Rent to Buy Scheme

Rent to Buy Scheme

What it is:

The Rent to Buy Scheme is a program designed by property developers to make buying a house more accessible and appealing. It offers a unique arrangement where you start by renting the property with the option to purchase it later.

Who it’s for:

The Rent to Buy Scheme is perfect for people who would like to own a home but may find it challenging to secure a mortgage right away. It’s particularly helpful for those who want to test living in a property before committing to buying it.

How it works:

  1. Initial Option Payment: You begin by paying an initial option payment to the developer. This payment secures your right to potentially buy the property at a later date.
  2. Periodic Payments: While renting the property, you’ll make periodic payments. These payments typically cover both rent and potentially a portion that goes towards the eventual purchase of the property.
  3. Final Purchase Payment: At the end of the renting period, you have the option to purchase the property. This usually involves making a final payment to buy the property outright.

More information on the Rent to Buy Scheme.

Owning a Home

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