 

You must earn the minimum income required for the home to make sure it's affordable for you, however there’s no maximum income cap for the scheme. 

What benefits does the Rent to Buy scheme provide? 

Rent to Buy allows you to live in a new build property for a monthly rent of approximately 80 percent of the property’s market rent value. This reduced monthly rent is designed to help you save for a deposit to buy the property in the future. 

What other costs are involved? 

You'll need to pay a holding deposit, which will be deducted from your first month’s rent. All successful lettings will be subject to referencing, which will include a credit check, an employment reference, and a landlord reference. 

You'll also need to pay a rental deposit, which will be put in a government-approved tenancy deposit scheme (this is a legal requirement to protect your deposit). 

Your monthly rent will be paid in advance by direct debit. Your lettings officer will be able to tell you the exact cost. Other costs may include moving costs as well as the usual household bills such as energy costs, council tax etc. 

Do I have to buy the property at the end of the tenancy? 

Before you proceed with the tenancy, you'll need to confirm your intention to buy the property in the future, when it's financially possible for you to do so. 

How long can I live in a Rent to Buy home? 

Your initial tenancy with us will be for 18 months. After that, it will continue on a rolling basis until the five-year mark. The home you’re renting will be available to buy, and as the tenant, you'll have first refusal to buy the property. If you decide to go ahead, the purchase price will be at the current market value, not at the value it was when you started the tenancy. 

If you decide to end your tenancy, we’ll ask you to give us one calendar months’ notice in writing, as a minimum. 

Who’ll be responsible for the repairs to my home? 

We’ll provide a maintenance and repairs service while you’re a tenant in the property, as outlined in your tenancy agreement. 

Find out more 

Browse our  rent to buy  properties. 

Register your interest by completing the rent to buy pre-qualification form below.