We have recently had two success stories for two couples who have experienced slightly similar situations. In the current housing market, many hopeful buyers are having difficulty with getting their foot on the property ladder, even if they have been on the ladder previously. This means that the average age of buyers is increasing steadily, and people from all walks of life and backgrounds are finding tenant buying to be the best way to purchase a home and achieve a mortgage.
Our Rent to Buy schemes are very flexible, and allows each tenant buyer to find the right scheme to suit their circumstances. Whatever the situation, even if you’re finding it difficult to become mortgage-approved, we can help you own your own property. Rent to Buy offers you time to save up and put money towards your mortgage deposit, while you can already live in your ideal future home. Our scheme ultimately removes the financial strain and added pressures of that can often come from moving into your new owned home.
Case Study 1 – Julia and Terry
Our first couple have actually been living abroad for the past 10 years. They did own their home abroad, but were struggling with trying to sell it. They are from the UK originally, and have wanted to move back for a while, in order to live closer to their family. Because they couldn’t find a seller for their property abroad, this meant that they were stuck financially in terms of being able to afford a home here in the UK.
Without a Rent to Buy scheme, Julia and Terry wouldn’t have been able to move back to the UK, as they would still be trying to sell their property abroad. However, they discovered that they don’t actually have to wait around for their other property to sell before they move back. Through Property Connected, they managed to secure a deal that allowed them the time and flexibility to move to the UK, which even took the pressure off having to sell their property abroad.
As part of their flexible Rent to Buy scheme with us, Julia and Terry found a lovely 4-bedroom house in the beautiful Welsh countryside. They only had to put down a £5,000 tenant buyer deposit, to be deducted from the property’s final asking price. The Rent to Buy agreement is that they pay £550 each month in rental payment. Part of this monthly fee will then go towards taking off a further £8,000 from the asking price of the house over their 3-year Rent to Buy term.
They have agreed on a 3-year term plan with the property sellers, however they plan on paying this off and owning the house fully as soon as they are able to sell their property abroad. Additionally, they are hoping to be mortgage-free after selling their previous home.
This Rent to Buy scheme is truly tailor-made for this lovely couple, and provides them with the time and flexibility they need to ease the move back to the UK. They are no longer worried and stressed about needing to sell their property abroad urgently, and they couldn’t be happier. They’ve recently moved in, and are thoroughly enjoying living in the countryside, near stunning country lakes and being able to take their dog, Benny, on plenty of walks along the nature trails.
Case Study 2 – James and Diane
Our second couple are first-time buyers, who have been trying to get their foot on the property ladder for a couple of years.
James and Diane had been renting together for the past 5 years, and have been finding it difficult to put towards enough money asides towards a mortgage deposit. They both work full-time jobs, although they are both on minimum wage, which meant they were struggling to save the money they needed. They both wanted to move into and own a property in the city centre, near to their workplaces, although they assumed this would be too out of their reach.
Fortunately, they discovered Property Connected and our flexible Rent to Buy schemes, which help a lot of people give the time they need to become mortgage ready, and in an efficient way. Our Rent to Buy allows tenant buyers to put down a small amount of money on the property, which is only a fraction of a normal mortgage deposit. This smaller amount was far easier for them to afford, and encouraged James and Diane to initiate the process of becoming homeowners.
They found a great home just outside Cardiff, which is ideal for a first-time buyer. The Rent to Buy deal put in place is that they only had to pay an initial £5,000 to move into the property, and pay only £425 per month. Through these monthly instalments over their agreed 5-year term, they will have managed to put another £9,000 towards the property, which means a total of £14,000 will have been paid and deducted from the final asking price.
James and Diane have embarked on a 5-year term, which gives them a lot more time to save up the money they need to become homeowners. This is a perfect Rent to Buy scheme for them, as they will have already saved up £14,000 towards the property, simply through Renting to Buy and what they would have been paying towards their rental property. Therefore, in 5 years’ time, they will be in a great position to become approved for a mortgage on this property, at a very affordable monthly rate.
These two recent success stories just proves that, no matter what your situation, Rent to Buy can offer the tailor-made solution for you. We can arrange a term that flexibly suits your circumstances, giving you exactly the right amount of time you need to become homeowners efficiently, and in a stress-free way.
If you are interested in finding out how Rent to Buy, or Rent to Sell, will work for your situation – contact us below!