Intermediate Rent to Homebuy
Rent to Buy is where you rent a property at a reduced rent
(around 20% less than on the open market) and reserve the
opportunity to apply to buy this property on shared ownership terms
within a set period of time (usually 3-5 years).
This scheme is flexible and if you prefer you can usually apply
to buy on shared ownership terms (see shared ownership section)
from the outset or even opt not to buy and continue
to rent until your tenancy agreement ends.
This scheme is usually offered to shared ownership applicants
who are not able to purchase at the moment due to their current
financial situation.
Applications are individually assessed however a typical
example would be: if an applicant for shared ownership is declined
a mortgage as they do not have a large enough deposit (as required
by their mortgage provider), rent to buy may be offered for 3-5
years to allow the applicant time to try to save a deposit to buy
the house (evidence of saving may be required).
We have two types of rent to buy scheme:
1. Intermediate Rent to Homebuy
Applicants
for this scheme must be approved by the Homes and Communities
Agency's appointed agent, currently My4walls (part of the Yorkshire
Housing Group). Homebuy application forms can be
obtained from Broadacres or submitted online at www.My4Walls.org.uk
2. Broadacres Rent to Buy
Broadacres also
operate their own rent to buy scheme and these applications are
dealt with directly by Broadacres.
Current or forthcoming schemes where Intermdiate
Rent to Homebuy or Broadacres Rent to Buy may be offered
are:
- The Sidings, Eggborough, SELBY (New Build Homebuy)
- Placehill, Reeth, RICHMONDSHIRE (Broadacres Shared
Ownership)
- Catterick Village, RICHMONDSHIRE (New Build Homebuy)
- Newton on Ouse,York, HAMBLETON (New Build Homebuy)
- Rivendale, Extra Care Development, Northallerton, HAMBLETON
(New Build Homebuy)
- The Ardens, Northallerton, HAMBLETON (New Build
Homebuy)
- Linden Close, Great Ayton, HAMBLETON (New Build Homebuy)
- Pickering, RYEDALE (New Build Homebuy)
- Creamery, Whitby, SCARBOROUGH (New Build Homebuy)
- Hinderwell, Whitby, SCARBOROUGH (New Build Homebuy)
- Moorcroft, Middlestone Moor, Spennymoor, CO. DURHAM (Broadacres
Shared Ownership)
If you would like to register an interest please fill in our
online form (select "I
want to enquire about a property for sale" from the drop down
box).