Getting on the property ladder today is often a great deal harder than it was a few years back and even then it was never easy. With the introduction of rent to buy schemes, suddenly there is hope on the horizon for all those looking to buy their first property.

What is rent to buy?

When considering the rent to buy option, bear in mind that there is the scheme that we offer and there is a scheme backed by the Government. The two are quite different. The Government backed scheme gives you shared ownership of the property you are renting to buy, but we offer you 100% ownership of the property.

You simply register with us and look through the properties that we have to offer, in the area of your choice and at the current market value. Once you have found a place you love, we can then arrange for you to view that property. If you decide that this is the home for you, then you simply agree on purchase price for the property and decide how long you want to take the option over. The option is typically in the region of between 3 and 5 years. We then work out how much the deposit is and how much you will pay in rent each month. Once solicitors have drawn up the relevant paperwork, you then move into the property.

From this moment on you are classed as being the homeowner, and as such, you are free to alter the property to add onto the value. You may then buy the property for the amount you agreed anytime during the rental period. Of course, if you have made additions to the property, such as adding a conservatory for instance, this may have increased the value of the property and this equity is yours.

Should you change your mind about buying once the rental period has ended, you are under no obligation to purchase the property. However, the seller cannot change their minds and refuse to sell you the property.

Who is rent to buy suitable for?

While the rent to buy option may be particularly attractive for first time buyers, the scheme may be suitable and beneficial for numerous other circumstances. These may include:

* Anyone who is struggling to find the large deposit which is typically needed when taking out a mortgage;
* Anyone renting property at the moment but wishes to become a homeowner;
* Anyone who has a credit rating that is less than perfect, which leaves them struggling to obtain a mortgage;

The biggest benefits to renting to buy

There are of course numerous benefits to entering into a rent to buy option and these include:

* You are able to buy property over a period of time and there is only a small deposit needed;
* You are able to live in the property whilst building up your deposit;
* The price at which you buy the property is fixed at the outset so if this rises during your rental period you benefit;
* You have 100% ownership of the property;
* You have the flexibility of changing your mind about buying once the rental period has been reached, so try before you buy.