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Rent to save

Rent to save is designed to enable aspiring home-owners to move into the home they have chosen, even if they have not yet been able to save a sufficient mortgage deposit.

As the rent will be at a lower than market rate, you will be able to save throughout the period of your tenancy. Using typical assumptions for rental levels and mortgage deposits for shared ownership, a household regularly saving just the difference between their rent and market rent would have a sufficient deposit in less than two and a half years.

The housing provider will discuss with you your savings goal from the outset of the tenancy and how you should work towards this. The housing provider will explain to you how they will review your savings goal on an ongoing basis to ensure you are on course to achieve it.

The key features of the product are:

  • Let at up to 80% of the equivalent market rent for that property, with a fixed rate of inflation.
  • The property would be let on an assured shorthold tenancy for a fixed term, up to five years, linked to (but not necessarily the same as) the required savings period. The period can be extended if you still want to buy but need a bit more time.
  • The tenancy can be ended, subject to the terms of your tenancy agreement and initial fixed terms being spent, at any point.
  • A savings plan will be put in place to help you raise a sufficient deposit to purchase on either shared ownership or equity loan terms within five years.
  • The housing provider will discuss with you their regular reviews to check your progress in saving for a deposit.
  • You can purchase on shared ownership or equity loan terms at any point in the tenancy, subject to still being eligible (see the Am I eligible? page)
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