What am  I signing up to?

Rent to Own requires you to sign a 3-year Tenancy agreement along with an Option to Purchase agreement.  These documents outline what you can expect from us and what we expect from you, so it is really important that you take the time to read these carefully and understand what they mean.

The really, really important things to remember:

• Rent to Own is a 3-year tenancy that gives you time to work through the issues that have prevented you getting a mortgage.
• When you apply for Rent to Own, we will check your affordability and credit history to ensure you can buy the property at a later date.
• You will sign a Tenancy agreement and be a tenant of OwnCo Homes, a wholly owned subsidiary of Co-Ownership. You will also sign an Option to Purchase agreement.
• We charge a market rent based on similar properties in your area. The monthly rent is set at the start of the tenancy and will not change during the period of the tenancy. We take one month's rent as a deposit, which will be held in a Tenancy Deposit scheme.
• Additionally, you give us a £2,500 down payment which will be returned to you and form part of your deposit when you buy.
• You have the option to buy your home from OwnCo Homes anytime after the end of the first year, up to 3 years after becoming a tenant under your Option to Purchase agreement.
• Our team will help you address the issues that prevented you from buying a home on your own.
• You can buy your home at the market value when you are ready. This will not be less than the price OwnCo Homes paid for the house.
• When you buy we will give you back your down payment, plus your rent deposit provided you have kept to the terms of your Tenancy agreement, plus 20% of the rent that you’ve paid during your tenancy towards the deposit for your home.
• You can buy your home either with a full mortgage or with the help of Co-Own, our shared ownership plan.