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Rent to Buy Homes

What is Rent to Buy?

Rent to Buy is a fantastic way to get on the property ladder when you haven’t enough money for a mortgage deposit. It is a government-designed scheme that allows you to rent a home at only 80% of the market rent for the property and use the other 20% to save for a deposit while you rent. You can live in a home at this reduced rent for five years while you save for your deposit. You have the option to buy your home outright or through shared ownership.

Advantages of Rent to Buy

  • Paying less rent makes it easier to save for a deposit
  • It could give you access to properties that you would otherwise be unable to afford
  • By living in the property, you will get a good feel for the house and the community
  • You get first refusal on the property
  • You have the option to buy it outright or through shared ownership
  • You are renting from a registered landlord to offer you a feeling of security

Eligibility

To join the Rent to Buy scheme, there are a few simple criteria you’ll need to meet.

  • You must be a working household with the intention to purchase the home in the future, before the tenancy begins
  • You must have a total household income of £80,000 or less
  • You must be a first-time buyer who has not previously owned a home in the UK or abroad. The exception is if you are returning to the housing market due a relationship breakdown
  • You should be in a position that you’re not able to purchase a home outright on the open market
  • The Rent to Buy scheme doesn’t have any specific local or other requirements, except for properties on rural exception sites

Eligibility Checks

We have partnered up with Metro Finance, who will run through some eligibility checks with you. We do this because we want to make sure you are financially capable of sustaining a tenancy with us and be a happy customer for many years. Being able to pay your rent and cost of living is essential to sustaining your tenancy. Metro Finance will need information on your income, expenditure and will assess if you would be suitable for a mortgage. They will also need a copy of your credit file. As part of this process, they can sign post you to how best to get yourself ‘mortgage ready.’ We will also run checks to see if you’ve been a customer of Weaver Vale Housing Trust previously and will also need to obtain a current landlord reference.

How to apply – simple steps to get started

Our Rent to Buy homes will launch soon, they are located in West Cheshire. Renting a rent to buy home works on an application process. You will need to apply by registering on the Cheshire West housing system, called West Cheshire Homes. Please click here to register on West Cheshire homes.

Once we have received your application form, we will talk you through the eligibility checks and discuss what homes we have available. Once this is complete you can choose a home/ plot, you’ll then need to pay a holding fee, equal to one week’s rent. We will put this towards your first month’s rent when you move in. We will work closely with you to complete all the checks and paperwork and then comes the exciting part, your moving in date!

Rent To Buy – homes in Cheshire 

We will soon be advertising our NEW Rent To Buy homes in Cheshire.  You can be the first to see these homes by joining our mailing list today!

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There are no houses currently available for resale