Do I get to choose the area and house I'd like to live in using this scheme?
You can live in the home and area you want....right now, even if you don't want to buy it straight away.
Why would I want a rent to own property rather than just renting in the normal way?
Historical data shows that house prices usually double every 9 years. By Renting to own you can lock in an agreed purchase price now before your rental term begins, saving you both time and money. During the rental period you will be able to fix your credit rating as well as save towards the downpayment. This scheme allows you to both rent and buy all at the same time, which is the perfect solution for those wanting to get onto the property ladder.
How does my rent go towards the purchase price?
Using the Rent to Own scheme you will get “rent credits". Unlike normal rent payments, where money is lost forever, here a proportion of your monthly rent payments will accumulate thoughout the rental period and go towards the deposit or purchase price of the property. This can only make it easier for you to qualify for a mortgage at the end of the term.
Won’t it just be like renting a normal property?
No longer will you be just 'renting', as you will now be 'renting to buy' your very own home. Should the property increase in value due to permitted improvements or market appreciation, it is you who will benefit and not the landlord.
In “rent to own” property, you are intending to buy the property within a set period of time – and nobody else can buy that property unless you decide not to at the end of your agreement, so any improvements you make will benefit you, and you only.