What is rent to HomeBuy?
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Rent to HomeBuy is a government initiative to try and help more people on low incomes become home owners. If you cannot afford to buy a New Build HomeBuy (part buy, part rent) property this initiative allows you to rent one of our new build properties at a discounted rent for a number of years. It is a 'try before you buy' product that allows you to pay rent at only 80% of the market value and at the end of the agreed term, or at any point during your tenancy, you will have the option to buy the property.
Rent to HomeBuy is designed to give you a helping hand to allow you to save up a deposit for a mortgage, or to give you a trial run before you commit your hard earned cash.
The benefits
- With an uncertain property market, difficulty finding a mortgage and high rents it can be a struggle to take your first step on the property ladder
- Opportunity to try before you buy. It’s likely to be the largest purchase of your life – make sure it’s the right decision
- Brand new homes, high specification, NHBC guarantees, Eco friendly living
- Flexibility – you get to decide if and when you want to buy or opt out
The process
- Rent a new build home at 80% of the full market rent
- You will rent your home on an Assured Shorthold Tenancy for up to 5 years
- At any point of your tenancy up until the final 6 months of the term you can apply to purchase a share in your home
- Viridian will conduct an affordability assessment to ascertain what percentage you can afford to proceed at
- If at the end of the tenancy you are unable to buy the minimum share because your circumstances have changed we will review your tenancy. However, there is no guarantee that it will be renewed
Eligibility terms are similar to other HomeBuy products: first time buyers with an annual household income of up to £60,000, who do not already own a property, are eligible to apply.
Our current Rent to HomeBuy properties
| West Sussex | Eden Park | London | None currently available |
To apply for Rent to HomeBuy
Call: 0800 0121 442 or email:
sales@viridianhousing.org.uk For more information on Rent to Homebuy >>visit their site
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