Rent-to-own

 

armada lettings

rent-to-own specialists

Rent-to-own

Most people don't want to rent - they only do so because there is no other option. The banking system is failing them and for one reason or another the money needed to buy a house is not available. But there is another way.....

I sell houses on a 'rent now, buy later' basis (sometimes known as rent-to-own).

Rent-to-own gives you the option of buying your rental house at a later date if you wish to do so.

How rent-to-own works

Rent-to-own is sometimes referred to as 'rent-to-buy', 'rental purchase' or 'rent now buy later'.

With rent-to-own, you simply rent a house in the usual way (assured shorthold tenancy), but with one additional feature - we include a document that gives you the right to buy the house in the future if you choose to do so. In the meantime the house cannot be sold to anyone else. The tenancy can be for a period of up to five years (usually 3 years).

During that time period you have the option to buy the house at a pre-agreed price. However you do not have to buy the house if you change your mind.

The option to buy gives you many of the benefits of home ownership without having to get a mortgage.

The expectation is that you save for a cash deposit during this period so you can apply to buy the house later.

When you get to the end of the time period you either buy or leave the house.

Assured shorthold tenancy

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Option to buy

During the term of the agreement we will work with you to ensure that you have saved a big enough deposit to allow you to eventually get a mortgage on the house.

 

 

 

 

Get on the housing ladder

Fed up with renting?

Want to get on the property ladder?

Struggling to get a mortgage?

First time buyer?

No deposit?

Self employed?

New to the UK?

Bad credit rating?

No credit record?

Benefits of rent-to-own

No mortgage needed to get started

You are in a position of ownership from day one

Low entry money to get started and become a homeowner

You own 100% of the property

If the house goes up in value - you make the profit

Buy over a timescale that suits you

You can walk away at any time if your circumstances change

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