Rent2Own - Wales

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.

How it works

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.

Eligibility

To be eligible for the Rent to Own – Wales scheme, you must:

  • have a combined household income of £60,000 or less each year
  • be in work, including being self-employed
  • not eligible for housing benefit
  • 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
  • rent an eligible home

I'm interested, what do I do?  

Read more about the scheme here by clicking on this Rent2Own - Wales page on the Welsh Government website.

Contact us by emailing Chris.Yung@newydd.co.uk or call Chris on 02920 005510 to find out more about our Rent2Own scheme in Llandrindod Wells, Powys.