- Do you have a pool of properties I can pick from?
After we have assessed your affordability, and you know how much you could afford to buy, you choose a property and bring it to us. We don’t have any properties sitting waiting for a tenant. If all is in order, we will purchase the property for you to rent from us.
- What will my rent be?
During your tenancy you pay a market rent, the same amount every month by direct debit for three years.
Rent is due at the start of each calendar month So, for example, if your rent is £600 per calendar month, you’d be making 36 payments of £600 over the 3 year period.
- Is Rent to Own a kind of shared ownership?
Rent to Own isn’t shared ownership. You are renting and legally you are a tenant. If you are interested in shared ownership, take a look at our Co-Own product.
- Are there any furnished properties available through Rent to Own?
We do not provide any furnishings in our properties. Rent to Own homes will typically have a turnkey package, for example they will have flooring, the walls will be decorated, and the white goods will be included. You will also get an inventory of what is included in your property at the time you move in.
- Will you undertake repairs if needed?
Yes, as the landlord, OwnCo Homes will provide a property repair service, through subcontractors. As part of your Tenancy agreement, you agree to keep the property clean and properly maintained, and in good decorative order.
Further information is in your Tenancy agreement and in your Owners Guide.
- Do I need to use a solicitor for my Rent to Own tenancy?
Your Rent to Own Tenancy agreement is a binding legal document, and although we do our best to set out the contents clearly, you may still want to get independent legal and financial advice. We only want you to sign if you understand it.
- How do I apply for Rent to Own?
You can apply for Rent to Own online.
- What is Rental Exchange?
We want to help you into home ownership, and we work with Experian to enhance your credit report by adding your rental payment data into the Rental Exchange.
Through the Rental Exchange, making your rent payments on time will show on your credit report and help to demonstrate to mortgage lenders your ability to pay a mortgage.
Equally, if you do not make your payments on time, this could negatively impact your credit report.
- Do I need to have seen a mortgage broker to apply for Rent to Own?
Rent to Own is designed to help people who want to be a home owner but aren’t able to get a mortgage at present. It is a good idea before you apply to understand if you are eligible for a mortgage or not and to understand your credit file. You can find out about your credit file online and about your mortgagability through either talking to a mortgage broker or your bank or building society.
- I wasn’t able to buy my house at the end of my Rent to Own tenancy, can I apply again?
To enable us to give the opportunity of Rent to Own to as many people as possible, we cannot accept applications from previous Rent to Own tenants.
- I am an EU, EEA or Swiss citizen but I live in Northern Ireland, can I buy a home through Rent to Own?
From 31st December 2020 to be eligible to apply for Rent to Own you must be resident in NI, and must have settled or pre-settled status or another suitable form of immigration status. If you are an EU, EEA or Swiss citizen, you and your family can apply to the EU Settlement Scheme details are available at: www.nidirect.gov.uk.