THIS IS A BRIEF EXPLANATION OF HOW THE RENT TO OWN SCHEME WORKS
Key features:
- Buy in 3 - 5 years at a price we agree TODAY!
- Move in NOW
- NO mortgage needed
- LOW deposit
- Rent contributes to purchase
Advantages of Rent to Own:
- you do not have to obtain a mortgage to buy property
- from the day you move in your are in position of ownership
- the start up costs are very low
- 100% of the property is yours
- any equity that builds up during the time you are renting is yours if you decide to buy at the end of the agreed period
- you are able to purchase a home over a time scale that works for you
- if your circumstances change you are able to walk away
- you can add value to your home by making your own improvements
- you still have all the protection afforded to you under the terms of your tenancy agreement plus you are given an Option to Buy your home at the end of the agreed period
- when you enter into the agreement there is no obligation to buy the property once your rental period has ended. however the seller does have an obligation to sell the property to you if you wish to buy during the option period
- your 'getting started' deposit and part of your rent help towards your deposit when you decide to buy
- you can move in to your new home NOW and have time to build up a deposit and/or improve your credit rating
