Rent to Buy is a great option for people who are still saving for a deposit to buy their own home.
The scheme offers homes at a discounted rent on an Assured Shorthold Tenancy basis, usually as much as 20% less than private market rents. This then allows you to save for a deposit to buy your home after five years either outright or through shared ownership. It's the perfect 'try before you buy' product.
Thrive Homes offers Rent to Buy on selected new developments, as well as relets that become available from time to time.
Who is eligible?
To be eligible, you must:
- be working and planning to buy a home in the future
- have a combined housing income that is under £80,000 a year
- be a first time buyer and not already own a property
- not have any adverse credit that will affect you purchasing your home within the next five years
- meet the relevant affordability and credit checks
- meet the 'Right to Rent' criteria
- provide a good tenancy reference from your existing landlord (if applicable)
- be able to afford one month's rent and deposit in advance.
Additional eligibility criteria may be included for specific developments.
Please note: that some of our 'Rent to Buy' homes require you to have a local connection to the area. This means that you are already living, working or have immediate family living within the local authority area. If required, it will be noted in the advert for the development.
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