Rent to Buy

Could Rent to Buy be the right option for you?


Are you looking to own your own home but don’t have a deposit saved?

With Rent to Buy, you rent a home from us, and receive all the same support that our other renting tenants do. The scheme will assist you in saving funds which could be used towards helping you become a homeowner.

We rent out Rent to Buy homes at 80% of the market rent, allowing you to save and purchase your home. You’ll be on a one-year fixed-term tenancy over five years, after which dependent upon your circumstances you’ll have the option to purchase the home or convert to a shared ownership.

We’ve filmed a video and pulled together frequently asked questions which will help you decide whether Rent to Buy is an option for you.

Rent to buy FAQs

Find out more below about our Rent to Buy scheme

In order to qualify for Rent to Buy you have to be a working household with the intention of buying your own home. We will carry out an affordability assessment to ensure that you can afford full market rent, and can therefore save towards a future deposit.

To be eligible for Rent to Buy, tenants must be first time buyers having not previously owned their own home. An exception to this is where an applicant is looking to return to home ownership following a relationship breakdown.

Applications will be assessed on a first come first served basis. Rent will be payable in advance, the amount will be dependent on when your tenancy begins. Applications will go live on the Ongo website and properties will also be advertised on Ongo social media channels. If you are successful, our lettings team will contact you to process your application, arrange a viewing and then if successful, sign you up for your new home.

The monthly rent is set initially at 80% of market rent. Rent increases are normally applied annually and are limited to 1% + the Consumer Price Index (CPI).

We will meet with you every year to discuss your progress in saving to purchase your home. The scheme is designed for those who wish to buy, but if you’re circumstances have changed throughout your tenancy we can offer support and potential alternatives to Rent to Buy.

The amount of deposit needed will depend on the value of the property at the time of sale, the type of lending product available at the time of the sale and your personal financial circumstance. You will also need to consider costs associated with a property purchase such as legal fees, stamp duty, survey etc. We recommend you seek independent financial advice for further guidance on purchasing a home.