If you are having trouble getting an affordable mortgage without a deposit, you may be able to rent a newly built home before buying a share of it in the 'Rent to HomeBuy scheme'.
The Rent to Homebuy scheme is a pilot so is only available in certain areas with properties becoming available in autumn 2008. It’s administered by ‘HomeBuy Agents’ who will be able to tell if you can apply – see below for how to contact them. You may be eligible if you are a first time buyer with a yearly income of £60,000 or less. The scheme lets you:
If you want to know more about Assured Shorthold Tenancies follow the link below.
What happens when your tenancy ends?
After finishing your rental period:
For more information about the New Build Home Buy scheme, follow the link below.
If you think you are eligible for Rent to HomeBuy and want to know more, please contact your local HomeBuy Agent to find out what options are available in your area. If you are a Key Worker, you should contact a HomeBuy Agent for the area where you work. HomeBuy Agents will be able to advise you on your eligibility and take you through the application process. To get in touch with your local HomeBuy Agent, follow the link below.