Rent to buy is a new scheme that gives people who are currently struggling to save for a deposit the opportunity to do so, whilst living in the home that they could eventually buy.
To be eligible for rent to buy, you must be a working household that would like to buy your own home in the future, but are just starting to save for your deposit. You must be a first time buyer or returning to the housing market following a relationship breakdown.
Rent is set at 80% of the market value for your area, allowing you breathing space to save.
Here at One Manchester, our One Money team can put you in touch with suitable financial advisors to make sure you get the best deal for your savings. The One Living team will provide contact details for this when you apply, so please register your interest in a scheme by completing the development form on the relevant page.
You are expected to buy the property outright or on a shared ownership after five years. However you can also buy using shared ownership at any point within the first five years, subject to One Manchester’s agreement.
If you can’t afford to buy your house after five years then we will talk to you about the options, one of which is that you remain in the property and pay market rent. However, we may decide that we need to remarket the property for outright sale or to re-let to a new rent to buy applicant. This will be at the discretion of One Manchester and will be discussed in detail when you sign up to a particular property. We will support you with all housing options at the time and you will always have first option to purchase the property before any decision is made.