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Key and essential workers, and other low and middle income earners have the chance to get on the housing ladder without the need for huge upfront deposits, thanks to new affordable rent to buy properties now available in Derbyshire for the first time.
Rentplus-UK Ltd and Bolsover District Council are working in partnership to offer affordable rent to buy properties at Cavendish Park, Oxcroft Lane, Bolsover. The developer is Jones Homes. Bolsover is home to an elegant 17th Century castle which presents breath-taking views over the Derbyshire countryside. This popular town hosts a good selection of pubs and independent shops and just 6 miles away is the friendly town of Chesterfield and with the M1 right on the doorstep, Cavendish Park has it all.
Residents move into a brand new home without having to pay any initial deposit, and pay an affordable rent for the duration of their lease. Leases run for a minimum of 5 years and up to 20 years, giving residents time to clear debts and save towards a deposit. At year 5 and at key points during their lease, residents have the opportunity to purchase the property: at this point, Rentplus will gift them 10% of the purchase price – approximately £20,000 – towards their savings for their mortgage deposit.
The new partnership offers an affordable pathway to homeownership for working families on low or middle incomes. It benefits those unable to save the large deposits required to access other types of housing, including shared ownership and Help to Buy which need 5-10% deposits often amounting to £15,000-£30,000 plus fees.
The scheme is the first time that Rentplus has worked with Bolsover District Council and house builder, Jones Homes. For Rentplus, the partnership marks another big step in the journey to deliver its award-winning affordable rent-to-buy homes in every English county.
Rentplus is funded by institutional investors, providing affordable rent-to-buy homes with no grant or public subsidy. Properties are usually managed by local housing associations, the local authority, or Rentplus Homes, a subsidiary of Rentplus-UK. Partners benefit from having an extended tenure offer and increased rental income from the homes.
Applicants should be registered on Bolsover Homes, the Bolsover Housing Choice Based Lettings scheme. They must have an annual household income of less than £80,000 and must be in employment, or in education/training and currently unable to save for a deposit.
A financial assessment will be carried out before ascertaining whether an applicant will be appropriate for a 5, 10, 15 or 20 year purchase plan. One of the benefits to Rentplus is that poor historic credit is by no means a barrier to acceptance as tenants have a minimum of five years to be able to rebuild their credit history.