What is Rent to Buy?
Rent to Buy homes are new build properties which are let to working households who are looking to buy a home but have been unable to save for a deposit. These homes will be let at an intermediate rent (80% of market rent value) on a 6 month renewable Assured Shorthold Tenancy, for a minimum period of 5 years, providing the opportunity for tenants to save for a deposit to buy.
We have three 2 bedroom new build homes which are currently being built, these homes will be available from January 2020.
Applications received will be subject to an assessment to consider whether they have a realistic prospect of purchasing a property and their motivation for buying their own home and any other relevant factors.
This will initially involve verification checks as follows:
• Family size
• Current family income and future prospects
• Household expenditure compared to income
• References from previous landlords
• Credit checks using professional companies such as Experian
• Meet the Right to Rent criteria having entitlement and leave to remain in the UK
• Meet the eligibility of Help to Buy and have a unique ref number
Applicants may be rejected where:
• The applicant`s income is insufficient to be able to afford the rent.
• The applicant has debts or other circumstances that indicate that they are not able to save for a deposit within a reasonable period.
• The applicant would be unable to obtain a mortgage at the end of the Agreed Period.
• The applicant has rent or mortgage arrears
• Would normally be rejected due to Greatwell Homes polices
• Those from members of the British Armed Forces which will be be prioritised for Rent to Buy schemes according to the current guidance.
• Where conditions within the planning consent apply e.g. highest priority given to local people living within the community where the homes have been constructed.
How do I Apply?
Please go to www.helptobuymidlands.co.uk
When completing the form please ensure you select Greatwell Homes in the drop down box, this will then automatically send us a copy.
You should hear within a couple of days whether you are eligible and will receive a unique reference number.
When you have received confirmation from help to buy then please complete our homeownership application. The application can be downloaded from our web site www.greatwellliving.org.uk
Once complete please send to firstname.lastname@example.org with a full Experian Credit Report, bank statements for the last 3 consecutive months for all accounts held by all applicants who intend to purchase the property, identification, wage slips for the last 3 consecutive months.
After the closing date of the 24th December 2019 we will begin the assessment of your application on January 6th 2019. Once we are satisfied will all checks we will contact you to arrange a home visit.
All photographs are provided for guidance only.
The Energy-Efficiency Rating is a measure of a home's overall efficiency. The higher the rating, the more energy-efficient the home is, and the lower the fuel bills are likely to be.
The Environmental Impact Rating is a measure of a home's impact on the environment in terms of carbon dioxide (C02) emissions - the higher the rating, the less impact it has on the environment.
The following are permitted payments which we may request from you:
a) The rent
b) A refundable tenancy deposit (reserved for any damages or defaults on the part of the tenant) capped at no more than five weeks` rent where the annual rent is less than £50,000, or six weeks` rent where the total annual rent is £50,000 or above
c) A refundable holding deposit (to reserve a property) capped at no more than one week`s rent
d) Payments to change the tenancy when requested by the tenant, capped at £50, or reasonable costs incurred if higher
e) Payments associated with early termination of the tenancy, when requested by the tenant
f) Payments in respect of utilities, communication services, TV licence and council tax; and
g) A default fee for late payment of rent and replacement of a lost key/security device, where required under a tenancy agreement
Please call us if you wish to discuss this further.
Click here for Tenancy Information