Date Published 15 February 2016
Rent to buy is a government scheme that eases the move from renting to buying.
Rent to buy properties allow you to rent 20% below the current market price so you can initially save for a cash deposit on the property. You can be given a lease period of 6 months to 5 years and you can either buy the property outright or buy a shared part depending on the property.
However rent to buy houses are not common at all and if you are interested visit a help to buy agents website to see what is available.
The scheme is great for first time buyers who have a good credit history,or previous homeowners who cant afford the current market price. To be eligible for rent to buy there are a few things considered, the main one is that the household income must be under £60,000 a year whether that be one person or multiple.
Overall this scheme is a very interesting one and if you have ever thought about it visit http://www.uswitch.com/mortgages/guides/rent-to-buy/, to find out more.