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With Rent to Buy, you can move into your new home now, renting the property for a period of up to five years. During this time, you’ll pay a reduced rent of 80 percent of the full open market rent value. You can purchase your home from us on a Shared Ownership basis during years one to five, or on an outright basis at the end of the five-year term

After 1 year, you have the option to purchase a share of the property and continue to rent the rest of it. This will be based upon your affordability and in the future you can choose to buy more of your home through a process called staircasing. 

How does Rent to Buy work?

  • You’re able to move into your new home and save towards purchasing the property
  • You’ll pay a reduced rent on the property – 20 percent less than the market rent
  • You’ll receive financial assistance to help you work towards home ownership within five years, or less
  • You can settle in to your new surroundings knowing that you’ll be able to buy the home you’re renting
  • The expectation (although not obligation) is that this shorthold period of paying less rent gives you the chance to save for a cash deposit so you can apply to buy a share of the home (anytime after first 12 months) or purchase outright after 5 years. 
  • After 5 years the tenancy comes to an end and you have options to purchase the property outright, purchase the property on shared ownership terms, or move to an Assured Shorthold Tenancy paying full market rent. 

Am I eligible for rent to buy?

All applicants applying for Rent to Buy will be financially assessed and required to enter into a Rent to Buy Option Agreement, confirming their intentions to use the benefit of the five-year reduced rent period to help them save towards a mortgage deposit. This will be monitored and assessed on a yearly basis throughout the five-year term.

To abide by the statutory requirements for renting property in the UK, all applicants over the age of 18 will be subject to the following checks:

  • You are a first-time buyer, or you used to own a home but can’t afford to buy one on the open market now
  • A Right to Rent check and fraud prevention checks to confirm that you have a legal right to rent a property in the UK. You will need to provide valid proof of your current address and photographic ID.
  • An employment reference and confirmation of the monthly household income.
  • Credit referencing to confirm that you have an adequate credit score to obtain a mortgage during the five-year period to purchase the property. Please be aware that we will be unable to proceed with your application if you’re subject to any Bankruptcy or County Court Judgements (CCJs) issued within the last three years.
  • A reference from your current landlord or letting agency (if applicable)

FAQ’s

Q: Do I have to buy the property at the end of the tenancy?

A: Before you proceed with your tenancy, you will confirm your intentions to purchase the property in the future when financially possible. 

Q: How long can I live in a Rent to Buy Home?

A: Typically, a tenancy agreement with us under the Rent to Buy initiative will be 5 years, but will be reviewed annually to reassess your financial circumstances. 

The home you are renting will be available to buy outright after the 5 year period and as the tenant you will have first refusal to buy the home. After 12 months we would agree to you purchasing a share of the property (typically between 25-75%) and you would continue to rent the remainder of the property. You can then continue to purchase further increments of the property until you have staircased fully to 100% ownership. 

If you decide to purchase the home, it will be at the current market value at the time of proceeding to buy, not from when you initially started your tenancy.

If or when you decide to end your tenancy, we will ask you to give us one calendar months’ notice as a minimum. This will need to be given in writing.

Q: Who is responsible for maintenance and repairs to the property?

A: North Star Housing Group will provide a maintenance and repairs service under the terms of your tenancy agreement

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