The part buy part rent housing scheme currently being offered in the UK sounds absolutely amazing! There are so many individual people out there unable to afford the purchase price of property and there are also many families struggling each day with so many bills and commitments, that the thought of owning their own home has become a dream that they used to have.
Well the rent to buy housing scheme is for real and the dream of owning property can now become a reality and a welcome relief, for many.
What does this scheme involve?
Some may have heard of this scheme in the past, as it may have been referred to as a shared ownership. You would first need to contact your local council and local housing association to see if you qualify for this affordable housing scheme and to find out the housing options that are available to you.
This scheme applies to new homes as well as those that have been substantially refurbished.
In a nutshell, part buy part rent means that you can select an available property to rent and you can own a share of it as well. The amount of the property that you own will be directly related to your financial situation. The housing association will not let you go in over your head and your financial situation will need to be assessed.
Once you have determined what you can comfortably afford, you will be able to purchase that amount of the property and you will be able to rent the remaining proportion. The rent you need to pay is often considerably lower than rent you would need to pay to a private landlord. This will allow you to get on your feet and save a lot more.
Who is eligible for this scheme?
If buying a property through the regular market is way out of your reach then it may be worthwhile to apply for this scheme. You will be eligible if you are not able to purchase a property through any other means.
Eligibility will also be determined through looking at your current financial and accommodation situation. If this is the first time you are entering the property market or you are currently living with friends or relatives, then you may certainly be eligible for this affordable scheme. Your work commitments may have changed and you may now be required to travel some distance to your place of work. If you need to relocate because of reasons such as this, then you may also be eligible.
If this particular scheme does not suit you then you may also wish to consider rent to buy properties, where you can rent for a few years, while you save up your purchasing deposit. Opting for a rent to buy scheme will allow you the time to save and you may then choose to purchase the property you are in, look for another property, or then take advantage of the part buy part rent scheme.
Author Resource:-
Gallions housing Association offers rent to buy housing in London and the South East. Find out more about our rent to buy scheme today.
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