About Rent to Buy
Rent to buy homes give first time buyers and people returning to the housing market the opportunity to rent a new-build home at a reduced rent, with the aim of buying it after five years.
With homes offered at 80% of their rental value, customers are able to save money for a deposit to buy the house.
At the end of the five year term customers will be given first refusal on buying the property.
The property will be offered for sale at its full market value at that time.
Rents will be set at 80% of full market value and rents charged on a calendar month basis. There will be an annual rent increase in April each year.
Anyone interested in a Rent to Buy home needs to complete a Limehouse Tenancy Application/Referencing form.
This ensures applicants meet the Homes and Communities Agency’s eligibility and affordability criteria, which will be used when applications are assessed.
At least one of the applicants must be in full time employment.
Household income must be less than £80,000 gross per year.
Successful applicants will be given an Assured Shorthold Tenancy. This will allow the customer to stay in the property for five years, if the terms and conditions of the tenancy are met.