wdh

Rent to buy

We currently have no "Rent to buy" properties available.
currently no properties image
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If you'd like to learn more about how WDH could help you get on the property ladder please contact one of our team.

Available rent to buy properties

There are currently no available rent to buy properties.

What is rent to buy and how does it work?

We occasionally have properties available to rent on a short term basis with the intention of you being able to buy the property at a later date through the Shared Ownership scheme.

As the properties are intended for Shared Ownership, the rent you will pay is an 'affordable rent' and represent approximately 80% of the market rent. This means that the rents, and any rent increases, are above the normal WDH social rent levels but below market rent.

This will allow you to rent the property at a lower rent to enable you to save a deposit to buy the property at a later date wherever possible.

The properties are offered on an Assured Shorthold Tenancy Agreement.

When we are in a position to sell the property you will be offered the first opportunity to buy a share in it, if you can afford to do so (terms and conditions apply). If you are not in a position to do so, your tenancy will end and you will have to find another property.

Who is eligible to apply?

To be eligible for the scheme you need to:

  • be 18 years or over;
  • have a household's total income of less than £60,000 and unable to afford to buy a suitable property on the open market without assistance;
  • be in full time employment and be able to afford 80% of the local market rent without further assistance. That means you are not claiming any Housing Benefit;
  • have your application approved by the local Help to Buy agent; and,
  • be able to make a commitment to enter home ownership through a low cost home ownership product. This means renting for a minimum of least two years up to five depending on the property and the development and are able to demonstrate how the discounted rent will enable you to save a deposit.

How much would I need to save for a deposit?

This chart gives an indication of monthly savings required to meet a 5%, 10% and 15% deposits. This is based on current house valuations, which may increase over the two year period.
% Deposit Market value Equity share 2 year monthly savings
5% £100,000 50% £104.16
10% £100,000 50% £208.33
15% £100,000 50% £312.50
5% £125,000 50% £130.21
10% £125,000 50% £260.42
15% £125,000 50% £390.63

In addition to the deposit, potential buyers will need approximately £2,500 to cover the costs of buying a new home including legal fees, for example.