Rent to Buy
This affordable home ownership product allows the tenant to rent a property from a Registered Landlord that is in the scheme. The rents are usually discounted, by 20% of the open market rental price. The theory being that you save the difference towards buying the home in the future.
If you’re considered eligible, and the property is still available, it will be offered to you. To be eligible you usually have to have a good credit rating, be working more than 16 hours per week and be able to obtain a mortgage. There may also be a local connection criteria that an applicant has to adhere to, for instance working or residing in the Wyre Borough or having immediate family residing in Wyre. Each Landlord will have their own criteria.
The initial tenancy agreement is up to 2 years. After that, if you need more time to save for a deposit, your landlord may agree to extend your tenancy however it will depend on their rules and policies. You will need to check with them when you apply for the home.
If you do not pay your rent on time and follow the terms of your tenancy agreement, you may not be allowed to stay in the scheme.
You can buy a home as soon as you’ve saved enough deposit and can get a mortgage.
At the moment the only 'Rent to Buy' schemes available in Wyre are with Jigsaw Jigsaw Homes Group - Affordable Housing - they advertise their properties on Rightmove. These homes are advertised and allocated fast therefore you need to check regularly.