Rent to Own

The scheme no longer exists but properties may be made available through a re-let process.

Scheme

  • Rent to Own - Wales supports the purchase of a home for those who do not have sufficient funds for a mortgage deposit.
  • The scheme enables tenants of rental properties within the scheme, to build up a lump sum toward a deposit whilst they rent their home.
  • The lump sum toward the deposit can then be used to help secure a mortgage to enable the purchase of the home.

With Rent to Own - Wales:

  • you will have the opportunity to purchase the home you are renting and can build up a lump sum towards a mortgage deposit whilst renting the home.
  • you will initially rent the home and can receive 25% of the rent paid over the duration of the tenancy and 50% of the increase in the property value (if any) during the period of time you have rented the property to use as a deposit towards purchasing the property.
  • your Rent to Own - Wales agreement lasts up to 5 years, you can apply to buy your home at anytime between the end of the 2nd year and the end of the agreement.
  • Please note: we consider your credit history as part of the application for a rent to own property and we may ask for evidence of your credit rating.
  • If you decide not to purchase the property, the deposit element will NOT be refunded.
  • Click on the link for further information on the rent to own scheme Rent to Own – Wales | GOV.WALES

 

Eligibility Criteria

  • Be over 18 years of age.
  • Have a combined Gross household income of between £16,000 and £60,000. Each property will have a minimum income requirement as specified in the property advert. See Income tab.
  • Not be eligible for housing benefit i.e. Housing element of Universal Credit.
  • Local Connection - you will have to have at least 12 months of local connection to the area you choose to live in to be on the register e.g. living, working or close family contact :- Parents, grandparents, siblings, adult children.
  • Not currently own a home anywhere in the world (unless a court order forces you to remain on the deeds of a property where your children live)
  • Be unable to afford to buy a property suitable for your family size on the open market or through any other home ownership initiative
  • Be able to afford the rent of your selected property
  • Be British or an EU/EEA citizen, or have indefinite leave to remain
  • Applicants who are nominated for rent to own property may be asked to complete a referencing procedure by the landlord. 

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