In a first for Bolsover, 14 households have the opportunity to move from being renters to homeowners, thanks to an unique affordable rent to buy homes scheme offered by Rentplus-UK Ltd and Bolsover District Council working together.
On Friday 17 March, local councillors and MP Mark Fletcher met on the Jones Homes site in Oxcroft Lane to celebrate the new partnership which 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. 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.
Residents move into a brand new home without having to pay an initial deposit. They pay an affordable rent for the duration of their lease which 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 can purchase the property, and Rentplus gifts them 10% of the purchase price towards their savings for their mortgage deposit.
The Bolsover 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, or 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.
The successful applicants all have a local connection and were taken from the Bolsover Housing Choice Based Lettings scheme. Most are Key and Essential workers, including social care and NHS staff, enabling them to continue to live and work locally.
Robin Falle, National Director at Rentplus commented: “We’re very excited to be working with Bolsover District Council and to see this offered in Derbyshire. We’re determined to make Rentplus available across every county in the country.”
“Raising a deposit has become the biggest barrier to home ownership – even a 5% deposit is beyond the realms of possibility for those people in society we have come to rely on – our NHS workers, our teachers, our emergency service personnel. Unless they have access to the bank of mum and dad, if they are renting privately, they are unlikely to be able to scrape together the £15,000-£30,000 demanded by high street lenders.
“Moving into a brand new home without paying a deposit, paying affordable rent for five years plus is a real opportunity to save, build a good credit rating and begin to engage with the community.
“Being gifted 10% of the sale price towards the deposit when they’re ready to buy is an added benefit and incentive”.
Cllr Rose Bowler from Bolsover District Council added: “This is our first project with Rentplus and we are delighted to be able to offer this unique route to homeownership.
“Not only will it extend the tenure of properties we offer, but we are now part of an unique nationwide offer, which is going to benefit our key workers and others less able to raise the deposit but able to afford the rent and mortgage.”
“We want to ensure that the delivery of new housing for local people and those moving to the town includes a range of different tenures and price points. Sustainable housing is being built across the district for private sale and affordable housing, including social rent, shared ownership and this new affordable rent to buy scheme with Rentplus. Giving people the ability to rent their home with the option to buy is incredibly important and we’re pleased this agreement with Rentplus is in place.”
“I am delighted to see these new properties made available through the Rentplus scheme which will make them more affordable and more accessible to our new residents.”
Local MP Mark Fletcher added: “Affordable housing and helping local people onto the housing ladder was one of my priorities when I stood for election and I am delighted to have seen this Rentplus scheme today and to have them in Bolsover.
“Bolsover District Council members and staff share a passion with me to help people achieve their homeownership dreams in this amazing part of the world. Having Rentplus here to remove the deposit barrier and help local people become homeowners is a very positive step.”
A tree, part of the Rentplus commitment to the late Queen’s Jubilee Canopy, is to be planted on site.
In a first for Mid Sussex, local people have the chance to become homeowners despite having no savings, thanks to an innovative partnership between Mid Sussex District Council and affordable Rent to Buy providers, Rentplus-UK.
The new partnership means eight new affordable Rent to Buy homes were made available close to Felbridge on a prestigious Abbey Developments site, known as Martins Mead. Under the model, private finance funds new affordable housing at no cost to the local council.
Local MP Mims Davies MP joined with Councillors from Mid Sussex District Council to welcome new residents into the new homes they will be buying.
The new homes consist of 6 x 2-bedroom Houses and 2 x 3-bedroom houses and all have fenced gardens and a secure bicycle storage unit in the gardens. All applicants were required to have previously lived in or have connections to Mid Sussex.
The Rentplus homes saw over 100 applicants and, all homes have now been allocated. All tenants are key or essential workers, including working in the NHS and emergency services or local schools. Six were previously living in social housing properties in the district which they have freed up for reallocating. The remaining two were on the Council’s Housing Register.
The tenants started their home ownership journey by moving into their brand-new homes without paying any upfront deposit. They will pay an affordable rent based on the Local Housing Allowance for 5 years living in the home that they will one day own whilst they save up to buy it and build a good credit history.
By paying a below market rent they can save more each month. At the outset, they choose whether to buy their home after 5, 10, 15 or 20 years. They move in with no deposit and when they come to purchase, Rentplus will gift them 10% of their home’s value at that time to add to their savings and reduce the mortgage they need. They will buy their home using a high-street mortgage and then own 100% of it as if they had bought on the open market.
At the opening, Emma George, Area Director for the South East at Rentplus, said: “Affordability is an issue across the country. We’re excited to be offering Rentplus homes in Mid Sussex, to offer local homes for local people, enabling hard working people to stay living in the communities they grew up in.”
Councillor Salisbury Mid-Sussex District Council added:
“It is wonderful to see new homes being provided to help local people move towards home ownership. In doing so, this will also free up existing social housing for others, which provides another huge benefit to our district.”
Local MP, Mims Davies added: “These homes are life changing for the tenants moving in and are an inspiration for those who are aspiring to buy but may be finding it difficult to save for a deposit. Mid-Sussex District Council and Rentplus are doing something quite forward thinking, in helping local people achieve this. It was good to meet some of the families. Thank you to Sarah and her girls and Marcus for showing me around their homes. They now have the chance to become homeowners and we wish them well in their new homes.”
Mims Davies and Councillor Salisbury joined with the households to plant a sweet cherry tree, part of the Rentplus commitment to plant trees for the late Queen’s Jubilee Canopy.
