What is Rent to Buy?

Rent to Buy is a government scheme introduced in 2014 that allows tenants to rent a property at 20% below market rent - giving  you the chance to save for a deposit to buy a home in the future.   

It’s an affordable step onto the property ladder as it makes saving for a mortgage much more achievable!    

To be eligible, you must meet the following criteria:   

  • Be in full or part time employment .  

  • Have the right to rent in England.   

  • Earn the minimum income required for the home to make sure it’s affordable for you, however there is no maximum income cap for Rent to Buy.  

  • You must be a first-time buyer or a former homeowner returning to the market, for instance following a relationship breakdown .  

  • Able to pay your rent and save for a deposit at the same time.    

  • Hold a good credit history to ensure you’re free from any bad debts or County Court Judgements. 

Redwing offer a range of properties through Rent to Buy

Redwing offer a range of properties through Rent to Buy

As your landlord we will fully support you to manage your tenancy in addition to covering most repairs and maintenance – making life a breeze! 

 

Find your dream home here.

FAQ

How long is a Rent to Buy tenancy?

Redwing offers a minimum 12 month tenancy with the ability to renew this annually for up to 5 years.

How long does the application process take?

We aim to process all applications within 3-5 working days.

Do I have to save for a mortgage each month?

You receive a reduction of 20% rent per month, which should be put into a savings account until you’re ready to buy a home – for example:  

If the market rate is £1,000 a month you will pay £800 on your Rent to Buy property – allowing you to save £200 per month. After five years, this will have accumulated to £12,000 plus any interest on the savings which will then be used as a deposit. 

Do you hold my mortgage savings? 

No, you hold this yourself. 

How are my mortgage savings monitored by Redwing?

We may ask to see your savings throughout your tenancy, and upon renewal of your tenancy agreement. 

What if my circumstances change during my tenancy? 

If your circumstances change during your tenancy, such as your employment status or if you have children, please let us know. We’re always here to help. 

Can I buy the home I am renting?

You may be able to buy the home you are renting through Rent to Buy. Homes are sold at the RICS valuation, provided by an independent surveyor. It is the decision of your landlord whether the property is available for purchase; however it is important to note there will be a minimum valuation before the property can be sold. 

Can I use my savings to buy a different home than the one I am renting? 

Absolutely – this product is not meant to be restrictive, it is to help you onto the property market!

Can I have a pet?

Yes, although this may be limited to 2 if you’re renting in an apartment block.