What do I need to know about the Rent to HomeBuy scheme?

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Petter
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Joined: Thu Apr 21, 2016 9:44 am

What do I need to know about the Rent to HomeBuy scheme?

Postby Petter » Fri Apr 29, 2016 1:25 pm

If you are having trouble getting a mortgage without a deposit, you could get help through the Rent to HomeBuy scheme. Through the scheme, you could rent a newly built home before buying a share of it. Find out if you are eligible and how the scheme works.

Rent to HomeBuy scheme – who can apply?

The Rent to HomeBuy scheme is available for certain properties in England. Before you can get a home through the scheme you need be sure that you meet the eligibility criteria. The scheme is run by HomeBuy agents, who can help you through the application process for a home. HomeBuy agents are appointed housing associations – non-profit organisations that manage housing for people having difficulty buying a home.

Rent to HomeBuy scheme is open to households earning less than 60,000 a year who would otherwise be unable to buy a home.

You may be eligible if you are either a:

first time buyer

previous home owner who can’t now afford to buy without help (perhaps because you have broken up with your partner)

housing association or council tenant

key worker (a key public sector worker, like a nurse or teacher)

Follow the link below to find outwhether you qualify as a key worker.

Who qualifies as a key worker
How to apply

If you think you are eligible for Rent to HomeBuy, contact the local HomeBuy agent for the area where you want to live. If you are a key worker, you should contact the HomeBuy agent for the area where you work.

You can find your local HomeBuy agent by following the link below.

Find a HomeBuy agent in your area
How the Rent to HomeBuy scheme works

Your local HomeBuy agent will assess your eligibility for the scheme and then look at the options available in your area. There are certain newly built properties that you can rent at an affordable rate – 80 per cent (or less) of the market rent. You can rent the property for up to five years.

The Rent to HomeBuy scheme is designed to give you time to save enough money for a deposit to buy the property. Youll have the first option to buy the property at any time during the tenancy, or at the end.

What happens when your tenancy ends?

At the end of the five-year period a HomeBuy agent will assess your situation again. If you can afford it, you can buy part of the property under the New Build HomeBuy scheme. Youll need to be able to pay for at least 25 per cent of the property through savings and/or a mortgage. For more information about the New Build HomeBuy scheme, follow the link below.

New Build HomeBuy scheme
If the HomeBuy agent finds that you cant afford to buy any share of the property, your landlord will review your tenancy. However, theres no guarantee that it will be renewed.



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