Rent to Homebuy
Rent to Homebuy is a scheme aimed at people who would be eligible to buy a property on a Shared Ownership basis but are unable to obtain a mortgage as they don’t have the deposit needed.
Rent to Homebuy allows a resident to live in a property as a tenant at a reduced rent for a fixed period of time, at Elim Housing this is up to five years. This gives the resident time to save for a deposit to purchase the property through Shared Ownership at the end of the tenancy.
Applying for Rent to Homebuy
Any properties Elim Housing has available on Rent to Homebuy will be advertised through South West Homes. This website has details of all Shared Ownership, Rent to Homebuy and Intermediate or Affordable Rent properties available from landlords in the South West area.
If you wish to apply for a Rent to Homebuy property you have seen advertised by us you should contact the Housing Team to request an application.
A change in Government policy means that no new Rent to Homebuy properties are being built or planned by Elim Housing. Other Landlords may still have properties available or currently under construction for which you can apply.
Eligibility for Rent to Homebuy
To be eligible for Rent to Homebuy with Elim Housing you must meet the following criteria:
- Have a household income of £60,000 or less – this includes any non-earned income such as welfare benefits
- Be working 16 hours a week or more
- Not be claiming Housing Benefit
- Be in housing need
- Not own a home, or be able to afford to purchase a suitable home on the open market without assistance
- Be expected to obtain a mortgage at the end of the tenancy
- Demonstrate ability to afford and maintain home ownership
- Not have rent arrears or other debts relating to housing
We will give priority to:
- Firsttime buyers unable to afford to purchase a home in any other way
- Key Workers
- Existing Social Housing Tenants
- Applicants with a local connection to the area
These criteria may vary with different landlords.