Rent to HomeBuy

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.

The Rent to HomeBuy scheme is a pilot product offering additional help to first time buyers who are struggling to get a mortgage or to save for a deposit. With Rent to HomeBuy you:

Rent a new build property at 80 per cent of the market rent for a fixed length of time.
Rent on the basis of an Assured Shorthold Tenancy for up to 5 years.

When you have finished renting on the terms of the Assured Shorthold Tenancy you can make the first offer to buy the property under the New Build HomeBuy scheme.

A HomeBuy Agent will then make an assessment of what share of the property you can afford to buy and maintain payments on under the New Build HomeBuy scheme. If the assessment shows that you cannot afford to buy any share because of changes in your circumstances, your landlord will review your tenancy but there is no prior guarantee that it will be renewed.

Rent to HomeBuy is available on a number of Housing Association schemes across the East Midlands. Contact EMHomeBuy

Eligibility terms will be similar to other HomeBuy products, with applicants having a household annual household income of £60,000 or less who do not already own a property, being eligible to apply.