What is rent to buy?
Rent to Buy properties are new build homes for rent. The rents are around 20% cheaper than similar properties on the open market and it is expected that you will use the discount to help you save for a deposit to purchase a home in the future.
How do I qualify for 'Rent to Buy'?
To qualify for Rent to Buy you:
- must not have a household income of more than £60 ,000
- must not already own a property
- must not have a large amount of savings available
- must pay a holding fee of £250 at the time of reserving the property which is only refundable if you proceed to purchase with Broadacres in the future
- can already be renting a council or housing association property
- must be able to make your rent payments without claiming housing benefit.
- must meet the required criteria set out in the S106 planning conditions for local connection which will be site specific (see below)
- Connection by way of current address
- Previous address (within a set period of time)
- Immediate family
- employed within the area
If more than one customer meets all the above criteria, the current circumstances and total people in the households will be used to determine who is successful.
Frequently asked questions
Will I have to purchase the property that I am renting?
Not necessarily- the discounted rent will give you the chance to save for a deposit to buy any house in the future.
What will happen after my initial tenancy agreement ends?
If you are in a position to buy, we will discuss selling this to you. We may continue rolling your tenancy agreement or convert this to a market rent property.
Can I buy the property using schemes like ‘Shared Ownership’?
You may be able to buy it through Shared Ownership if this is agreed and if you still fit the criteria.
Who is responsible for repairs and maintenance?
As a tenant, repairs and maintenance will be carried out by Broadacres in the usual way until you are in position to purchase the property. Once you begin the purchase of the property, you will become responsible for all repairs and maintenance.
For more information on buying one of our properties please contact our Sales Team using the Sales Enquiry Form.
Rent to buy process
Find a property on our website – click here
- For a Low Cost Home Ownership application form please CLICK HERE to email our team
- An assessment will be completed on your finances and connection to the local area
- If you are successful, we will contact you to let you know what the next steps are and to arrange a viewing of the property