TENANT BUYERS: HOW IT WORKS

Are you a first time buyer desperate to get a foot on the property ladder but cant afford a deposit?

Are you fed-up throwing cash away renting but cant afford to buy your own home?

Is a poor credit rating preventing you from owning your own home?

If the answer is yes to any of these questions. Then this 'rent now and buy later' scheme is perfect for you. It effectively means you can move into your own home without a deposit or mortgage.

At the outset you take on an option to buy the house at a set date eg it could be within three years at a price agreed TODAY. You then rent the house for up to three years. Then at the end of that period you exercise your option to buy it at the pre-agreed price.

If you have a poor credit history , the rental period allows you the time to rebuild your rating so you are in a position to purchase at the end of the process.
We will also charge you a non-refundable option fee which comes off the agreed purchase price of the house. The option fee is normally 3% to 5% of the purchase fee. Much less than the deposits banks and building societies demand, which can be anything from 10% to 30% of the purchase price.

During the rental period you will have paid a higher monthly market rent which includes a 20% to 25% rent credit. This rent credit comes off the agreed purchase price.

EXAMPLE:

purchase price is £100,000

getting started money/option fee is £5000

monthly rent credit of £100 x 36 months(3years) is £3600

final purchase price = £100,000 - £8600 = £91,400

The house will be yours to buy at the end of the option period, provided you can get a mortgage, and as long as you keep up your rental payments. We’ll even let you redecorate, carry out any refurbishment work or landscape the garden, just ask our permission first !
However if your financial circumstances change during the option period then you are not tied into buying the property. You can choose not to exercise the option and walk away.