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 can 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 and referencing form.
This ensures that applicants meet the Homes and Communities Agency’s eligibility and affordability criteria, which will be used when we assess your application.
At least one of the applicants must be in full time employment.
Household income must be less than £80,000 gross per year.
If your application is successful we will offer you an Assured Shorthold Tenancy. This will allow you to rent the property for five years, as long as you continue to meet the terms and conditions of the tenancy.