Rentplus secures funding for another innovative rent-to-own housing scheme at the Mannamead Centre site in Eggbuckland Road Plymouth where affordable flats will neighbour luxury five-bedroom houses at the site as part of the rent-to-own housing model developed in the city by Rentplus.
The multi-million-pound development headed by city-based Rentplus, has financial backing from private and institutional investors. Rentplus is creating a "step-change in the delivery of affordable housing" nationally with its new model.
Under the Rentplus model, at the end of a rental agreements, tenants have the opportunity to purchase their property and receive a ten per cent gifted deposit from Rentplus to help their mortgage application.
"The Rentplus homes will be managed by Tamar Housing Society and let to tenants at affordable rents capped to the local housing allowance for a minimum of five-years with the opportunity to purchase in the future with the assistance of a 10 per cent gifted deposit."