In this brief guide, we will cover the rent to buy Leeds scheme.
What is the rent to buy scheme Leeds?
The rent to buy scheme Leeds is a scheme where you can rent a home at a discounted rate for a fixed period and then have an opportunity to buy a share of the home at the end of your rental period. The rent to buy scheme Leeds refers to the homes in Leeds which offer the rent to buy scheme.
How does the rent to buy Leeds scheme work?
The rent to buy Leeds scheme will offer properties, mostly through housing associations for 80% of the going market rent. This means you can save 20% towards a mortgage deposit. At the end of your rental agreement, you will have the option to buy some shares of the property using the shared ownership scheme. If you are unable to buy the home at the end of your rental period, your tenancy won’t be renewed. If your circumstances change during your rental period, then your tenancy may be reviewed.
You will need to get a mortgage and this means you will need to pass a mortgage lenders mortgage affordability requirements.
What homes are available?
Most of the rent to buy Leeds omes are homes offered through a housing association.
You can search for rent to buy Leeds properties by searching here.