Rent to buy scheme could save you money
The Rent to Buy scheme is where tenants can pay up to 20% below market rent in order to save for a deposit.
The scheme is only available in England and is there to support those looking to get on the property ladder.
To be eligible, you must:
- have a job
- be a first-time buyer
- be able to pay rent and save for a deposit simultaneously
However, you can only apply for properties in the scheme – which excludes anywhere in London.
You can view these properties on different letting agent websites or simply call them up for more information.
The initial tenancy agreement will last for two years, but it may be possible to extend it.
You’ll be able to buy your home as soon as you have enough to secure a mortgage.