Marketing/Social Media Officer
Exciting role in social and affordable housing
Milton Keynes – Hybrid working (1 or 2 days in the office)
Salary £24-£27k
We have an exciting opportunity for a Marketing/Social Media Officer to join the Rentplus communications and marketing team, working with the leading affordable rent-to-buy provider across England. The role supports the Head of Comms and Marketing in delivering strong marketing messages across traditional and digital formats.
You’ll need excellent written English and experience in producing compelling press releases, case studies – you’ll also be running social media campaigns so good graphic design skills essential, and video production would be a plus.
Job and person specification here.
Send a covering letter and CV to Head of Marketing and Communications. [email protected] by cop Monday 20 February 2023.
Locals helped onto housing ladder with innovative new scheme – the first in Ryedale
Local MP, Kevin Hollinrake, paid a visit to meet aspirant homeowners have who have just moved in to the first ever Rentplus affordable rent to buy homes in North Yorkshire. He met with local councillors, officers and Rentplus team, and met one of the new tenants in the development, Jess.
Ryedale District Council worked with Rentplus-UK to offer seven 2- and 3-bedroomed houses on the Wainds Field Development in Kirkbymoorside. All have private gardens and two allocated parking spaces.
Banks and building societies are demanding ever higher deposits to secure mortgages, which remains unaffordable for many. According to Zoopla, the average price for a property in Kirkbymoorside stood at £281,029 in 2021 and terraced houses £199,100. First time buyers would need to save over £25,000 to secure a mortgage and pay the fees most building societies demand, leaving many local residents, particularly key and essential workers on lower incomes, unable to buy their own home.
The award-winning Rentplus scheme allows prospective buyers to move into a brand new home without the need for a deposit. They pay affordable rent, set by the local authority, for their home for five to 20 years. For these properties, the rents are between £520 and £600 a month and tenants use the rental period to save towards a future mortgage deposit and build a good credit rating.
Rentplus buys the homes from developers and let them on long leases usually to local housing associations. The rent includes all repairs to the property.
At the end of the agreed term, the tenants have the opportunity to purchase 100% of their home, at which point, Rentplus gifts them 10% of the purchase price towards their deposit.
Steve Collins, Rentplus CEO, said: “Rentplus turns renters into homeowners. Affordability is a growing issue across the country and Rentplus is really making a difference. This is our first scheme in the North East and we’re excited to be working with Ryedale District Council and Cicero to help the area’s working families onto an affordable pathway to homeownership without the need for any upfront deposit.”
Cllr Mike Potter, Chair of Planning for Ryedale District Council added: “Last year we opened two housing developments to provide more affordable homes. I’m delighted that Wainds Field is the first of 2023 which we are delighted to officially open today. It provides affordable homes for our local community – the new tenants have local connections to the area, all working locally, most are in key or essential worker roles. It’s a lovely and welcoming site which is testament to the partnership working Ryedale District Council has undertaken with local developer, Cicero and with Rentplus for the benefit of our citizens.
“Our Council Plan sets out clear targets to provide affordable housing as we recognise that house prices and rents are high in Ryedale and that this is an issue we need to tackle. Ryedale is leading the way in delivering affordable homes for local people and Ryedale staff and Rentplus UK should be proud of delivering this.”
Kevin Hollinrake MP talked about the importance of helping people to have opportunities to own their own home. ““Owning your first home is a dream for every family. I was delighted to join Rentplus at their site in Ryedale to see what they are doing to make that dream a reality for local people and to meet some of the families living there. It was good to hear about how Rentplus offer not just affordable rent but the chance to buy so that people can benefit from being homeowners.
I would also like to wish Jess and her family good luck and congratulate them on moving into their new home through Rentplus.”
You can find out more by watching the Rentplus film Turning Renters into Homeowners.
Photo shows Kevin Hollinrake MP, Steve Collins (Rentplus CEO) and Cllr Phil Potter with new Rentplus tenant, Jess, and local councillors at the first Ryedale Rentplus home.
Our New Year’s Resolution is to get more councils across England to adopt Rentplus. We help working people on low to mid incomes onto the housing ladder without any upfront deposit.
Rentplus believes affordable rent to buy should be an option for everyone living in not just every county in the country, but in every local authority area.
If you want to see Rentplus offered where you live, ask your local councillors for an affordable rent to buy home. If they don’t know about Rentplus, ask them to get in touch!
Rentplus is offering affordable rent to buy homes in Battle.
There is a selection of two 2 bed and one 1 bed flats left. Move in with no deposit, rent for 5, 10, 15 or 20 years and when you’re ready to buy, we’ll gift you 10% gifted sum.
To register your interest, please email [email protected]. More information here.
Brand new affordable #RenttoBuy homes in #Derbyshire.
The scheme has a selection of one 3 bed and six 2 bed houses with rents between £564 to £660pcm.
Successful applicants move in with £0 deposit and can buy 100% of their home at years 5, 10, 15 or 20 and will receive a 10% gifted sum from Rentplus.
To register your interest, please email [email protected]. Get some more information here.
Rentplus has a selection of affordable #RenttoBuy homes in the Cambridge area.
There are five 2 bed homes and two 1 bed maisonettes, rents are between £720 to £800pcm.
Tenants move in with £0 deposit and can buy 100% of their home at years 5, 10, 15 or 20 and will receive a 10% gifted sum from Rentplus.
Applicants must have a local connection to the South Cambridgeshire area. Register your interest at [email protected], and find out more here.
