Rent to Buy

Are you looking to own your own home but don’t have a deposit saved? Rent to buy could be a great option for you.

The scheme will offer a stepping stone from renting to becoming a home owner in just five years.

With rent to buy, you would rent a home from us, and receive all the same support that our other renting tenants do, but you would be working towards owning the home after five years.

We rent out these homes at around 20% less than the cost of market rent, so you can save the remainder towards a deposit. You’d be on a one year fixed term tenancy over five years and then you’d have the option to buy your home.

We've also pulled together a list of questions and answers we think might help you decide whether Rent to Buy is an option for you. Take a look below.

What is the eligibility criteria?

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 the 20% reduction towards a future deposit.
What will the application process be?

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, 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.
Does the monthly rent stay every year?

The monthly rent is set initially at 80% of market rent. Rent increase are limited to 1% + Consumer Price Index (CPI).
What would happen if I decided I didn’t want to buy?

We will meet with you every year to discuss your progress in saving for a deposit. The scheme is designed for those who wish to buy, but if you’re circumstances changed throughout your tenancy we can offer support and possibly alternative purchasing options.
How much deposit will I need to buy after 5 years?

If you remain a Rent to Buy tenant for over five years, you will have the option to buy the property. The amount of deposit needed will depend on the value of the property at the time of sale, but as a guideline we anticipate the properties to be in the region of £95,000 for the two bedroom property and £120,000 for the three bedroom properties.