Rent to Own may be the right option for you if you are in work and have a plan to own your home within 3 years. If you are able to pay your rent but can’t currently get a mortgage or our Co-Own option due to debt or other issues, then Rent to Own could be the answer.
The big difference between traditional renting and Rent to Own is that you choose a new build home and we buy it for you to rent from us. You then commit to a 3-year plan with the aim to buy your home, either with a mortgage or with Co-Own. Your 3-year tenancy gives you time to save for a deposit, reduce your debt and improve your eligibility for either a mortgage or Co-Own. You can buy your house at any time after the first year up to the end of the third year.
Benefits of Rent to Own
There are a lot of benefits of Rent to Own:
- Security and peace of mind, it removes the fear of “when is the landlord going to want his property back”.
- It will help you to build a deposit for your mortgage.
- You choose the property in a location that you want to be in.
- By partnering with Experian, Rent to Own can improve your credit rating through the Rental Exchange. Check out our FAQs for more information.