Before you apply it’s important that you check out our criteria and make sure that you meet it. Once you apply, the first stage of your application fee, £100, will be charged and is non-refundable.
|Age||You must be over 18 to apply.|
|Residency status||You must live in the UK. You may be asked to provide evidence that you have adequate right to reside in Northern Ireland. You have to live in the property as your only residence.|
|Home owner||You can’t apply for Rent to Own if you currently own property which includes owning property or land, or being named on any property, in Northern Ireland or elsewhere.
We may consider previous Co-Owners if you meet our qualifying criteria. Remember you must not be able to get a full mortgage or our shared ownership product, Co-Own, to be eligible for Rent to Own.
|Joint Applicants||If you are married, civil partners, or couples living together or intending to live together in your new home, then we would normally expect you to apply together.|
|Outstanding property debt||You must not have any debt to any third party which was secured on a previous home.|
|Previous relationships||You must have concluded any settlement arrangements from all previous relationships.|
|Credit Assessment||We use Experian to review your credit history and to help us make the decision on the credit worthiness of your application. We will look at your debt levels and how you are managing your debt.
Your credit report is a record of your financial history and will include records of payments on loans and credit cards and any other financial commitments. You should get a copy of your credit report before applying and check it.
Things that will affect your credit assessment include, but are not limited to:
|Credit Commitments||You must be able to service your current credit commitments as part of your outgoings, including your monthly rent. You will need a plan in place to reduce your household debt to a level whereby you will be able to get a mortgage or Co-Own by the end of your tenancy.|
|Debt management||Before making an application to Rent to Own, any of the following arrangements must have been settled for the stated period:
The following arrangements also need to have been settled and will affect your credit score:
Just remember that you can have no adverse credit at the time of making a Rent to Own application.
|Employment||The following types of employment are acceptable and you must be with your current employer for at least the following period before you apply as indicated below:
|Other income||We will consider the following other income:
|Savings||You must provide evidence of any savings.|
|All applicants must prove they have been able to afford their current lifestyle. They must also prove they will be able to afford the commitment of renting their home through Rent to Own from their current disposable income.|
|Change in circumstances||If your circumstances change during an application you must let us know about this. We will review your circumstances. This may result in your application being revised.|