Frequently Asked Questions - All FAQs

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We offer independent advice on all financial aspects and can arrange conveyancing for you too. We can point you in the right direction for mortgage help, insurance and any other support you need, whether you’re a buyer or seller.

We offer independent advice on all financial aspects and can arrange conveyancing for you too. We can point you in the right direction for mortgage help, insurance and any other support you need, whether you’re a buyer or seller.

We offer independent advice on all financial aspects and can arrange conveyancing for you too. We can point you in the right direction for mortgage help, insurance and any other support you need, whether you’re a buyer or seller.

A mortgage is not required for the tenant to move into the property. The tenant will rent the property for a period of 5 or 10 years and this allows them to build up a deposit whilst enjoying living in the property. At the end of the period they will be able to buy the Rent to Buy house at a fixed price and apply for a mortgage.

If at the end of the period they are not ready to buy the house for whatever reason the agreement can continue for a further period up to 10 years.

The Rent to Buy scheme available has been designed to allow most people participating in the scheme to own their own property in the first five years by building up a sufficient deposit.

By fixing the rent and having paid an initial deposit the tenant can be certain of the amount of deposit they will build up from the outset. However, if they are unable to secure a mortgage or other means of funding the period can be extended to up to 10 years.

Five years should give most people ample time to secure a mortgage to purchase your Rent to Buy house. However, the tenant buyer has up to 10 years to do so as additional security. If for any reason they are unable to do so there are options available to them:

1. Sell the property and make a profit based upon the equity built up and any increase in value. This is our recommended option.

2. Not proceed to buy the Rent to Buy house. In this case the deposit would be returned to you.

The beauty of the Rent to Buy scheme is yes they can. They are effectively getting all of the benefits of being a homeowner without having a mortgage.

If house prices rise over the term they can sell the property and benefit from any equity in the property in addition to the deposit they have paid that has grown throughout.

The benefit of this to you is that it encourages the tenant to make improvements and pay the rent in a timely manner. In addition, you get to sell your property.

With anything, there is always an element of risk. However, there is data available on the performance of the housing market. Historically, house prices have never dropped over a period of 10 years.

Should it happen, hopefully the tenant will still have built up equity enabling them to complete the purchase. In the unlikely event that they decide to walk away you would receive their entire deposit.

Quite simply, no. The reason the deposit is required at the outset is to ensure that the tenant is committed to buying the house. It is also designed to provide them with the opportunity of getting onto the housing ladder as quickly as possible by having a sufficient deposit to obtain a mortgage. Should the tenant decide to not complete, you have the security of the deposit.

It is no different to buying a property with a mortgage; you cannot ask the mortgage lender to return your deposit if you decide to move but you still benefit from any equity in the property.