Rent to Own scheme

Rent to Own is a scheme for people who can't afford to buy their home but want to buy their own home in the future.

Rent to Own scheme

A Rent to Own tenant doesn't own their home.  They are a tenant with a tenancy agreement.  OwnCo Homes buys the property selected by the Rent to Owner and rents it to them. The tenant has an option to buy at the end of a three-year fixed term.

At the start of the tenancy

You pay a holding fee (equal to one month’s rent) plus a down payment of £2,500.

During the tenancy

You pay a market rent, the same amount every month for three years,
with an option to buy any time after the first year.

At the end of the tenancy

You get your down payment back, your holding fee and £20.00 refund for every £100 paid in rent. This should work out at around five per cent of the property value at that time, to use as a deposit against a mortgage.

Qualifying for the Rent to Own scheme

There are criteria for an eligible property to buy under the scheme and criteria for potential Rent to Owners. You need to show:

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