Rent to Buy Policy

What is Rent to Buy?

Rent to Buy is an affordable home ownership product aimed at helping people who want to buy a home but are unable to save a deposit. It allows eligible working households to rent a home at an Intermediate Rent providing them the opportunity to save for a deposit which may enable them to purchase their rented home in the future.

An Intermediate Rent is a rent which is at a value above social rent but below market rent levels. It must not exceed 80% of the current market rent (inclusive of service charges). 

Main Features of Rent to Buy

Rent to Buy homes will be let at an Intermediate Rent for five years during which it is expected tenants will save the deposit to purchase their rented home.

After the initial five-year letting period the Council may:

• continue offering the property as Rent to Buy
• sell the home on an outright basis with the tenant being given the right of first refusal or
• retain and convert the home to rented housing, on either an affordable or market rent basis
• allow the tenant to purchase the property on shared ownership terms

Rent to Buy Policy

The Council has developed a Rent to Buy Policy (274kB). The policy provides information about the operation of Rent to Buy including setting out the household eligibility criteria that applies to the Councils Rent to Buy properties.