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Rent to Own is an alternative path to owning a home, which may be right for you if you are unable to get a mortgage to meet the house price or you are not eligible for Co-Own. This alternative route to home ownership is available through Co-Ownership who have helped 28,000 people into home ownership in Northern Ireland since 1978.
Rent to Own is a 3 year plan to get from renting the property to owning it. The difference between traditional renting and Rent To Own is that you choose a new build property and Co-Ownership will buy it and rent it to you for the first 3 years. The 3 year plan aims to allow you to then buy your home, either with a mortgage or the Co-Own shared ownership plan.
You can buy the house at any time after the first year of renting, with the idea being that the tenancy gives you enough time to save for a mortgage or any other method of purchasing the property.
The benefit of using Rent to Own is that you will receive a 20% rebate of the rent you have paid as well as the down payment of £2,500 you pay at the start. This is savings that will go towards getting you a deposit for a mortgage or Co-Own eligibility.
If you would like to go down the Rent to Own route, you will need to apply with Co-Ownership. To apply you will need to pay a £100 assessment fee to see if you are eligible. Co-Ownership do recommend that you check your credit report before applying.
Before starting your application, it is worth looking over some of the potential restrictions and eligibility for your property search.
If you think Rent to Own could be a home ownership plan that meets your needs, get in touch with your local Reeds Rains branch. We have property experts across the country who can talk you through everything you need to know about taking the Rent to Own route.