What Is Rent To Buy — And How Does It Work?
For many Millenials, homeownership has become unattainable. The age of first-time purchasers is increasing at the same rate as housing prices.
Rent To Buy delivers exactly what it promises.
It enables tenants to rent a property while saving for a deposit to purchase the home in which they live.
Some tenants are fortunate enough to come across reputable private investors who are willing to work with them on a flexible arrangement, allowing them to purchase the home of their dreams despite any adverse credit history.
However, national schemes are gaining popularity across the UK. They operate in slightly different ways, but the end goal is the same.
Main questions prospective tenant buyers should ask:
📌 What kind of housing options do you have?
📌 How long will it take for you to acquire a home and qualify for a conventional mortgage?
📌 Over and above the rent and the commitment toward a future deposit, how much of a premium are you paying?
📌 What if you change your mind before you can take possession of the property? Are you going to get any of your deposit money back?
AND — Read the fine print a couple of times.
