What is Rent to Buy?

Rent to Buy helps tenants in England save for a deposit to buy a home by offering properties at a discount — normally 20% below market rent (source: gov.uk)

Struggling to save for a mortgage deposit while paying high private rent? Rent to Buy can be a more affordable option, and you have the option to buy a bigger share in the property in future.

Rent to Buy allows you to move into your new property straight away and pay a reduced rent, giving you extra time — and money — to save towards your mortgage deposit.

House and location pin icon

We usually advertise our Rent to Buy properties on platforms like Rightmove when they're available.

Please note that numbers so far have been limited, but we aim to provide more Rent to Buy properties as funding permits.

This page explains more about how the Rent to Buy scheme works. You also can tap here for more information on how Rent to Buy works and to see eligibility criteria on the gov.uk website. 

Please note that Rent to Buy is not the same as Shared Ownership. For more information on our Shared Ownership offer through Stonecross Homes, please tap here.

How does Rent to Buy work, and what are some of the benefits?

How does Rent to Buy work?

With Rent to Buy, you can move into your new home now, renting the property on an Assured Shorthold Tenancy basis for a period of five years. 

During this time, you'll pay a reduced rent of just 80% of the full open market rent value.

You can purchase your home from us on a Shared Ownership basis during years one to five, or on an outright basis at the end of the five-year term.

What are some of the benefits of Rent to Buy?

  • You're able to move into your new home and save towards purchasing the property.
  • You'll pay a reduced rent on the property.
  • You'll receive financial assistance to help you work towards home ownership within five years, or less.
  • You can settle into your new surroundings knowing that you'll be able to buy the home you're renting.

Who can apply for Rent to Buy? Am I eligible?

To apply for Rent to Buy, you need to be in a working household. This means at least one person moving into the property must have a full-time job.

The scheme is mainly for first-time buyers. It can also help people in special situations, such as after a relationship breakdown, if they can’t afford to buy a home on the open market.

We’ll check that you meet the rules for the scheme and that buying a home outright isn’t currently possible for you.

You can’t apply if you already own a property, either in the UK or abroad. Tap on the tab below to learn more about eligibility requirements and checks for Rent to Buy.

Tap to learn more about eligibility requirements and checks for Rent to Buy

If you apply for Rent to Buy, we’ll check your finances and ask you to sign a Rent to Buy Option Agreement. This confirms that you plan to use the five-year reduced rent period to save for a mortgage deposit. We’ll review your progress every year during the five-year term.

To meet UK rental rules, everyone aged 18 or over will need to complete the following checks:

  • Right to Rent and fraud checks: we’ll confirm you have the legal right to rent in the UK. You’ll need to show proof of your current address and photo ID.
  • Employment and income check: we’ll ask for an employment reference and details of your monthly household income.
  • Credit check: we’ll check your credit score to make sure you’re likely to get a mortgage within five years. Please note: we can’t proceed if you’ve had Bankruptcy or County Court Judgements (CCJs) in the last three years.
  • Landlord reference: if you rent now, we’ll ask for a reference from your current landlord or letting agent.

These checks are usually carried out by a letting agent on behalf of Bolton at Home. There’s no cost to you for these checks.

How are your Rent to Buy properties allocated?

On some of our new build developments, planning rules give priority to people who live and work nearby.

If this applies, our letting agent will let you know and explain what extra information you may need to provide.

There are no limits on the size of property you can apply for under Rent to Buy. However, if there are several applications for the same development, we’ll use our discretion to make sure homes are allocated fairly, based on the number of people who will live there.

More frequently-asked questions about Rent to Buy

We've included answers to some more frequently-asked questions below. Just tap the tabs to see them.

How long is a Rent to Buy tenancy?

The initial tenancy is two years.

How long does the Rent to Buy application process take?

It can vary depending on how quickly you submit the necessary documents.

Do I have to save money each month?

It's recommended you put the savings you make on the discounted rent towards a house deposit.

What if my circumstances change during my tenancy?

You can usually choose to continue renting, extend your tenancy if you need more time to save, or move out.

How much money should I set aside for a Rent to Buy property?

To ensure you can rent a Rent to Buy home with us, you'll need to prove you can provide one month’s rent in advance and five weeks’ rent as a tenancy deposit.

What costs are associated with Rent to Buy?

To rent a home with us through the Rent to Buy scheme, you'll need to provide one month’s rent in advance and five weeks’ rent as a tenancy deposit.

There are no costs associated with the renting side of Rent to Buy. When you're ready to purchase your Rent to Buy home, you'll need to consider the usual costs associated with buying such as conveyancing, stamp duty (if applicable), surveys, and so on.

What checks will be carried out to support my Rent to Buy application?

You'll need to complete an application and will be assessed to ensure that you're suitable for the scheme and can't currently afford to buy outright on the open market.

You'll also be subject to affordability, Right to Rent, credit references, and landlords checks.

What income is taken into consideration during the affordability assessment stage, and what documentation will I need to provide?

  • Employed income: you must have three months’ consecutive payslips from your previous or current employer.
  • Self-employed income: a minimum of two years SA302s and tax overviews are required for sole traders and Limited Company Directors (the average net profit of the last two years will be used).
  • Fixed term contractors: you must have a minimum of three months’ payslips and a minimum of 12 months remaining on your current contract at the time of the tenancy start date.
  • Zero-hour contract workers: you must have a minimum of six months’ consecutive payslips available.
  • Pension income: you'll need to provide last month’s payslip/statement.
  • Universal Credit (excluding the housing element): you'll need to provide your statement or award letter 
  • Disability Living Allowance: you'll need to provide your latest annual statement.
  • Court Ordered Child Maintenance: you'll need to provide a copy of the court order and evidence of payments received.

What does 'deposit' mean on the application form?

This is the money required to rent a home with us. The 'deposit' referred to in the application form is not related to funds saved to purchase a home.

What counts as savings?

Savings are funds across all household accounts for people aged 18 and over. This includes banking accounts, savings accounts, bonds, Individual Savings Accounts (ISAs), and investments.

Who is my security deposit protected and registered with?

Your security deposit will be registered and protected by the Tenancy Deposit Scheme (TDS).

When will my security deposit be returned?

We'll contact you to discuss the release of your security deposit within 10 working days of your tenancy end date.

Am I allowed pets?

Pets may be allowed with prior written consent.

Can the terms in the Tenancy Agreement be amended?

No, the terms and clauses in the Tenancy Agreement can't be amended. You'll be given a draft Tenancy Agreement to review before signing.

What is the maximum/minimum income I can earn to rent a home through the Rent to Buy scheme?

There is no maximum or minimum household income criteria set for Rent to Buy.

Where can I rent a home through the Rent to Buy scheme?

We offer Rent to Buy homes across the North West region. We'll advertise available properties on Rightmove when available.

How can I get a Rent to Buy mortgage?

You don't need a mortgage to rent a home through the Rent to Buy scheme. You may need a mortgage when purchasing the home after your tenancy has ended.