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.

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, so you can save the remaining 20%. 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 pulled together a list of questions and answers we think might help you decide whether Rent to Buy is an option for you.

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 increases are normally applied annually and are limited to 1% + the 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 the 20% discount off the market rent. 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.
How much deposit will I need to buy after 5 years?

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.