Are you ready to take an exciting leap towards your dream of owning a property? The Rent-to-buy scheme is a fantastic way for renters to transition into homeownership.
Introducing the "Rent-to-Buy" government scheme – your gateway to paving your way to homeownership while paying a lower-than-market rent. Imagine having the opportunity to save significantly on your monthly rental expenses, giving you the extra financial edge of saving towards a larger deposit and eventually investing into owning a home.
How it works
To be eligible for the "Rent to Buy" scheme, you will need to:
- Have a formal rental tenancy or an informal arrangement with family or friends.
- Have a household income below £80,000 if living inside of London and £90,000 outside of London.
- Don’t own any other residential home.
- Fulfill the minimum income* and affordability requirements for the home you're interested in.
*Minimum incomes are based on the current market value and future shared ownership minimum share purchase assumptions.
You will be able to eventually benefit from the new changes to the SO Resi Shared Ownership scheme including a 990-year lease, 10-year repair obligations and having the ability to staircase your home to 100% ownership in increments of just 1%!
Your journey towards property ownership can start today.
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Written by the SO Resi In-House Team