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.
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.