Affordable Homes in Hertfordshire

Rent to Buy

Rent to Buy is a stepping stone into Shared Ownership.

Rent to Buy is a scheme offering specific homes to rent on an Intermediate Market Rent basis for a fixed period of time (e.g. 5 years) with the opportunity to purchase under Shared Ownership. These homes are available from housing associations.

As this scheme is designed to be the first step onto the property ladder you cannot own another property or land in the UK or abroad.

Applicants have to be able to afford the minimum share of 25% and should be able to provide justification as to why you cannot purchase at this time. It may be because you do not have enough deposit and by renting a property at 20% less than local market rents it will assist you to save. The property you choose to rent under this scheme must be a property you are looking to purchase within 5 years.

You can purchase the home at anytime during the tenancy but you will require a deposit of approximately 10% of the share you are purchasing and savings for legal fees of around £2,000.

When you come to purchase the property you must meet the current HomeBuy eligibility criteria and you must also maximise your mortgageability.

If you cease to meet the HomeBuy criteria in most cases you will be asked to vacate when your tenancy expires.

Please also refer to information on intermediate rent and shared ownership for this product.

HomeBuy Options