Co-Ownership Housing has released a new video in which a couple tell how the Rent to Own scheme is helping them.
Rent to Own is an innovative, people focused initiative to help renters get a foothold on the property ladder.
The scheme allows customers to rent the new home of their choice home for a period of three years. At the end of the rental period they have the option to purchase their home either through Co-Ownership or with a traditional mortgage. Rent to Own is available to those on low incomes who are not yet in a position to buy the home but aspire to do so.
Sid McDowell, Chair of Co-Ownership Housing, which developed the product, said: “Rent to Own is the brainchild of Co-Ownership Housing, where we have a long and successful history of working within the private housing market but with a social purpose. This is a new way for us to do this and we are delighted to offer an exciting product which is very distinct from our co-ownership model. It will help renters to get to where they want to be – the home owners of the future.”
Rent to Own starts with a commitment to a 3-year tenancy with a down payment of £2,500 plus the equivalent of one month’s rent. At the end of the tenancy, tenants receive a 25% rent rebate of the amount paid plus full deposit and down payment towards a deposit to buy the property either through Co-Ownership or with a traditional mortgage. For more information about how Rent to Own scheme is helping people in our local community, visit our website