Rent to buy

• you get to live in a brand-new home and make it your own whilst saving towards purchasing the property
• your rent on the property will be 20% less than market rate
• we can provide financial advice to help you become a homeowner in five5 years
• first refusal when the property becomes available to buy
• five year lease time allows you to save money and get your finances in order before you apply for a mortgage.

• You must be working at the time of the application and initial letting.  
• You must either be a first-time buyer or be returning to the market following a relationship breakdown.  
• If you are returning to the market following a relationship breakdown, you must not own any residential property in the UK or abroad.
   
• You must be at least 18 years old at the time of signing the tenancy agreement.  
• You must be able to evidence that you can both sustain the tenancy and save for a deposit at the same time.  
• You must pass the believe housing pre-tenancy assessments including the right to rent, credit, affordability, and tenancy history checks and must not have any previous tenancy history or behaviour that would normally have barred you from registering on the County Durham housing register, Durham Key Options. 

Please note if you have any CCJs or IVAs this will be an automatic refusal. 

• You will complete the Rent to Buy application form and send us 3 months of pay slips, 3 months of bank statements and photographic ID. For self-employed applicants this is 6 months of personal bank statements, 6 months of business bank statements, your most recent SA302 document from HMRC and photographic ID. 

• If you meet the Rent to Buy eligibility criteria, we will request your move in information and carry out an affordability check and a credit check on you. 

• If you pass these checks, we will complete an internal system check to look for previous tenancies. 

• If you pass all checks, you will be sent an official offer confirmation.  

• Once the property is built and handed over to believe housing, our Neighbourhoods Team will contact you to book your property viewing. If you decide to proceed, we will take payment of up to two month’s rent at the viewing and hand over your new home to you. 

• Once you are moved in, the development team will contact you to arrange your welcome visit. 

Whilst renting the property, you will be responsible for: 

• making regular rent payments 
• all utility payments (gas, electric, water) for the property from the day you move in. 
• council Tax payments 
• Wi-Fi, landline and any TV subscription services payments. 

If you decide to purchase the property after five years, you will be responsible for: 

• your property valuation  
• mortgage deposit (where applicable) 
• mortgage arrangement fees (where applicable) 
• regular mortgage payments (where applicable) 
• solicitor fees  
• stamp duty (where applicable). 

You only need a deposit if you decide to purchase your home, this will be for your mortgage. You do not need a deposit for your Rent to Buy application. 

If your financial circumstances change and you are no longer able to afford your Rent to Buy payments, you must inform us at the earliest opportunity. 

Rent to Buy allows you to rent a property from believe housing at a 20% discount for five years while you save for a deposit to purchase your property.  

Shared ownership allows you to purchase a share of the property, for example 25%, and pay rent on the outstanding share.