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Rent to Buy is an affordable housing option for buyers
who donââ¬â¢t have the finances to make that first step onto the property ladder. Itââ¬â¢s
also good news for sellers who are unable to afford the mortgage payments on an
old home and a new home. The main benefit of Rent to Buy for buyers is that
they may back out at any time, however if this happens the seller will keep all
of the rent, plus the initial deposit.
Who
Chooses Rent to Buy?
- First time
buyers - Couples
looking for a family home - Families
whose income has changed
A
Bit of Breathing Space
Alternatives exist to the traditional format, with
some schemes offering buyers the opportunity to opt out of making the higher
rent payments, which is a particular boon for buyers who have outstanding
debts. The breathing space afforded by making lower monthly payments than they would
have otherwise paid in a normal rental property will allow them to clear their
debts and start saving for their new home.
Eligibility
for Rent To Buy
For those who are eligible Rent to Buy can be a
great option when considering purchasing your new home, however sites such as www.rent2buy4u.co.uk exist to help both
sellers and buyers decide if this option is right for them. Buying a new home
can often seem like a daunting challenge, however to be eligible for Rent to
Buy all you need is the initial deposit and the means to make all of your
monthly payments on time. Both the seller and the buyer will use solicitors to
draw up legal documents confirming the agreement, so your rights will be
explained to you and protected for the duration.
