About
SO Flexi

SO Flexi offers you an alternative way to get onto the property ladder. It allows you to rent at a reduced market rate to save for your deposit, and then buy your home.

How it works

If you’d love to buy a home of your own, but are finding it hard to save up for a deposit, SO Flexi could be the answer.

With SO Flexi, you rent one of our new homes for much less than the market rate. That makes it easier to save up for a deposit. When you’ve saved enough, you can simply buy the home you’re already renting with SO Resi Shared Ownership. Or if you’d prefer, you can choose to buy a different Shared Ownership home or buy on the open market.

There are two SO Flexi options – London Living Rent and Rent to Buy.

What is London Living Rent?

London Living Rent is designed to help people living or working in London to save for Shared Ownership while they rent. It is backed by the Mayor of London. Rents are often up to 40% less than for similar homes on the open market and tenancies are at least three years

What does it cost?

The amount of rent you will pay depends on where you rent in London. Across London, the average monthly rent for a 2 bedroom London Living Rent home is around £1,077 a month – almost three-quarters of the median market rent (based on 2023/24 Mayor of London published rents).

Once a year, the Mayor of London publishes updated benchmark London Living Rent levels for every neighbourhood in the capital. These are based on a third of average local household incomes and are adjusted for the number of bedrooms in each home. In most boroughs, this will be a significant discount on the market rent.

There are also some one-off costs before you move in.

More about rental costs

Am I eligible for London Living Rent?

To apply for a SO Flexi home with London Living Rent, you’ll need to:

  • Live or work in a London borough
  • Have a household income of under £67,000
  • Meet the indicative minimum income and affordability requirements for the home you are interested in. These will depend on its current value, and an assumed future purchase of 25% of your home
  • Be able to pay some rent in advance and provide the equivalent of one month’s rent as a tenancy deposit
  • Be unable to afford a similar home in the local area, either through Shared Ownership or on the open market
  • Have the right to rent – proven by possession of British/EU/EEA Citizenship or a valid UK residency visa
  • Have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs
  • Be willing to agree to save an affordable amount every month towards your deposit while you are renting a SO Flexi home

You are not eligible if you:

  • Already own a property or are in the process of buying
  • Already have a deposit to buy through Shared Ownership or on the open market
  • Have an adverse rental history and are not able to get a good reference from your current landlord – for example because of rent arrears or other tenancy breaches
  • Have a history of bankruptcy, county court judgements (CCJs) or Individual Voluntary Agreements (IVAs)
  • Require a guarantor 

If you receive Housing Benefit or Universal Credit, your application will be considered on an individual basis. 

What is Rent to Buy?

Rent to Buy is designed to help people living outside London to save up a deposit to buy a home.

After you have saved a deposit, you can buy the home you're living in or any home on the open market. 

Rents are often up to 20% less than for similar rented homes on the open market and tenancies are at least two years.

What does it cost?

You pay a monthly rent, which includes service charge. For example, the monthly rent on a 1 bedroom flat in Slough, valued at £300,000, would be £880 pcm, based on 80% of a market value rent of £1,100.

There are also some one-off costs before you move in.

More about rental costs

Am I eligible for Rent to Buy?

To apply for a SO Flexi home with Rent to Buy, you’ll need to:

  • Have a household income but you can't currently save for a deposit
  • Meet the indicative minimum income and affordability standards for the home you are interested in. These will depend on its current value, and an assumed future purchase of 25% of your home
  • Be able to pay some rent in advance and provide the equivalent of one month’s rent as a tenancy deposit
  • Be unable to provide afford a similar home in the local area, either through Shared Ownership or on the open market
  • Have the right to rent – proven by possession of British/EU/EEA Citizenship or a valid UK residency visa
  • Have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs
  • Be willing to agree to save an affordable amount every month towards your deposit while you are renting a SO Flexi home

You are not eligible if you:

  • Already own a property or are in the process of buying
  • Have an adverse rental history and are not able to get a good reference from your current landlord – for example, rent arrears or other tenancy breaches
  • Have a history of bankruptcy, county court judgements (CCJs) or Individual Voluntary Agreements (IVAs)
  • Already have a deposit to buy through Shared Ownership or on the open market
  • Require a guarantor 

If you receive Housing Benefit or Universal Credit, your application will be considered on an individual basis. 

More information

If you prefer, our PDF guide explains the details of renting a home with SO Flexi.

SO Flexi Explained (PDF)

SO Flexi Explained brochure thumbnail