Rent to buy

You are eligible for Rent to Buy if:

• you are in full or part-time employment.
• you are a first-time buyer, or you used to own a home but can no longer afford to do so.
• you have a good credit history.
• you can pay your rent and save for a deposit at the same time.

You may also be eligible for Rent to Buy if you are returning to home ownership following a relationship breakdown.

We understand that not everyone has a perfect credit history. When we assess Rent to Buy applications, including those where someone has had credit issues in the past, we look at each situation carefully.

To be eligible, applicants must not have:

• Any unpaid CCJs or defaults, no matter how old
• CCJs or defaults totalling more than £300 in the last two years
• An IVA or bankruptcy within the last three years
• A debt management plan that has been running for less than 12 months
• Mortgage arrears in the last 12 months
• A repossession within the last three years, unless there is no outstanding debt and no other credit issues during that time (written confirmation from the lender is required)
• Outstanding rent arrears with a current or previous social or private landlord

What we’ll ask you to provide

To help us carry out a fair assessment, we’ll ask for some supporting information, including:

• Proof of income (usually three months’ payslips)
• Three months’ bank statements
• Photo ID
• A credit reference check
• Proof of your current address
• Current and previous landlord references
• Details of everyone in your household
• Information about your financial circumstances, such as loans, credit cards, savings and disposable income

We’ll check that your finances show:

• You couldn’t currently afford to rent or buy a suitable home on the open market
• But you can afford your Rent to Buy payments and save towards a future deposit

If you’re unsure whether you’re eligible, we encourage you to get in touch before applying; we’re happy to talk things through.

Rent to Buy homes are allocated on a first come, first served basis. Eligible applicants are considered in the order they complete all required eligibility and affordability checks and provide the necessary documentation. Applications are usually assessed to ensure the rent is affordable, with net monthly rent typically expected to be between 25–35% of income, helping residents save towards a future purchase.

Tap the links for further information on Rent to Buy.

• GOV.UK - Official government guide - This is the definitive source for understanding how Rent to Buy works in England, including eligibility, how to apply, and regional differences.

• HomeOwners Alliance – Detailed overview and comparison
  Offers a comprehensive breakdown of how Rent to Buy works, including comparisons with similar schemes like Shared Ownership and Rent to Own in Wales.

• Money.co.uk - Financial pros and cons - Explains the financial implications of Rent to Buy, including advantages, disadvantages, and how it compares to other first-time buyer schemes.