Rent. Save. Own.
Rentplus properties offer aspirational home owners an affordable opportunity to purchase their own home through a combination of affordable rents and a ten per cent gifted deposit.
Funded by institutional investors or pension funds seeking ethical investment, Rentplus properties are let on 20-year full repairing leases to responsible housing associations who will manage the stock. The properties can then be allocated to people and families in housing need.
This can include households on council housing lists who wish to become home owners, those registered with choice based lettings and Help to Buy agents, or persons in private rented accommodation with limited or no ability to save for a deposit.
Rentplus homes will all comprise new build properties with strong energy efficiency performance, meaning occupiers can achieve savings on household bills.
Tenants have five-year renewable tenancy agreements, at an affordable rent set at 80 per cent of market rent, including any service charge, with no maintenance responsibilities, giving them time to save for a deposit and build creditworthiness records that will support mortgage applications.
After a tenancy period of five, ten, 15 or 20 years, the occupier will be invited to purchase their property. While there is no obligation to purchase, those who do choose to buy receive a gifted deposit of ten per cent of the property’s market value. As there is no chain and they are already in situ, there are none of the delays, uncertainties or moving expenses of most house purchases.
All Rentplus homes are sold after 20 years. If they are not purchased by the occupier or the housing association, houses will be sold on the open market, with a percentage of net proceeds paid to the local authority for future affordable housing.
Rentplus aims to replace properties as they are sold, to maintain the number of affordable homes for rent in any local authority area.
If you are a prospective tenant looking to move into affordable housing and on to full ownership, please visit the Tenants page for more information. For all other enquiries, please contact us directly.