Rent to buy

Rent to buy is a scheme designed to help you save for your future home while renting at a lower cost.

With rent to buy, you can rent a home at around 20% below the usual market rate. This means you may be able to set aside more money each month towards a deposit, bringing you closer to owning your own home.

Eligibility

You may be eligible if you:

• Are in full-time or part-time work
• Are a first-time buyer
• Can afford the reduced rent while saving for a deposit

You might also be considered if you’ve previously owned a home but are now returning to home ownership after a relationship breakdown.

As part of the process, we’ll usually look at things like:

• Your income
• Your credit history

How it works

If you’re interested, you can apply for a home through the rent to buy scheme. If you meet the criteria and a suitable property is available, it may be offered to you.

Most tenancies are offered for up to 2 years. In some cases, this can be extended if you need a little more time to save.

During your tenancy, you’ll need to:

• Pay your rent on time
• Follow the terms of your tenancy agreement

The aim is that by the end of your tenancy, you’ll have saved enough for a deposit and be in a position to apply for a mortgage.

How to apply

If you live in England (excluding London), you can look for rent to buy homes through shared ownership services.

You can also check with:

• Your local council
• Housing associations

Some landlords may have additional eligibility requirements.

What our customers say about rent to buy

Hear from 2 of our customers who recently took advantage of the rent to buy scheme through Westward and hear about the application process and how straight forward and easy it was.

  

Taking the next step to buy

Using your savings

Once you’ve built up your deposit, you can use it to buy:

• A home on the open market
• An affordable home through a government-backed scheme

Buying your current home

In some cases, you may be able to buy the home you’re renting, if your landlord agrees.

If your landlord decides to sell the property while you’re living there, you’ll usually be given the first chance to buy it. The price will be based on its market value at that time.

Shared ownership option

You may also have the option to buy your home through shared ownership if:

• Your landlord agrees
• You’ve saved enough for a deposit
• You can get a mortgage
• You meet the eligibility criteria

Speak to the home ownership team at Westward to explore your options.

To learn more about how it works please read: Rent to Buy Policy 2022.pdf